Steak ’n Shake has increased its Bitcoin exposure by an additional $5 million in notional value, extending a treasury strategy that ties customer payments, operational performance, and balance sheet management into a single system. The move brings the fast food chain’s disclosed Bitcoin holdings to roughly $15 million, equivalent to about 168 BTC at the time of writing, based on company statements.
The announcement came via an X post, where the company reiterated that all Bitcoin-denominated sales continue to flow directly into its Strategic Bitcoin Reserve (SBR). Steak ’n Shake framed the structure as a closed loop that links food quality, customer demand, and capital accumulation.
Steak n Shake's Burger-to-Bitcoin transformation continues.
— Steak 'n Shake (@SteaknShake) January 27, 2026
Today we increased our Bitcoin exposure by $5,000,000 in notional value.
All Bitcoin sales go into our Strategic Bitcoin Reserve.
Our self-sustaining system — improving food quality that grows same-store sales that…
The latest addition follows a $10 million increase disclosed on Jan. 18, which marked the first treasury expansion announced this month. The company has not clarified whether the current figures reflect customer payments, price appreciation, direct treasury purchases, or a mix of all three.
Bitcoin payments move beyond a marketing experiment
Steak ’n Shake first began accepting Bitcoin payments across U.S. locations in May 2025, using the Lightning Network. At the time, the rollout focused on two priorities: lower transaction costs and direct engagement with Bitcoin-native customers.
According to the company, Bitcoin payments reduced processing fees by close to 50% compared to traditional card networks. That cost advantage became a recurring theme in later disclosures, as the chain credited the payments option with improved unit economics.
The company also linked Bitcoin adoption to measurable sales performance. Steak ’n Shake said same-store sales rose more than 10% in the second quarter of 2025 after the payments rollout. A later update cited 18% same-store sales growth across company-owned and franchise locations so far in 2026, with Bitcoin adoption named as one contributing factor.
“We are trouncing our competitors thanks to growing support from our loyal customers and our Bitcoin champions,” the company said in a prior statement.
Treasury strategy tied to operational flows
Unlike companies that rely on lump-sum Bitcoin purchases, Steak ’n Shake has emphasized accumulation through day-to-day operations. All Bitcoin payments funnel into the Strategic Bitcoin Reserve, which the company describes as self-funding rather than speculative.
This approach places the chain in a small but visible group of consumer-facing companies that treat Bitcoin as part of working capital strategy rather than a passive store of value. Public data from BitcoinTreasuries.net shows that public treasury companies collectively hold around 1.13 million BTC, worth roughly $101 billion at current prices.
Steak ’n Shake has not disclosed custody arrangements, hedging practices, or accounting treatment for its Bitcoin holdings. The company also has not confirmed whether the reported $15 million figure includes price movements since earlier disclosures.
Employee compensation enters the Bitcoin loop
Beyond payments and treasury management, Steak ’n Shake has extended Bitcoin use into employee compensation. Earlier this month, the chain announced a Bitcoin bonus for hourly employees at company-operated locations.
The program pays $0.21 per hour worked in Bitcoin, with a two-year vesting period. A full-time employee could earn roughly $436 per year in BTC at current rates. The company partnered with Fold to provide the infrastructure.
Fold previously worked with Steak ’n Shake on customer-facing incentives, including $5 Bitcoin rewards tied to menu items such as the Bitcoin Steakburger.
The employee bonus announcement received mixed reactions. While some Bitcoin supporters praised the initiative, critics focused on the vesting requirement, which prevents immediate access to earned Bitcoin for two years.
A firm stance within crypto culture
Steak ’n Shake has also taken a clear position within crypto culture. Last fall, the company ran a poll on X that asked followers whether it should add Ethereum payments. Nearly 49,000 votes were cast, with 53% in favor.
Four hours later, the company suspended the poll.
“Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” Steak ’n Shake posted.
The company has not confirmed whether Ethereum integration ever received internal consideration.
A signal amid wider corporate adoption
Bitcoin adoption among public companies accelerated throughout 2025, particularly after Bitcoin reached new highs in October. While prices later pulled back and remained below $100,000, corporate treasury allocations have largely remained intact.
Bitcoiner and financial accountant Rajat Soni argued that Steak ’n Shake’s model offers lessons for other businesses.
“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 said.
For Steak ’n Shake, the latest $5 million addition reinforces a strategy that blends payments, marketing, treasury management, and labor incentives into a single Bitcoin-focused framework. Whether the model scales beyond early adopters remains an open question, but the company shows no sign of reversing course.
Tanya Petrusenko
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