Bitcoin Payments Drive Remarkable Growth for Steak 'n Shake
At the Bitcoin 2026 Conference in Las Vegas, Steak 'n Shake Chief MAHA Officer Michael Boes told attendees that Bitcoin has become a core driver of the chain's business performance. He cited how the chain launched its Bitcoin payment platform on May 16, 2025, via the Lightning Network, and the results came fast. Same-store sales rose 11% quarter over quarter in Q2 2025 and accelerated to 15% in Q3 2025, outpacing major rivals including McDonald's, Taco Bell, and Domino's. Boes called it the highest same-store sales growth of any restaurant in the industry.
The financial case for Bitcoin, Boes argued, is straightforward. When customers pay with Bitcoin instead of a credit card, Steak 'n Shake saves roughly 50% on processing fees. Traditional credit card processors charge merchants between 2.5% and 3.5% per transaction. Boes stated, 'If every credit card user switched to Bitcoin, the chain would save approximately $6 million annually.' He added, 'We're moving forward with bitcoin – the future of money.'
Steak 'n Shake: Bitcoin Is Making Their Food Healthier
Boes told the audience, 'Bitcoin is real money made with real energy. It's a healthy currency that allows us to make a healthier product.' Those upgrades are already underway. Steak 'n Shake removed microwaves from its kitchens and will transition to 100% grass-fed and grass-finished beef across all locations starting June 1. The company previously switched from seed oils to beef tallow for frying its french fries as part of its alignment with the Make America Healthy Again movement.
On Wednesday, Boes announced two new Bitcoin-themed menu items at the conference: a Bitcoin Milkshake and a Bitcoin Steakburger, both tied to Bitcoin's fixed supply of 21 million coins. Steak 'n Shake has also built a closed-loop Bitcoin economy around its payments strategy. All Bitcoin received from customers goes into the company's strategic Bitcoin reserve, which has grown to $10 million. That reserve funds a Bitcoin bonus program for hourly employees — $0.21 per hour worked — that launched March 1. Boes confirmed he also accepts Bitcoin as part of his own compensation. 'I'm one of the first in the industry to accept bitcoin as a part of my executive compensation package,' Boes said. 'I hope that will pave a new way for models of compensation across the industry.' The chain operates hundreds of locations across the United States, France, Italy, Portugal, and Monaco.