Steak 'n Shake has purchased $10 million worth of Bitcoin, the company announced on its official X account, marking a strategic reserve move. The American fast-food chain began accepting Bitcoin payments in its U.S. restaurants eight months prior.
All Bitcoin payments are funneled into the Strategic Bitcoin Reserve, the company stated. Chief Operations Officer Dan Edwards said at Bitcoin 2025 that accepting Bitcoin cut payment processing costs by 50% and sped up in-store transactions. "Bitcoin is a win for the customer, it's a win for us as the merchant, and it's a win for you in the Bitcoin community," Edwards noted.
The financial benefits extend beyond cost savings. The chain reported a 10.7% sales increase in the second quarter and 15% in the third quarter. Steak 'n Shake did not specify whether the $10 million buy was a single transaction or accumulated over time.
Menu Innovation: Bitcoin Burger and Meal Rewards
To further integrate crypto into its brand, Steak 'n Shake introduced a Bitcoin Burger with a logo-stamped bun and a Bitcoin Meal program that gives customers $5 in Bitcoin via the Fold app. Each Bitcoin Meal also donates 210 satoshis to the Open Sats Initiative.
Last November, the chain expanded into El Salvador, a country where Bitcoin is legal tender. Steak 'n Shake claims first-mover status among restaurant chains for establishing a strategic Bitcoin reserve, setting it apart from competitors like McDonald's, Burger King, Taco Bell, and Starbucks.