Steak ‘n Shake ramps up Bitcoin exposure by $10M, credits BTC for sales boost
Casual-dining chain Steak ‘n Shake says it has increased its Bitcoin exposure by $10 million, again pointing to the cryptocurrency as a driver of stronger same-store sales since the company began accepting BTC payments last year.
In a post on X late Friday, the brand celebrated the milestone: “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 company added that “all Bitcoin sales go into our Strategic Bitcoin Reserve” and that it had “increased our Bitcoin exposure by $10,000,000 in notional value.”
A quick clarification: “notional value” typically describes the face value of a financial contract and does not necessarily mean Steak ‘n Shake physically bought and is holding $10 million worth of Bitcoin. Decrypt asked the company for more detail about the update but had not received a response at the time of publication.
Background: how Steak ‘n Shake built its Bitcoin playbook
- In October, the chain said it would keep all Bitcoin payments it receives as a “Strategic Bitcoin Reserve” (SBR).
- That same month it rolled out a promotional “Bitcoin Steakburger” (complete with a BTC logo on the bun) and partnered with Bitcoin payments firm Fold to give diners $5 in free BTC with purchases.
- The company has described the SBR as a “self-sustaining system—growing same-store sales that grow the SBR,” saying improved food quality and the crypto offering together expand its reach.
Fork in the road on other crypto support
Steak ‘n Shake briefly explored expanding beyond Bitcoin. In October it polled X users on whether to accept Ethereum, and early results favored the move. However, after pushback from Bitcoin maximalists the restaurant suspended the poll and declared, “Our allegiance is with Bitcoiners.”
Why it matters
Steak ‘n Shake’s continued public embrace of Bitcoin—linking payment acceptance directly to marketing, promotions and a branded reserve—adds to a growing list of retailers experimenting with crypto as both a payment rail and a promotional tool. The latest $10 million figure, even when framed as notional exposure, signals the brand’s intent to keep Bitcoin central to its customer strategy.
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