Picking up from when they first announced $BTC adoption — this is where the strategy starts showing real-world impact.

Steak ‘n Shake says its same‑store sales have “risen dramatically” since it launched a burger‑to‑Bitcoin strategy in May 2025 that routes every Bitcoin payment into a corporate treasury reserve. 

In a Monday post on X, the US fast-food chain said that it had successfully combined a “decentralized, cash-producing operating business with the transformative power of Bitcoin,” and thanked Bitcoiners for making it possible. The chain did not provide figures or define what it meant by “risen dramatically.”

Steak ‘n Shake began accepting Bitcoin at participating locations on May 16, 2025, in a phased rollout.

Since then, Steak ‘n Shake has repeatedly tied higher sales to Bitcoin (BTC) adoption, reporting quarter‑over‑quarter same‑store sales growth of 11% in Q2 2025 and 15% in Q3 2025, outpacing major rivals including McDonald’s, Domino’s and Taco Bell over the same period.

Under the program, all Bitcoin receipts are funneled into the company’s Strategic Bitcoin Reserve that grows alongside customer spending. 

Steak ‘n Shake sales rose “dramatically” thanks to BTC payments. Source: Steak ‘n Shake

On Jan. 16, Steak ‘n Shake said its Bitcoin stash had grown by $10 million in notional value, without breaking down how much of that came from price appreciation versus additional accumulation. 

Four days later, on Jan. 20, Steak ‘n Shake unveiled plans to offer hourly employees a Bitcoin bonus of $0.21 per worked hour at company‑operated locations, with a two‑year vesting period, supported by Bitcoin rewards firm Fold.

The company framed the move as a way to tap into stronger crypto enthusiasm among Gen Z and Millennial workers, who make up the majority of restaurant and food service employees in the United States.

One week later, on Jan. 27, the company announced a further $5 million allocation to the reserve, bringing its total Bitcoin exposure to around $15 million.

Burger-to-Bitcoin a success, but BTC treasury stash in red

According to BitcoinTreasuries, Steak ‘n Shake currently holds 161.6 BTC, worth approximately $10.96 million at current prices, implying an average cost basis of just under $92,851 per coin. 

That would put the position at roughly 26% below its average purchase price, meaning the company’s Strategic Bitcoin Reserve is sitting on a sizable unrealized loss despite its Bitcoin pivot reviving sales.

Cointelegraph reached out to Steak ‘n Shake but had not received a response by publication time.

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