Steak 'n Shake has put another $5 million worth of Bitcoin into its corporate treasury. The fast-food chain announced the move on January 27 via an X post, stating that its Strategic Bitcoin Reserve (SBR) now holds $15 million in total disclosed value — roughly 168.6 BTC at current prices.
The company did not specify whether the latest addition came from customer payments, price appreciation, or other treasury activities. Its previous disclosure on January 18 showed the SBR stood at $10 million in notional value. The $5 million bump in just nine days signals an accelerated acquisition pace.
From Payments to Strategic Reserve
Steak 'n Shake began accepting Bitcoin payments in May 2025 and has since routed all proceeds from such transactions directly into its reserve, avoiding conversion to fiat. The company described the setup as a “self-sustaining system” where better food quality boosts same-store sales, which in turn funds the SBR, all powered by financial technology.
By processing Bitcoin payments over the Lightning Network, the chain claims it saves nearly 50% in transaction fees compared to traditional credit card rails. That cost efficiency has been a key driver behind its continued push for crypto adoption. The company previously credited Bitcoin payments with directly improving same-store sales growth in 2025 and helping it outperform competitors.
Bitcoin Bonuses for Employees
Steak 'n Shake is also integrating Bitcoin into employee compensation. It plans to offer Bitcoin bonuses to hourly workers at company-operated locations, in partnership with Bitcoin rewards platform Fold. Fold initially teamed up with the chain in October 2025, offering diners $5 in Bitcoin for purchasing special items like the Bitcoin Steakburger.
The bonus program, however, comes with a catch: employees must stay with the company for two years before they can access the Bitcoin rewards. That condition drew criticism from some in the crypto community who argued the lengthy lock-up undercuts the incentive. Still, the company says its commitment remains to stack Bitcoin through operational cash flows rather than direct investment alone.
Corporate Bitcoin Holdings Hold Steady
Steak 'n Shake's latest purchase fits into a broader trend of corporate Bitcoin accumulation. Throughout 2025, publicly traded companies poured into Bitcoin, pushing its price to new all-time highs in October. Although Bitcoin has since pulled back significantly, data from BitcoinTreasuries.net shows that public company treasuries still hold roughly 1.13 million BTC, with no major sell-off observed.