Steak ‘n Shake, a fast-food restaurant chain that accepts Bitcoin (BTC) payments at its stores, announced on Friday that its BTC corporate treasury grew by $10 million in notional value.
The company did not disclose how much Bitcoin it holds, nor whether the increase reflects price appreciation, customer payments converted to BTC, or additional treasury purchases.
“All Bitcoin sales go into our strategic Bitcoin reserve,” the company said, adding that adopting BTC as a treasury asset has led to a flywheel effect that increases same-store sales, which, in turn, grows the company’s BTC stash.
In May 2025, the company announced it would start accepting BTC as a method of payment at all its locations worldwide, in a phased rollout.
The Bitcoin community celebrated the announcement, with many sharing their Steak ‘n Shake receipts showing payment in BTC, and in November 2025, the company announced its expansion into El Salvador, a country known for its pro-Bitcoin policies.
Cointelegraph reached out to Steak ‘n Shake, but did not receive a response by the time of publication.
The company’s decision to accept BTC for payments showcases the growing adoption of Bitcoin payments by businesses, bolstering Bitcoin’s use as a medium of exchange, rather than simply as a store-of-value asset or a speculative financial instrument.
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Steak ‘n Shake grows same-store sales and Bitcoin treasury in 2025
Steak ‘n Shake’s quarter-over-quarter same-store sales rose by 11% in Q2 2025, which it attributed to its adoption of Bitcoin.
The Q3 2025 same-store sales increased by 15%, according to Steak ‘n Shake, beating out industry competitors including McDonalds, Domino’s, and Taco Bell.
The company’s decision to adopt Bitcoin followed the closure of 230 of its stores between 2018 and 2025. Steak ‘n Shake locations inside the US peaked at 628 in 2018, but declined to 394 by 2026, according to data from ScrapeHero.
More companies should adopt BTC as a financial buffer, Bitcoin investor and financial accountant Rajat Soni said in response to Steak ‘n Shake.
“If they do this, they will find it much easier to succeed because their Bitcoin is like a backstop. I think most businesses fail because they aren’t in the market long enough. Bitcoin extends your financial endurance,” he added.
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