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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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Ether (ETH) opened the week with a drop below the psychological $2,000 level, placing the altcoin into a 20% loss for February. Still, onchain data shows long-term investors accumulating ETH and rising network usage. 

Now, analysts are examining how ETH’s technical outlook and the derivatives data align with its emerging demand to determine if a prolonged rally above $2,000 is possible.

Key takeaways:

Over 2.5 million ETH flowed into accumulation addresses in February, lifting holdings to 26.7 million for 2026.

Ethereum weekly transactions hit 17.3 million as the median fees fell to $0.008, a 3,000x drop from 2021 peaks.

ETH open interest dropped to $11.2 billion, but leverage remains elevated, with liquidation clusters stacked near $1,909 and $2,200.

Ether accumulation grows despite price drop

Ether accumulation addresses added more than 2.5 million ETH in February, even as the price declined around 20%. Total holdings have risen to 26.7 million ETH, up from 22 million at the beginning of 2026.

ETH balance on accumulation addresses. Source: CryptoQuant

MN Capital founder Michaël van de Poppe noted that ETH valued against silver is at its lowest level on record, arguing that such difficult market phases often present a long-term accumulation window.

The network demand is also improving alongside improving fundamentals. Over 30% of ETH’s circulating supply (37,228,911 ETH)  is currently staked, reducing the liquid supply. At the same time, weekly transaction count reached an all-time high of 17.3 million, while median fees fell to $0.008.

Ether total value staked. Source: CryptoQuant

In comparison, head of research at Lisk, Leon Waidmann, noted that the weekly transactions were near 21 million, but the median fees surged above $25 during the 2021 peak. The current structure reflects a higher usage at significantly lower cost.

Related: Harvard endowment reduces stake in Bitcoin ETF, adds Ether exposure

ETH compresses below $2,000 as leveraged traders brace for a breakout

On the four-hour chart, Ether appears to be forming an Adam and Eve bottom, a bullish reversal setup that begins with a sharp, V-shaped low (the “Adam”) followed by a slower, rounded base (the “Eve”).

The structure reflects an initial aggressive sell-off that quickly finds buyers, then a period of gradual accumulation as the volatility contracts. 

ETH/USDT 4-hour chart. Source: Cointelegraph/TradingView

A confirmed breakout above the $2,150 neckline validates the pattern and may open the door toward the $2,473–$2,634 region, based on the measured move projection from the base. The invalidation remains below recent higher lows, with $1,909 acting as a key short-term liquidity level. 

Open interest has declined to $11.2 billion from a $30 billion cycle peak in August 2025. However, the estimated leverage ratio remains elevated at 0.7, only slightly down from 0.77 in January. This suggests leverage is still concentrated in the system, increasing the possibility of a sharp move.

Percentage of ETH Global accounts long on Binance. Source: Hyblock

Hyblock data shows that 73% of the global accounts are currently long on ETH. Liquidation heatmaps show more than $2 billion in short positions clustered above $2,200, compared with roughly $1 billion in long liquidations stacked near $1,800, highlighting a heavier squeeze risk to the upside.

Although the nearest dense cluster sits at $1,909, where $563 million in longs are vulnerable, which may act as a potential short-term liquidity magnet before the expected uptrend. 

ETH liquidation map. Source: CoinGlass

Related: Crypto funds log fourth week of outflows at $173M as BTC dips below $70K