Steak ’n Shake Reports $10 Million Increase in Bitcoin Treasury Value

Steak ’n Shake reported that the notional value of its Bitcoin treasury increased by approximately $10 million, according to a company statement released Friday.

The U.S.-based fast-food chain did not disclose the amount of Bitcoin it holds, nor did it specify whether the reported increase was driven by Bitcoin price appreciation, customer payments converted into Bitcoin, or additional treasury purchases.

“All Bitcoin sales go into our strategic Bitcoin reserve,” the company said, adding that adopting Bitcoin as a treasury asset has led to a flywheel effect that increases same-store sales, which, in turn, grows the company’s Bitcoin holdings.

In May 2025, Steak ’n Shake announced plans to begin accepting Bitcoin as a payment method at all of its locations worldwide through a phased rollout. 

Following the announcement, some customers publicly shared receipts showing Bitcoin payments at Steak ’n Shake locations.

The company later announced an expansion into El Salvador in November 2025. El Salvador is known for policies that support the use of Bitcoin at the national level.

Steak ’n Shake reported that same-store sales increased 11% quarter-over-quarter in Q2 2025, which the company attributed to its adoption of Bitcoin payments. 

The company also reported a 15% increase in same-store sales in Q3 2025, exceeding reported growth rates at competitors such as McDonald’s, Domino’s, and Taco Bell during the same period.

The company’s move into Bitcoin followed several years of store closures. Between 2018 and 2025, Steak ’n Shake closed approximately 230 locations. 

The number of U.S. locations peaked at 628 in 2018 and declined to 394 by 2026, according to data from ScrapeHero.

The announcement comes as some businesses continue to evaluate the use of Bitcoin for payments and treasury management, with outcomes varying based on market conditions, operational factors, and regulatory environments.