Steak ’n Shake makes $10 million Bitcoin purchase for reserves

The American fast-food chain has made a $10 million Bitcoin purchase for its Strategic Reserve to deepen the integration of the cryptocurrency into its business.

Steak ’n Shake made the announcement on Saturday through the company’s official X account, eight months after it began accepting Bitcoin payments in its US restaurants. The rollout began in May after weeks of teasers, and the company says it has seen improvements in same-store sales thanks to the Bitcoin initiative.

“Eight months ago today, Steak n Shake launched its burger-to-Bitcoin transformation when we started accepting bitcoin payments. Our same-store sales have risen dramatically ever since.” The post added that all Bitcoin payments are funneled directly into the Strategic Bitcoin Reserve, with the latest purchase increasing exposure by “$10,000,000 in notional value,” the fast food company wrote.

Steak ‘n Shake boasts of being the first restaurant with a Bitcoin reserve

Steak ’n Shake is claiming a first-mover position among restaurant chains, saying it “made history as the first major restaurant to establish a Strategic Bitcoin Reserve.” The company did not disclose the timing or execution details of the $10 million Bitcoin acquisition, nor whether it was purchased in a single transaction or accumulated over time.

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 Bitcoin 2025 conference held that month, Chief Operations Officer Dan Edwards told attendees that the bitcoin payments had delivered immediate financial benefits for the Steakburgers maker. He mentioned that Bitcoin payments were cutting processing costs by 50% compared to fiat payment methods, while increasing transaction speeds at the register.

“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 said during his remarks at the event.

Steak ’n Shake confirmed all Bitcoin payments received will be retained in their digital currency form instead of being converted to dollars, a policy that directly feeds the Strategic Bitcoin Reserve.

The firm reported an increase of about 10.7% in sales during the second quarter, followed by a 15% increase in the third quarter. Per Dan Edwards, its third-quarter performance exceeded that of competitors in the fast-food category, including McDonald’s, Burger King, Taco Bell, and Starbucks.

Twitter co-founder Jack Dorsey lauded the restaurant by sharing images in June showing he had spent $100 in Bitcoin for meals.

Steak ’n Shake has also woven Bitcoin into its menu and promotions through the Bitcoin Burger, a menu item featuring a bun stamped with the Bitcoin logo, alongside a Bitcoin Meal program, which takes funds from purchases to charitable and customer rewards.

Last October, Steak ’n Shake said it would donate 210 satoshis from every Bitcoin Meal sold to Open Sats Initiative, Inc. over the next 12 months. However, the company has yet to provide an estimated total donation amount.

Those who purchase and register a Bitcoin Steakburger or Bitcoin Meal can receive $5 in Bitcoin through the Fold app. The process requires customers to upload their receipt to a dedicated website, receive a redemption code, and activate an account within the Fold app to claim the reward.

In November last year, the fast food chain took its operations into El Salvador after participating in the country’s Bitcoin Histórico event. El Salvador was the first country to adopt Bitcoin as legal tender, a decision that executives purportedly resonated with.