Steak ‘n Shake said its same-store sales have “increased dramatically” since it launched a burger-to-bitcoin strategy in May 2025 that funnels every bitcoin payment into a corporate treasury reserve.
In a Monday post on X, the US fast-food chain said it had “successfully combined a decentralized, cash-generating operating business with the transformative power of bitcoin,” and thanked bitcoiners for making it possible. The chain did not provide figures or explain what it meant by “increased 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 attributed higher sales to its adoption of Bitcoin (BTC), reporting same-store sales growth of 11% quarter-on-quarter in Q2 2025 and 15% in Q3 2025, beating out major competitors including McDonald’s and Be Tamincos.
Under the program, all bitcoin receipts are deposited into the company’s strategic bitcoin reserve, which grows as customer spends.
On January 16, Steak ‘n Shake said its bitcoin holdings had increased by $10 million in notional value, without breaking down how much of that was price appreciation versus additional deposits.
Four days later, on January 20, Steak’n Shake unveiled a plan to offer hourly employees a $0.21 bitcoin bonus at company-operated locations, with a two-year vesting period supported by the Bitcoin Rewards business fold.
The company developed the move as a way to tap into the strong crypto enthusiasm among Gen Z and Millennial Workers, who make up the majority of restaurant and food service employees in the United States.
A week later, on January 27, the company announced an additional $5 million allocation to the reserve, bringing its total bitcoin exposure to $15 million.
Related: A Canadian taco franchise uses NFTs for a customer loyalty program.
Burger to Bitcoin is a success, but the BTC treasure is hidden in the red.
According to BitcoinTreasuries, Steak ‘n Shake currently holds 161.6 BTC, worth about $10.96 million at current prices, which is just under $92,851 per coin on average.
This would reduce the position to 26% below its average purchase price, meaning the company’s strategic bitcoin reserve is sitting at a large unrealized loss despite recovering sales of its bitcoin pivot.
Cointelegraph reached out to Stack N Shake, but had not received a response by the time of publication.
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