The American fast-food giant has invested $10 million in Bitcoin to strengthen its Strategic Reserve, aiming to further embed cryptocurrency within its business operations.
Steak ’n Shake revealed this move on Saturday via their official X account, marking eight months since they started accepting Bitcoin payments across their US locations. The initiative launched in May following a period of anticipation, and the company reports noticeable growth in same-store sales attributed to the adoption of Bitcoin.
“Exactly eight months ago, Steak ’n Shake began transforming from burgers to Bitcoin by enabling bitcoin payments. Since then, our same-store sales have surged significantly,” the company stated. They also mentioned that all Bitcoin transactions are directly added to their Strategic Bitcoin Reserve, with this latest acquisition boosting their holdings by a notional value of $10 million.
Steak ‘n Shake Positions Itself as Pioneer with a Dedicated Bitcoin Reserve
The chain claims it is the first major restaurant brand to create a Strategic Bitcoin Reserve. However, details regarding when or how the $10 million worth of Bitcoins were acquired remain undisclosed—whether through one purchase or gradual accumulation is unknown.
Our newly remodeled Steak n Shake leans hard into nostalgia. Funded by beef tallow and bitcoin 🇺🇸 pic.twitter.com/2Z0gfRjMgp
— Steak ‘n Shake (@SteaknShake) August 29, 2025
At the recent Bitcoin 2025 conference held that month, COO Dan Edwards shared that integrating bitcoin payments brought immediate financial advantages for Steak ’n Shake. He highlighted that using bitcoin reduced payment processing fees by half compared to traditional fiat methods while speeding up checkout times.
“Bitcoin benefits everyone involved—the customer gains convenience; we as merchants save costs; and it strengthens our connection with the broader bitcoin community,” Edwards remarked during his speech at the event.
The company confirmed it retains all received bitcoins rather than converting them into US dollars—a strategy designed specifically to grow its Strategic Bitcoin Reserve over time.
Financially, Steak ’n Shake experienced approximately a 10.7% increase in sales during Q2 followed by an even stronger 15% rise in Q3. According to Dan Edwards’ comments, these results outperformed competitors like McDonald’s, Burger King, Taco Bell and Starbucks within the fast-food sector during that period.
Notably endorsing this crypto-forward approach was Twitter co-founder Jack Dorsey who posted images back in June showing he spent $100 worth of bitcoins on meals at Steak ’n Shake.
The restaurant has creatively incorporated cryptocurrency into its offerings through items such as the “Bitcoin Burger”—a burger featuring a bun embossed with the iconic bitcoin logo—and promotional programs like “Bitcoin Meal.” This program channels proceeds from purchases toward charitable causes and rewards for customers alike.
In October last year, they pledged donations amounting to 210 satoshis per each “Bitcoin Meal” sold over twelve months directed towards Open Sats Initiative Inc., though total projected contributions have yet been disclosed publicly.
Loyal customers purchasing registered “Bitcoin Steakburgers” or “Bitcoin Meals” can earn $5 worth of bitcoins via Fold app incentives—requiring submission of receipts online followed by redemption code activation within Fold’s platform for reward collection.
The chain expanded internationally last November when it entered El Salvador after participating at El Salvador’s historic “Bitcoin Histórico” event—the first nation globally adopting bitcoin as legal tender—a move reportedly aligned closely with executive values at Steak ’n Shake.