Steak 'n Shake Redefines Itself as a 'Bitcoin Company' After Significant Growth

Steak 'n Shake, a burger chain founded in 1934, has rebranded itself as a 'Bitcoin company' after experiencing significant growth since embracing cryptocurrency payments. The chain's parent company, Biglari Holdings Inc., reported a 13.8% same-store sales increase for domestic company-operated and franchise-partner-operated restaurants in the second quarter of 2026.

Steak 'n Shake started accepting bitcoin payments over the Bitcoin Lightning Network in May 2025. Instead of cashing out the proceeds, the chain routes customer bitcoin payments into a Strategic Bitcoin Reserve. This move has resulted in operating savings for the company, which it attributes to the cheaper transactions enabled by the Lightning Network.

The chain's employee bonus program, launched in March 2025, awards hourly employees with a bitcoin bonus of 21 cents per hour worked, payable after a two-year vesting period. Additionally, customers can earn rewards through Fold's app by uploading receipts for purchases made at participating locations. The company has seen increased business and savings, which it has used to reinvest in food quality.