In-store sales surge by 18%! Steak 'n Shake invests another $5 million to accumulate Bitcoin

American fast-food chain Steak 'n Shake announced on Tuesday that it has purchased an additional $5 million worth of Bitcoin, bringing its total holdings to $15 million (approximately 167.7 BTC). The company began accepting Bitcoin payments in May 2025, and by 2026, same-store sales had grown by 18%, citing Bitcoin as a key factor in outperforming competitors. Starting from March 1, the company will offer hourly Bitcoin rewards of $0.21 to its hourly workers.

The $5 Million Buy and the 18% Revenue Miracle

On Tuesday, Steak 'n Shake posted on X platform that this $5 million Bitcoin purchase is part of its ongoing strategy. This brings the total Bitcoin holdings to $15 million, equivalent to about 167.7 BTC at the time of publication. Previously, on January 18, the company announced an additional $10 million purchase, making two large acquisitions within just 10 days, demonstrating its firm commitment to its Bitcoin reserve strategy.

However, it remains unclear how many BTC the company actually holds, or whether the $15 million reflects Bitcoin price appreciation, customer Bitcoin payments, or additional treasury purchases. If most of this $15 million comes from treasury buys, it indicates that Steak 'n Shake is adopting a bold strategy similar to MicroStrategy. If a significant portion comes from customer payments, it suggests that Bitcoin as a payment method is being more widely accepted than expected.

In its statement, Steak 'n Shake emphasized that its strategic focus is “improving food quality through fintech, thereby increasing same-store sales and enhancing SBR (Strategic Bitcoin Reserves), to transform the chain’s operations.” This reveals the company’s business logic: Bitcoin is not just a financial investment but part of a broader business transformation strategy.

Data supports the effectiveness of this approach. The company disclosed that, as of now, its same-store sales in 2026 have grown by 18%. Same-Store Sales is a key indicator of retail and restaurant health, as it excludes the impact of new store openings and reflects the performance of existing stores. An 18% same-store sales growth is very strong in the fast-food industry, especially in the current macro environment of cautious consumer spending.

Key Data on Steak 'n Shake’s Bitcoin Strategy

Current Reserve Value: $15 million (about 167.7 BTC)

Latest Purchase: $5 million

Purchase on January 18: $10 million

Same-Store Sales Growth: 18% (since 2026)

Bitcoin Acceptance Start: All restaurants from May 2025

Steak 'n Shake views Bitcoin adoption as a major driver of same-store sales growth. The company stated: “With increasing support from loyal customers and Bitcoin supporters, we are beating our competitors.” This suggests that accepting Bitcoin payments is not just an expansion of payment options but a core element of brand differentiation, attracting a loyal customer base and encouraging repeat business.

Starting March: Employees to Receive $0.21 in Bitcoin per Hour

In addition to its commitment to accumulating Bitcoin, the company recently announced a forward-looking employee benefit plan. Starting March 1, 2026, hourly employees at company-operated stores will receive a Bitcoin reward of $0.21 per hour, for a period of two years.

The figure of $0.21 is not arbitrary but carries symbolic significance. Bitcoin’s total supply cap is 21 million BTC, so 0.21 has a special meaning within the Bitcoin community, representing recognition of Bitcoin’s scarcity. By choosing $0.21 as the reward amount, Steak 'n Shake sends a clear signal to the Bitcoin community: this is not just a financial decision but a declaration of values.

For hourly workers, earning $0.21 in Bitcoin per hour may seem small, but it has long-term value. Assuming a full-time employee works 40 hours per week and 50 weeks per year, over two years, they would accumulate about $420 worth of Bitcoin. If Bitcoin’s price rises during this period, the actual value could far exceed the nominal amount. More importantly, this reward plan allows frontline employees to participate in Bitcoin investment, which is unprecedented in the traditional fast-food industry.

This initiative also offers branding and recruitment advantages. In a competitive labor market, offering Bitcoin rewards can help Steak 'n Shake attract young employees interested in cryptocurrencies. Generation Z and Millennials have a much higher acceptance of Bitcoin than older generations, and Bitcoin benefits could be a decisive factor when choosing an employer. Additionally, this innovative benefit design provides Steak 'n Shake with significant free media exposure, further strengthening its image as a “crypto-friendly restaurant.”

113 Million Bitcoins Held by Public Companies

Steak 'n Shake’s strategy is part of a broader trend. Over the past twelve months, Bitcoin adoption among public companies has increased. According to BitcoinTreasuries.Net, approximately 1.13 million BTC are held by publicly traded treasury companies, worth about $101.33 billion. This accounts for roughly 5.4% of Bitcoin’s total supply, held by corporations rather than individuals or exchanges.

MicroStrategy remains the dominant leader in this space, holding over 400,000 BTC, but more traditional companies are joining in. Companies like Tesla, Block (formerly Square), Marathon Digital, and Riot Platforms hold large Bitcoin reserves. Now, even fast-food chains are adopting this strategy, indicating that Bitcoin reserves are spreading from tech and finance sectors into physical retail.

Recently, Bitcoin’s price has been consolidating around $90,000, with mixed sentiment among holders. Notable Bitcoin figures like legendary trader Arthur Hayes and BitMine Chairman Tom Lee have predicted Bitcoin should be trading around $250,000. According to CoinMarketCap, at the time of writing, Bitcoin’s price is $89,354, and it has not touched $100,000 since November 13.

Despite short-term price stagnation, ongoing accumulation by institutions indicates confidence in long-term prospects. Steak 'n Shake’s decision to buy more Bitcoin even without a new high in price demonstrates a “dollar-cost averaging” approach rather than chasing peaks. This aligns with MicroStrategy’s model: regardless of short-term volatility, continuously increasing Bitcoin exposure to achieve long-term value growth.