Steak ‘n Shake accepts Bitcoin now. Sales jumped. The treasury? Down $4 million.
The American burger chain announced Monday that same-store sales have “risen dramatically” since launching its burger-to-Bitcoin strategy in May 2025. Nine months in, the company routes every Bitcoin payment straight into a corporate treasury reserve now worth $15 million.
Dramatically how much? The company didn’t say.
No specific figures. No percentage. Just “dramatically” in a post on X thanking Bitcoiners for making it possible.
What Steak ‘n Shake did reveal: quarter-on-quarter same-store sales growth hit 11% in Q2 2025, then 15% in Q3 2025. That outpaced McDonald’s, Domino’s, and Taco Bell over the same stretch. For a regional chain competing against fast-food giants, those numbers matter.
The strategy launched May 16, 2025, with a phased rollout at participating locations. Every Bitcoin payment flows directly into what the company calls its Strategic Bitcoin Reserve. More customer spending equals more Bitcoin stacked. Simple mechanism.
By January 16, Steak ‘n Shake said its Bitcoin stash had grown by $10 million in notional value. The company didn’t break down how much came from price appreciation versus fresh accumulation. Both factors drive treasury size, but the mix tells different stories about actual customer adoption.
Four days later, on January 20, the chain unveiled a Bitcoin bonus program for hourly employees. Workers at company-operated locations earn $0.21 per hour in Bitcoin, with a two-year vesting period. Fold, a Bitcoin rewards business, backs the program.
The move targets Gen Z and Millennial workers, who make up the majority of restaurant and food service employees in the United States. Younger workers show stronger crypto enthusiasm than older generations. Paying them in Bitcoin could cut turnover in an industry where retention is brutal.
One week after that, on January 27, Steak ‘n Shake announced another $5 million allocation to the reserve. Total Bitcoin exposure: around $15 million.
Here’s the problem. According to BitcoinTreasuries, Steak ‘n Shake currently holds 161.6 BTC, worth about $10.96 million at current prices. That implies an average cost basis just under $92,851 per coin.
Do the math. The position sits 26% below its average purchase price. The Strategic Bitcoin Reserve is carrying a sizable unrealized loss despite the sales revival.
Bitcoin traded near $100,000 in late 2024 and early 2025 before crashing below $80,000 in recent weeks. If Steak ‘n Shake accumulated most of its position during that peak period, the current drawdown makes sense. But it creates tension between the narrative and the balance sheet.
Sales are up. Customer traffic is up. The Bitcoin strategy appears to be working as a marketing play and differentiation tactic. Regional burger chains need every edge against national giants with massive advertising budgets.
Accepting Bitcoin generates buzz. It attracts a specific customer segment willing to spend their holdings at merchants who take it seriously. The 11% and 15% quarterly growth numbers suggest real foot traffic, not just hype.
But the treasury loss complicates the story. Steak ‘n Shake framed its Bitcoin strategy as combining “a decentralized, cash-producing operating business with the transformative power of Bitcoin.” That language positions Bitcoin as transformative, not just speculative.
If Bitcoin is transformative, short-term price volatility shouldn’t matter. Multi-year holders weather drawdowns. Every corporate treasury Bitcoin strategy requires tolerance for 30-50% swings in either direction.
MicroStrategy proved the model works if you hold through cycles. The company accumulated Bitcoin aggressively through bear markets and came out ahead. Steak ‘n Shake is nine months in—barely one quarter of a full Bitcoin cycle.
The real test comes in 12 to 24 months. If same-store sales stay elevated and Bitcoin recovers above $92,851, the strategy validates itself both operationally and financially. If sales plateau and Bitcoin stays depressed, the company will face questions about capital allocation.
For now, the sales numbers tell one story. The treasury valuation tells another.
Restaurant chains operate on thin margins. Same-store sales growth of 11-15% quarterly is massive in that context. If Bitcoin acceptance drives even a fraction of that growth, the marketing ROI alone justifies the experiment.
The employee Bitcoin bonus program adds another layer. Paying workers in Bitcoin creates alignment between staff and corporate strategy. If Bitcoin appreciates over the two-year vesting period, employees profit. If it doesn’t, they still got hourly pay plus a bonus.
Competitors are watching. No other major burger chain has gone this deep on Bitcoin. Steak ‘n Shake is running a live experiment in whether crypto adoption can drive real-world business metrics in the restaurant industry.
Cointelegraph reached out to Steak ‘n Shake for clarification on the “dramatically” claim and treasury performance. No response by publication time.
Question is whether the sales bump persists if Bitcoin stays below $90,000 for the next six months.
