Steak 'n Shake, founded in 1934, has declared itself a bitcoin company following more than 15 months of accepting cryptocurrency payments at its restaurants. The chain's parent company, Biglari Holdings Inc., reported a 13.8% same-store sales increase for domestic locations in the second quarter of 2026.
The company began accepting bitcoin payments in May 2025 through the Bitcoin Lightning Network, a second-layer protocol that enables faster and cheaper transactions than the base blockchain. Rather than converting customer bitcoin payments immediately, Steak 'n Shake routes the proceeds into a Strategic Bitcoin Reserve.
Steak 'n Shake increased its bitcoin holdings twice in January, adding $10 million and then $5 million in notional value to its reserve. The company attributed its sales performance and operational savings to bitcoin adoption, stating that the business has produced the best same-store sales in the fast food industry since implementing cryptocurrency payments.
Employee and Customer Programs
Hourly employees at company-operated restaurants earn a bitcoin bonus of 21 cents for every hour worked, with funds vesting after two years. This program launched on March 1.
Customers received a limited-time promotion on October 31, 2025, when Fold Holdings and Steak 'n Shake offered a $5 bitcoin incentive at roughly 400 U.S. locations. Customers who purchased a Bitcoin Steakburger or Bitcoin Meal could upload their receipt for a code redeemable through the Fold app.
Biglari Holdings reported pretax operating earnings of $6.3 million for the second quarter of 2026, compared to $3.7 million in the same quarter of 2025.
