Steak 'n Shake Sees 19% Sales Boost After Adopting Bitcoin Payments
Steak 'n Shake, an iconic American restaurant chain founded in 1934, has achieved significant sales growth since implementing Bitcoin payments in May 2025. The company's existing store sales have reached double-digit growth, with a remarkable 19% increase this quarter compared to the same period last year.
By leveraging the Lightning Network, Steak 'n Shake was able to reduce processing fees incurred from traditional credit card payments by about 50%. Michael Boes, the company's Chief MAHA Officer, emphasized that Bitcoin is a powerful alternative to traditional electronic payments, stating it's 'real money' created from real energy.
The company has built a circular business model that incorporates customer-paid Bitcoins directly into its Strategic Bitcoin Reserves (SBR) instead of immediately converting them to fiat currency. This reserve now holds approximately $10 million worth of Bitcoin purchased in January 2026. Additionally, the accumulated Bitcoin is used for bonuses for hourly employees.
While the company's parent, Biglari Holdings, credits solid sales growth of around 10% to 15% at both company-owned and franchise locations to factors beyond just the Bitcoin effect, such as 'improved food quality' and 'effective communication activities', Steak 'n Shake's strategic integration of Bitcoin is seen as a key factor in its recovery process.