Steak 'n Shake reported a 19% increase in franchise-partner sales this quarter following its decision to accept Bitcoin payments, according to a company announcement posted on September 8. The chain began accepting Bitcoin via the Lightning Network on May 16, 2025, completing implementation across all 393 U.S. locations.
Michael Boes, Chief MAHA Officer of Steak 'n Shake, presented figures at the Bitcoin 2026 Conference showing consistent same-store sales growth of 11% in Q2 2025 and 15% in Q3 2025. However, regulatory filings from parent company Biglari Holdings show more granular data. Biglari's Q3 2025 filing reported domestic company-operated stores grew 15.6% while franchise partners grew 14.8%. More recent filings showed Q2 2026 domestic sales at 11.9% and franchise partners at 14.5%.
The sales growth is genuine, but Bitcoin's specific contribution remains unquantified. Biglari's annual report attributed growth partly to improved food quality and communication. The company has not disclosed how much revenue came from Bitcoin transactions or their role in overall sales performance.
The more measurable benefit comes from transaction costs. According to payment provider Speed, Bitcoin payments via Lightning Network decreased Steak 'n Shake's processing costs by 50% compared to credit cards. Payment processor Square offers 0% processing fees for Bitcoin payments, making crypto payment infrastructure increasingly accessible to mainstream retailers.
Beyond payment acceptance, Steak 'n Shake channels Bitcoin revenue into a Strategic Bitcoin Reserve linked to employee bonuses, combining transaction savings, treasury accumulation, and workforce incentives into a broader strategy.
The restaurant's Bitcoin initiative may serve as a test case rather than a template for wider merchant adoption. Industry data shows the crypto-payments landscape shifting differently: CoinGate's H1 2026 report found USDC at 22.1% of crypto payments, ahead of Bitcoin at 21.0%, while the Lightning Network handled just 9.6% of Bitcoin payments. Stablecoins are driving retail adoption in certain markets, suggesting other merchants may adopt low-cost crypto checkout infrastructure while settling in stablecoins or fiat currency.
