Steak ‘n Shake Buys $10M Bitcoin; Same-Store Sales Surge 15% on Crypto Strategy
Biglari Holdings’ subsidiary confirms a $10M Bitcoin buy and reports double-digit sales growth driven by its ‘Strategic Bitcoin Reserve’ operational model.
Steak ‘n Shake announced today it has purchased $10 million in Bitcoin, effectively doubling down on a corporate treasury strategy that couples balance sheet accumulation with point-of-sale adoption. The 91-year-old fast-food chain, a subsidiary of Biglari Holdings (NYSE: BH), confirmed the acquisition via X, noting the capital allocation aligns with its "Strategic Bitcoin Reserve" mandate.
Bitcoin (BTC) held steady at $95,300 (-0.9%) following the news, reflecting a market less moved by single corporate buys than by the broader trend of operational adoption.
The "Burger-to-Bitcoin" Cycle
Unlike purely speculative treasury strategies, Steak ‘n Shake’s approach integrates operational cash flow. The company retains 100% of Bitcoin received from customer payments, which are processed via the Lightning Network across all U.S. locations. Management claims this integration has reduced payment processing fees by approximately 50% compared to traditional card rails.
The operational data suggests a correlation between crypto adoption and revenue performance. Since launching Bitcoin payments in May 2025, the chain has reversed a multi-year stagnation trend.
"Eight months ago today, Steak ‘n Shake launched its burger-to-Bitcoin transformation… Our same-store sales have risen dramatically ever since."
Data from Biglari Holdings’ recent filings corroborates this, showing a 10.7% same-store sales jump in Q2 and 15% in Q3. Growth rates outpacing competitors like McDonald’s during the same period.
Institutional Context
Sardar Biglari, CEO of Biglari Holdings, has effectively constructed a closed-loop system where enhanced customer volume (driven by crypto-native spenders) feeds directly into a deflationary treasury asset. This differs from the MicroStrategy model of leveraged bond issuance; Steak ‘n Shake is converting high-velocity retail revenue into long-term store of value.
The move signals a shift in retail crypto adoption from marketing novelty to balance sheet necessity. With low-margin businesses like fast food facing inflationary pressure on raw materials (beef, dairy), swapping 3% credit card fees for near-zero Lightning fees creates an immediate margin buffer, even before accounting for potential Bitcoin appreciation.
