Steak ‘n Shake has purchased $10 million in Bitcoin, marking a significant escalation in its strategy to transform fast-food revenues into a corporate cryptocurrency treasury.

The acquisition marks the latest phase of the 90-year-old chain’s “Bitcoin-to-Burger” initiative, a financial pivot that converts operational cash flow directly into digital assets.

The program, launched in May 2025, integrates digital asset accumulation into the company’s daily operations.

By accepting Bitcoin payments and marketing directly to the crypto demographic, the chain aims to modernize its capital structure.

Eight months ago today, Steak n Shake launched its burger-to-Bitcoin transformation when we started accepting bitcoin payments. Our same-store sales have risen dramatically ever since.

All Bitcoin sales go into our Strategic Bitcoin Reserve.

Today we increased our Bitcoin…

The firm’s management describes the model as a “self-sustaining system.” In this framework, improved food quality drives higher revenue, which is then channeled into the corporate Bitcoin reserve.

According to internal data, the strategy has yielded tangible results. Last year, the company reported a double-digit increase in same-store sales, driven by its BTC adoption, which allowed it to significantly outperform the industry.

“In 2025, Steak n Shake achieved double-digit same-store sales growth — the best in the industry! Becoming a Bitcoin company gave our business a major boost, allowing us to further improve our food quality,” it stated.

Crucially, the chain is positioning itself as a “Bitcoin-only” entity.

Despite a recent corporate poll in which 53% of respondents favored adding Ethereum (ETH) as a payment option, leadership explicitly rejected the proposal.

This decision reinforces a maximalist philosophy intended to secure loyalty from a specific, ideologically driven segment of the market.

Moreover, the BTC integration extends beyond the balance sheet to the workforce.

Last October, Steak ‘n Shake updated its payroll infrastructure to allow its 10,000 employees to receive a percentage of their wages in Bitcoin. The move signals the firm’s view of the asset as a viable store of value comparable to fiat currency.

Founded in 1934, Steak ‘n Shake operates hundreds of locations across the United States and internationally.

Its latest move cements its status as an outlier in the traditional dining sector, attempting to modernize a legacy brand by pegging its long-term financial health to the performance of the world’s largest cryptocurrency

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