Steak ‘n Shake, the classic American burger chain owned by Biglari Holdings (BH), has added $10 million in Bitcoin (BTC) to its corporate balance sheet, expanding what the company calls its “Strategic Bitcoin Reserve.”
The acquisition comes eight months after the chain integrated the Lightning Network across its locations in May 2025, a move executives say has slashed payment processing fees and driven double-digit sales growth.
Burger-to-Bitcoin Strategy
Unlike many retailers that immediately convert crypto payments into fiat, Steak ‘n Shake retains all Bitcoin revenue. The company announced the new purchase via X (formerly Twitter), highlighting the success of its crypto-forward strategy.
Steak ‘n Shake (@SteaknShake)
Eight months ago today, Steak ‘n Shake launched its burger-to-Bitcoin transformation.Our same-store sales have risen dramatically ever since. All Bitcoin sales go into our Strategic Bitcoin Reserve.Today we increased our Bitcoin exposure by $10,000,000 in notional value.
Jan 16, 2026
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Fee Savings and Sales Growth
The pivot to a “Bitcoin Standard” at the point-of-sale was facilitated by payment infrastructure provider Speed. According to COO Dan Edwards, the chain has realized approximately 50% savings in transaction fees compared to traditional credit card networks.
The company credits the move for attracting a new demographic of crypto-native customers, contributing to a reported 15% increase in same-store sales in Q3 2025, outpacing many quick-service competitors.
This accumulation strategy mirrors moves by other corporate treasuries looking to hedge against inflation, though Steak ‘n Shake is among the first major restaurant chains to link treasury accumulation directly to customer payment volume.