Steak ’n Shake Credits Bitcoin Payments for “Dramatic” Same‑Store Sales Lift
U.S. fast‑food chain says its burger‑to‑Bitcoin program has accelerated growth, but the company’s Bitcoin reserve is now sitting at a paper loss.
What happened
Steak ’n Shake began accepting Bitcoin at a subset of its locations on May 16, 2025, rolling the new payment option out in phases. The chain announced on X that the initiative – which channels every Bitcoin transaction into a corporate “Strategic Bitcoin Reserve” – has led to a “dramatic” rise in same‑store sales. Although the company has not disclosed exact figures, it highlighted quarter‑on‑quarter comparable sales growth of 11 percent in Q2 2025 and 15 percent in Q3 2025, outpacing peers such as McDonald’s, Domino’s and Taco Bell over the same periods.
In January 2026, Steak ’n Shake reported that the notional value of its Bitcoin holdings had increased by roughly $10 million. A week later it announced an additional $5 million allocation to the reserve, bringing the total exposure to about $15 million. The same month the chain unveiled a new employee incentive: hourly staff at company‑operated restaurants will receive a Bitcoin bonus of $0.21 per hour worked, vesting over two years and funded through a partnership with crypto‑rewards platform Fold.
Current Bitcoin position
Data compiled by BitcoinTreasuries shows the chain now holds approximately 161.6 BTC, valued at about $10.96 million at today’s price (≈$67,800 per coin). This implies an average cost basis of just under $92,800 per BTC, meaning the reserve is roughly 26 percent below its purchase price – a sizeable unrealized loss despite the reported sales uplift.
Analysis
Revenue vs. volatility – The reported 11‑percent and 15‑percent same‑store sales growth suggests that the Bitcoin payment option has resonated with a segment of customers, possibly those attracted by the novelty of using digital assets for everyday purchases. However, the lack of disclosed sales numbers makes it difficult to quantify the true contribution of Bitcoin transactions to overall revenue.
Employee engagement – Paying staff a Bitcoin‑based bonus is a clear attempt to tap into the crypto enthusiasm of Gen‑Z and Millennial workers, who represent a large share of the restaurant workforce. The vesting schedule mitigates immediate cash‑flow impact while potentially fostering loyalty among crypto‑savvy employees.
Risk exposure – By earmarking all Bitcoin receipts for a corporate treasury reserve, Steak ’n Shake has effectively turned part of its operating cash flow into a volatile asset. The current 26 percent paper loss illustrates the downside risk of such a strategy, especially when the price of BTC dips sharply. Future earnings could be affected if the reserve’s value continues to diverge from its cost basis.
Competitive differentiation – Few U.S. quick‑service chains have adopted a full‑scale Bitcoin payment model. If the sales lift is sustained, Steak ’n Shake may carve a niche that attracts crypto‑friendly diners, potentially offsetting the risk of volatility with a differentiated brand proposition.
Key takeaways
- Sales impact: Steak ’n Shake claims double‑digit same‑store sales growth (11 % Q2 2025, 15 % Q3 2025) after launching a Bitcoin payment program, though exact contribution remains undisclosed.
- Reserve size: The company’s Strategic Bitcoin Reserve now holds roughly 161.6 BTC, valued at $11 million, but sits about 26 % below the average purchase price.
- Employee incentives: A Bitcoin bonus of $0.21 per hour for hourly staff has been introduced, aimed at engaging younger, crypto‑interested employees.
- Risk balance: The strategy provides a novel revenue driver and branding angle, yet exposes the chain to Bitcoin’s price swings, which could affect cash flow and earnings if the market remains volatile.
- Industry view: Steak ’n Shake’s approach stands out among major fast‑food chains, and its performance will likely be monitored as a case study for crypto integration in traditional consumer businesses.
Steak ’n Shake has not responded to requests for additional comment on the financial specifics of the program or its plans for managing the reserve’s unrealized losses.
Source: https://cointelegraph.com/news/steak-n-shake-says-same-store-sales-risen-dramatically?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
