Steak 'n Shake said its same-store sales have “increased dramatically” for the reason that company launched a burger-to-Bitcoin strategy in May 2025, which redirects every Bitcoin payment into a company treasury.
In a Monday post on The Chain, it didn't provide any numbers or define what it meant by “dramatically increased.”
Steak 'n Shake began phasing out Bitcoin at participating locations on May 16, 2025.
Since then, Steak 'n Shake has repeatedly linked higher sales to Bitcoin (BTC) adoption, reporting quarter-over-quarter sales growth of 11% in Q2 2025 and 15% in Q3 2025, outperforming major competitors corresponding to McDonald's, Domino's and Taco Bell through the same period.
Under this system, all Bitcoin revenue goes into the corporate's strategic Bitcoin reserve, which increases with customer spending.
Steak 'n Shake's sales increased “dramatically” due to BTC payments. Source: Steak 'n Shake
On January 16, Steak 'n Shake said its Bitcoin supply had increased by $10 million in notional value, without breaking down how much of that was attributable to price increases versus additional accumulation.
Four days later, on January 20, Steak 'n Shake unveiled plans to supply hourly employees at company-operated locations a Bitcoin bonus of $0.21 per hour worked, with a two-year vesting period, backed by Bitcoin rewards company Fold.
The company viewed the move as a option to spark enthusiasm for cryptocurrencies amongst Gen Z and Millennial employees, who make up nearly all of restaurant and food service employees within the United States.
Every week later, on January 27, the corporate announced an extra $5 million allocation to the reserve, bringing its total Bitcoin exposure to around $15 million.
Burger-to-Bitcoin a hit, but BTC treasury within the red
According to BitcoinTreasuries, Steak 'n Shake currently holds 161.6 BTC, value about $10.96 million at current prices, for a median cost basis of slightly below $92,851 per coin.
This would put the position at 26% below its average purchase price, meaning the corporate's strategic Bitcoin reserve is sitting on a major unrealized loss despite the Bitcoin pivot's revival in sales.
Cointelegraph reached out to Steak 'n Shake but had not received a response on the time of publication.
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