Steak ’n Shake Invests $10 Million in Bitcoin Treasury After Lightning Network Success

In a significant move bridging traditional retail with digital currency, iconic burger chain Steak ’n Shake has announced a $10 million bitcoin treasury purchase, marking its first major direct allocation to BTC.

This decision follows an eight-month trial of Bitcoin Lightning Network payments across all U.S. locations, which the company credits for boosting same-store sales and slashing payment processing fees. Below, we explore the strategy behind this investment and what it signals for corporate bitcoin adoption.

The Strategic Bitcoin Reserve: How Steak ’n Shake Is Building a “Self-Funding” Model

Unlike many corporations that buy bitcoin purely as a treasury asset, Steak ’n Shake has engineered a unique ecosystem. The company funnels 100% of bitcoin received from customer payments into its Strategic Bitcoin Reserve (SBR), rather than converting it to cash. According to the chain, this creates a “self-reinforcing cycle”: accepting bitcoin attracts new customers and increases sales, which in turn grows the SBR. Those funds are then reinvested into store upgrades, better ingredients, and remodels—without raising menu prices.

Lightning Network Rollout: Cutting Fees and Driving a 15% Sales Increase

In mid-May 2025, Steak ’n Shake enabled Bitcoin payments via Lightning Network at every U.S. store, a move supported by Block co-founder Jack Dorsey. The shift was initially aimed at reducing payment processing costs. Results quickly followed: the company reported nearly 50% savings on transaction fees compared to credit card payments and noted an approximate 15% rise in same-store sales in the months after rollout.

This performance highlights a growing trend: businesses using bitcoin not just as an investment, but as a tool for improving profit margins and customer engagement. The chain has since introduced a Bitcoin Burger and Bitcoin Meal, partnering with Fold Holdings to offer $5 bitcoin rewards, further integrating crypto into its loyalty strategy.

How Steak ’n Shake’s Bitcoin Strategy Differs From Other Corporate Holdings

While more than 200 companies now hold bitcoin on their balance sheets, Steak ’n Shake’s approach is notably operational rather than purely financial. Unlike firms like MicroStrategy, which raise capital to buy bitcoin, Steak ’n Shake’s bitcoin accumulation is fueled directly by customer transactions. This creates organic, recurring treasury inflows tied to real business activity.

The $10 million purchase—roughly 105 BTC at current prices—remains modest compared to larger public company holdings. However, it reflects a practical, revenue-linked model that could be more sustainable and scalable for mainstream retailers.

Broader Implications: Corporate Bitcoin Adoption Enters the Mainstream

Steak ’n Shake’s move is part of a larger wave of corporate bitcoin accumulation. According to Bitcointreasuries data, total bitcoin held in corporate and institutional treasuries now exceeds 4 million BTC. For a 91-year-old fast-food brand to formalize a bitcoin treasury strategy signals a maturation of crypto acceptance beyond tech and finance sectors.

The parent company, Biglari Holdings, has not yet disclosed whether bitcoin will feature in its broader corporate strategy. Nevertheless, the restaurant chain’s public commitment—paired with tangible sales growth and cost savings—offers a compelling case study for other consumer-facing businesses considering crypto integration.

Looking Ahead: Will More Restaurant Chains Follow Suit?

Steak ’n Shake’s experiment demonstrates that bitcoin payment adoption can drive measurable business outcomes: higher sales, lower fees, and a modernized brand image. As Lightning Network technology becomes more user-friendly, other quick-service restaurants may explore similar paths, especially to attract younger, crypto-engaged demographics.

The chain’s additional step—donating a portion of Bitcoin Meal proceeds to open-source Bitcoin development—also shows a commitment to the ecosystem’s growth, aligning corporate strategy with broader network enhancement.

Conclusion

Steak ’n Shake’s $10 million bitcoin treasury purchase is more than a balance sheet adjustment—it’s the culmination of a customer-powered bitcoin strategy that boosts sales, cuts costs, and funds improvements. As the boundary between traditional commerce and digital assets continues to blur, the brand provides a viable blueprint for how brick-and-mortar businesses can harness cryptocurrency for operational and financial gains.