Steak ‘n Shake, the 91-year-old burger chain, announced Friday that it purchased $10 million worth of bitcoin for its corporate treasury. The acquisition, roughly 105 BTC at current prices, marks the company’s first publicly disclosed direct allocation since it began accepting cryptocurrency payments in May 2025.
“We have created a self-sustaining system — growing same-store sales that grow the SBR,” the company said on X, referring to its Strategic Bitcoin Reserve. All bitcoin received from customers flows into this reserve rather than being converted to cash.
The chain enabled Lightning Network payments across all U.S. locations in mid-May 2025, a move endorsed by Block co-founder Jack Dorsey. Steak ‘n Shake claimed nearly 50% savings on transaction fees compared to credit cards and reported same-store sales climbed approximately 15% in the following months.
On October 31, the company formalized its treasury strategy and partnered with bitcoin rewards firm Fold Holdings on a promotional program. The Block reported at the time that customers could earn $5 in bitcoin through the Fold app when purchasing the chain’s Bitcoin Burger or Bitcoin Meal.
Steak ‘n Shake is owned by Biglari Holdings, the San Antonio-based holding company run by Sardar Biglari. The parent company has not disclosed whether Bitcoin will factor into its broader corporate strategy.
The restaurant’s approach differs from balance-sheet-driven strategies employed by firms like Strategy, which raises capital through stock offerings to fund bitcoin purchases. More than 200 companies now hold bitcoin on their balance sheets, according to Bitcoin Treasuries data, though Steak ‘n Shake’s $10 million position remains modest in comparison to top holders.
© 2026 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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