Iconic Burger Chain Steak ‘n Shake Allocates $10 Million to Bitcoin, Pioneers Crypto-Centric Business Model

A venerable American institution, the 91-year-old burger chain Steak ‘n Shake, has made a significant leap into the world of digital assets, announcing a $10 million investment in Bitcoin as part of its corporate reserve strategy. This allocation, equivalent to approximately 105 BTC, marks the company’s first publicly disclosed Bitcoin holding since it began accepting cryptocurrency payments last May.

This bold move goes beyond a simple treasury allocation. Steak ‘n Shake, through an announcement on its social media platform X, revealed a pioneering “self-sustaining” operational model. The company aims to bolster its Bitcoin reserves by directly integrating cryptocurrency into its revenue stream. Critically, Bitcoin received from customers through sales will not be converted into fiat currency but will instead be held as a long-term asset, directly contributing to the company’s digital treasury.

Steak ‘n Shake’s foray into Bitcoin reserves builds upon its successful integration of the Lightning Network for payments across all its U.S. locations last May. This decision proved strategically astute, with the Lightning Network demonstrating nearly 50% savings in transaction fees compared to traditional credit card processing. The adoption of this innovative payment rail also coincided with a remarkable approximately 15% increase in same-store sales in the months following its implementation, showcasing the tangible benefits of embracing blockchain technology.

To further embed Bitcoin into everyday consumer culture, Steak ‘n Shake has partnered with the rewards platform Fold. This collaboration introduced unique offerings like the “Bitcoin Burger” and “Bitcoin Combo,” allowing customers to earn $5 worth of Bitcoin cashback on specific purchases. Such initiatives effectively bridge the gap between the burgeoning “crypto culture” and daily dining experiences, making digital assets more accessible and appealing to a broader audience.

Steak ‘n Shake currently operates under the umbrella of Biglari Holdings, a San Antonio, Texas-based holding company chaired by Sardar Biglari. While the parent company has yet to disclose whether it will incorporate Bitcoin into its broader group capital allocation or long-term strategy, Steak ‘n Shake’s independent action sets a compelling precedent. According to Bitcoin Treasuries, over 200 companies globally now hold Bitcoin on their balance sheets. While Steak ‘n Shake’s $10 million holding may be modest in scale compared to some corporate giants, its symbolic significance for a traditional, consumer-facing brand is immense, signaling a growing mainstream acceptance of Bitcoin as a legitimate corporate asset.