Steak ‘n Shake Allocates $10M to Bitcoin; Biglari Stock Hits Record Highs
Biglari Holdings’ subsidiary converts revenue directly to BTC, driving a 15% sales bump and pushing BH stock to all-time highs.
Steak ‘n Shake, the classic American burger chain owned by Biglari Holdings (BH), has formally allocated $10 million to a “Strategic Bitcoin Reserve,” effectively converting its corporate treasury into a crypto-native vehicle. The move, announced Saturday, cements a pivot that began eight months ago when the chain started accepting Bitcoin via the Lightning Network.
Biglari Holdings stock surged to an all-time high of $447.70 following the disclosure, signalling Wall Street approval of the unorthodox treasury strategy.
The Retail Flywheel
Unlike MicroStrategy, which issues debt to buy Bitcoin, Steak ‘n Shake is funding its accumulation through operational cash flow. The company revealed that 100% of Bitcoin-denominated revenue is retained in its treasury rather than converted to fiat. This “closed-loop” economy has yielded tangible results: same-store sales jumped 15% in Q4 2025.
We have created a self-sustaining system. Growing same-store sales that grow the SBR [Strategic Bitcoin Reserve]. Improving food quality expands Steak ‘n Shake’s reach and leverages Bitcoin into a new and delicious dimension.
The $10 million purchase represents approximately 105 BTC at current market prices ($95,200). Management claims the strategy creates a “self-reinforcing cycle” where crypto-native customers drive traffic, increasing the Bitcoin stack, which funds store renovations and ingredient upgrades without raising menu prices.
Institutional Context
This allocation is a significant deviation for Sardar Biglari, the often-contrarian CEO of Biglari Holdings, who has historically favored cash-flowing assets over speculative instruments. However, the data supports the pivot. Since integrating Lightning payments in May 2025, the chain reports saving nearly 50% on transaction processing fees compared to traditional card networks like Visa or Mastercard.
The market response was immediate. Biglari Holdings (BH) shares rallied 12% on the week, outpacing the broader restaurant sector. For institutional observers, the Steak ‘n Shake case study offers a first-of-its-kind proof of concept: a legacy retail brand using a Bitcoin standard to offset inflationary pressures and capture a new demographic.
