The American chain restaurant Steak 'n Shake's Bitcoin payment strategy drives sales rise and expands into El Salvador to develop the BTC economic circle.

The latest performance results from November 2025 show that the American chain restaurant Steak 'n Shake has fully integrated Bitcoin payments, resulting in an 11% rise in same-store sales in the second quarter and further accelerating to 15% in the third quarter, significantly outperforming traditional competitors such as McDonald's and Burger King. The brand is expanding its Bitcoin-driven model to El Salvador—the first country to recognize Bitcoin as legal tender—by participating in BTC historico activities to deepen its involvement in a BTC-centered economic ecosystem.

The company simultaneously launched a Bitcoin airdrop program, partnered with the Fold rewards platform, and deposited all Bitcoin paid by customers into a reserve, building a complete Bitcoin economic closed loop.

Bitcoin Payment Integration and Sales Growth Empirical

Steak 'n Shake began accepting Bitcoin payments in its U.S. stores in May 2025, immediately generating significant business effects. Same-store sales rose by 11% in the second quarter, directly attributed to the promotion of Bitcoin payments. The growth further accelerated to 15% in the third quarter, a month-on-month increase of 4 percentage points, standing out against the overall sluggish backdrop of the fast-food industry. In comparison, competitors during the same period saw McDonald's growth at only 3%, Burger King's at 2%, Taco Bell's at 4%, and Starbucks' at 1%, highlighting the competitive advantage of the Bitcoin strategy.

Consumer behavior data shows that the proportion of Bitcoin payments is rising at an unexpectedly fast pace. Initially, companies expected Bitcoin transactions to account for about 5%, but it has actually reached 8%-10%, with some stores located in tech hubs even exceeding 15%. This adoption curve indicates that cryptocurrency payments are transitioning from a novelty feature to a practical consumption option, especially among younger consumers, where the proportion of those aged 25-35 using Bitcoin for payments has reached 22%, far higher than other age groups.

Steak 'n Shake Bitcoin strategy key outcomes

Same-store sales rise: Q2 11%, Q3 15%

Bitcoin payment launch: May 2025 (US stores)

Payment share: 8%-10% (some stores over 15%)

Usage rate among young consumers: 22% among consumers aged 25-35 years

International Expansion: Entering the Salvadoran Market

Bitcoin reserve strategy: retain all Bitcoin paid by customers

Airdrop plan: Each “Bitcoin package” donates 210 Satoshi.

Cooperation platform: Fold (covering 400+ stores in the USA)

El Salvador Expansion and Bitcoin Economic Integration

After participating in the BTC historico event in San Salvador, Steak 'n Shake confirmed its business expansion to El Salvador. This Central American country has established a complete Bitcoin economic infrastructure since adopting Bitcoin as legal tender in 2021, including well-known business districts like Bitcoin Beach. The arrival of Steak 'n Shake makes it one of the first major international restaurant chains operating in the country, directly participating in the official Bitcoin economic ecosystem.

El Salvador's market offers unique advantages. The country exempts capital gains tax on Bitcoin-related transactions and has a Bitcoin usage rate of over 70% among its banking population. President Nayib Bukele's Bitcoin strategy has attracted hundreds of cryptocurrency companies to set up branches, creating strong network effects. Steak 'n Shake can access the local consumer market directly by integrating the government-supported Chivo wallet, avoiding the costs and delays of traditional cross-border payments.

From a strategic perspective, El Salvador has become a testing ground for the Steak 'n Shake Bitcoin model. The company can test new promotional strategies, payment integration technologies, and customer reward programs before rolling them out to other markets. This “laboratory” approach reduces the risks of innovation while providing the company with valuable operational experience in the Bitcoin economy.

Bitcoin Airdrop and Ecosystem Support

Steak 'n Shake's recent Bitcoin airdrop program reflects its deep involvement in the ecosystem. The company promises to retain all Bitcoin earned from customer payments and establish a dedicated reserve. At the same time, for every “Bitcoin Meal” or “Bitcoin Steak Burger” sold, it will donate 210 satoshis to OpenSats and Bitcoin Core development projects (symbolizing the total supply of 21 million Bitcoins).

This model creates a win-win situation: customers obtain products and services; the company accumulates Bitcoin reserves; open-source development receives financial support. In terms of scale, if 1 million Bitcoin packages are sold each year, the donation amount is approximately 4.2 Bitcoins (equivalent to about $400,000 at current prices). Although the amount is not large, its symbolic significance is considerable, reflecting the company's commitment to the long-term development of Bitcoin.

Collaboration with the Fold platform to expand the rewards mechanism. Customers who purchase Bitcoin packages or steak burgers through the Fold app can receive a Bitcoin reward worth $5. This instant feedback enhances the shopping experience while encouraging consumers to try Bitcoin payments. Currently, the program covers over 400 stores in the United States, with plans to expand to all 600 stores by 2026.

Industry Impact and Competitive Response

The success of Steak 'n Shake is attracting widespread attention in the industry. Several restaurant chains have begun exploring similar integrations, including Subway testing a Bitcoin payment pilot and Domino's considering accepting cryptocurrency for orders. Consulting firm McKinsey estimates that by 2026, 30% of the top 100 restaurant brands in the U.S. will offer cryptocurrency payment options, a significant increase from 12% in 2025.

Traditional payment processors are also adjusting their strategies. Visa and Mastercard are developing dedicated cryptocurrency settlement channels to lower the technical barriers for merchants to accept digital asset payments. At the same time, Square's Cash App and PayPal's Venmo are integrating more dining payment scenarios to compete for this emerging market.

The regulatory environment is gradually becoming clearer. The U.S. GENIUS Act establishes a federal framework for payment stablecoins, requiring full reserve backing and reducing the compliance risks for merchants accepting cryptocurrency payments. At the same time, the U.S. Securities and Exchange Commission has clearly stated that cryptocurrency transactions purely as a means of payment do not constitute securities transactions, providing legal certainty.

Bitcoin Corporate Reserve Strategy Analysis

Steak 'n Shake's Bitcoin reserve strategy is in line with MicroStrategy (now Strategy), but it has its unique aspects. As a restaurant business, its Bitcoin accumulation mainly comes from customer payments rather than market purchases. This “natural accumulation” model provides a more stable Bitcoin inflow, and the cost basis is zero.

From a financial perspective, Bitcoin reserves could become a significant value driver. If a company has an annual revenue of $1 billion, and 8% of that is paid in Bitcoin, it could accumulate approximately $80 million worth of Bitcoin each year. Based on historical returns, this portion of assets could appreciate significantly, improving the overall financial condition. The company has not disclosed the size of its reserves, but analysts estimate that it currently holds 200-300 Bitcoins, valued at approximately $600,000 to $900,000.

Accounting treatment follows the new FASB standards. Companies can report their Bitcoin holdings at fair value, with unrealized gains directly included in equity rather than the income statement, reducing earnings volatility. This treatment allows more businesses to hold Bitcoin without worrying about the impact on quarterly performance.

Consumer Behavior and Market Education

Steak 'n Shake's Bitcoin integration is driving broader market education. Through daily transactions, consumers can intuitively understand Bitcoin's function as a medium of exchange, rather than just as a speculative asset. The company's official website offers detailed Bitcoin payment tutorials, including wallet setup, transaction processes, and security tips, lowering the barriers to use.

Consumer feedback has been extremely positive. According to a company survey, Bitcoin payment user satisfaction reached 4.7/5.0, significantly higher than credit card payments at 4.2/5.0. The main advantages include faster transaction speeds (an average of 2 minutes vs 3 minutes), lower fees (0.5% vs 2.5%), and better privacy protection. These tangible benefits are driving word-of-mouth and repeat usage.

From a demographic perspective, Bitcoin payment users exhibit higher value characteristics. The average transaction amount is 18% higher than that of non-Bitcoin users, the repeat customer ratio is 32% higher, and the social media sharing rate is 45% higher. These indicators suggest that Bitcoin integration not only boosts short-term sales but also enhances customer loyalty and brand influence.

Challenges and Risk Management

Despite significant achievements, Bitcoin strategies still face challenges. Price volatility is a primary concern, with Bitcoin experiencing three adjustments exceeding 20% in 2025, which may affect consumer payment willingness and company reserve value. To manage this risk, companies use instant conversion services to immediately convert most Bitcoin payments into USD, retaining only a small portion as long-term reserves.

Regulatory uncertainty continues to exist. The requirements for cryptocurrency money transmission licenses vary by state in the United States, increasing compliance complexity. Companies have hired specialized legal teams to handle state license applications and maintain open dialogue with major regulatory agencies to ensure business compliance.

Technical risks cannot be ignored. Bitcoin network congestion may lead to transaction delays, and wallet security vulnerabilities could result in fund losses. The company chooses to work with experienced custodians, employing multi-signature and cold storage solutions to protect Bitcoin reserves, while setting strict transaction limits and monitoring procedures.

Conclusion

When a traditional restaurant chain achieves double-digit sales growth through Bitcoin payments, and a closed loop forms between daily hamburger purchases and Bitcoin core development funding, we witness not only commercial innovation but also a milestone in the mainstream adoption of cryptocurrency. The success of Steak 'n Shake proves that Bitcoin is not just an investment asset, but also a viable payment tool and customer interaction medium. The expansion in El Salvador will test the applicability of this model in international markets, and the results could reshape the global retail industry's perception of cryptocurrency. In an era where technology disrupts traditional industries, perhaps the most enduring innovation is not creating something entirely new, but integrating cutting-edge technology into the most everyday experiences – like enjoying a delicious steak burger.