Steak ‘n Shake Buys $10M in Bitcoin to Power Its “Bitcoin-to-Burger” Strategy

Steak ‘n Shake has taken a bold step in corporate crypto adoption by purchasing $10 million worth of Bitcoin, significantly expanding its strategy of converting fast-food revenue into a corporate cryptocurrency treasury. The move represents the latest phase of the company’s “Bitcoin-to-Burger” initiative, a financial model that directly channels operational cash flow into digital assets.

Launched in May 2025, the initiative integrates Bitcoin accumulation into Steak ‘n Shake’s daily business operations. By accepting Bitcoin payments and actively marketing to crypto-focused consumers, the 90-year-old restaurant chain aims to modernize its capital structure while attracting a new, tech-savvy demographic. Management has described the approach as a “self-sustaining system,” where improvements in food quality drive higher sales, which in turn fund additional Bitcoin purchases.

According to internal company data, the strategy has delivered measurable results. Steak ‘n Shake reported double-digit same-store sales growth in 2025, outperforming competitors across the fast-food industry. The company attributes this growth largely to its Bitcoin-focused branding and payment strategy, which helped increase customer engagement and overall revenue. Executives have stated that becoming a “Bitcoin company” provided a meaningful boost to the business and enabled further reinvestment into product quality.

Notably, Steak ‘n Shake has committed to a Bitcoin-only philosophy. Despite a recent corporate poll showing that 53% of respondents supported adding Ethereum as a payment option, leadership rejected the idea. The decision underscores a Bitcoin maximalist stance designed to build strong loyalty among a specific, ideologically aligned customer base.

The company’s Bitcoin integration also extends to its workforce. In October 2024, Steak ‘n Shake updated its payroll systems to allow approximately 10,000 employees to receive a portion of their wages in Bitcoin. This move reflects management’s view of Bitcoin as a long-term store of value comparable to traditional fiat currencies.

Founded in 1934, Steak ‘n Shake operates hundreds of locations across the United States and internationally. Its growing Bitcoin treasury positions the chain as a rare outlier in the traditional restaurant industry, attempting to future-proof a legacy brand by tying its long-term financial strategy to the performance of the world’s largest cryptocurrency.