Steak ‘n Shake Ventures into Bitcoin with Treasury and Donations

American fast-food chain Steak ‘n Shake has announced the formation of a new Bitcoin treasury, funded by Bitcoin earned from its restaurant sales. The company stated in a post on X that all payments received in Bitcoin will be allocated to a “strategic Bitcoin reserve,” a move that has garnered significant support from the Bitcoin community. Furthermore, Steak ‘n Shake will donate 210 sats (approximately $0.23) for every Bitcoin meal sold to the nonprofit OpenSats, which supports contributors to Bitcoin Core and open-source Bitcoin development.

Potential Size of Steak ‘n Shake's Bitcoin Treasury

Steak ‘n Shake has not disclosed the percentage of its restaurant sales made in Bitcoin since it started accepting BTC payments across its US locations in May. Many other fast-food chains that accept Bitcoin via third-party services also do not disclose this information. However, Steak ‘n Shake’s revenue figures could offer some insights into the amount of Bitcoin the company could realistically accumulate each quarter. In the second quarter of 2025, Steak ‘n Shake reported revenue of $69.3 million, a 12% increase year-over-year. At the time, the company credited Bitcoin users for contributing to a 10.7% quarter-over-quarter rise in same-store sales. This momentum continued in the third quarter, with same-store sales growing by 15%. These figures suggest that Bitcoin users comprise a small (but growing) percentage of their customer base and sales, meaning that Bitcoin accumulation will likely be gradual compared to Bitcoin-focused treasury companies or Bitcoin miners.

Additional Benefits of Accepting Bitcoin

Of course, there are other advantages to accepting Bitcoin. In May, Steak ‘n Shake reported saving approximately 50% in processing fees compared to transactions involving credit cards.

Earn Bitcoin When You Buy a Burger

Steak ‘n Shake has also announced a partnership with Fold, offering customers $5 in BTC when they purchase a “Bitcoin Meal” or “Bitcoin Steakburger” and redeem the receipt in the Fold app. According to Will Reeves, Chairman, Founder, and CEO of Fold, “Bitcoin goes mainstream when it starts showing up in everyday life. That’s been our vision from the beginning, and our promotion with Steak ’n Shake is the next step in that journey. For many people, this will be the first time they ever own Bitcoin, and it will come from something as ordinary as grabbing a burger. That’s what real adoption looks like.” This limited-time offer will be available at approximately 400 locations across the United States.