US burger chain Steak ‘n Shake has purchased $10 million worth of bitcoin, adding to its strategic cryptocurrency reserve. The move builds on the company's adoption of bitcoin payments since May 2025, which it credits for boosting sales. This acquisition highlights the growing trend of firms integrating digital assets into their financial strategies.
On January 17, 2026, Steak ‘n Shake, the Indianapolis-based burger franchise founded in 1934, announced it had acquired $10 million in bitcoin to bolster its strategic reserve. The company operates hundreds of locations across the United States and internationally.
This purchase follows the chain's pivot to cryptocurrency eight months earlier, when it began accepting bitcoin payments in May 2025 using the Lightning Network to facilitate faster, lower-cost transactions. Steak ‘n Shake stated that all bitcoin received from customer payments is directed into its Strategic Bitcoin Reserve. The firm claims this integration has led to dramatic increases in same-store sales, with double-digit growth in 2025 described as the best in the industry.
“We have created a self-sustaining system — growing same-store sales that grow the [strategic Bitcoin reserve],” the company wrote on X. It further noted, “In 2025, Steak n Shake achieved double-digit same-store sales growth — the best in the industry! Becoming a Bitcoin company gave our business a major boost, allowing us to further improve our food quality.”
The strategy positions Steak ‘n Shake as a bitcoin-only entity. Despite a corporate poll showing 53% support for adding Ethereum as a payment option, leadership rejected the idea to maintain focus on bitcoin and appeal to a dedicated crypto audience. In October 2025, the chain updated its payroll system, enabling its 10,000 employees to receive a portion of wages in bitcoin, viewing the asset as a store of value akin to fiat currency.
This approach aligns with the rising popularity of digital asset treasuries, with 263 public and private companies now holding bitcoin, according to BitcoinTreasuries.net. The model, pioneered by MicroStrategy co-founder Michael Saylor in 2020, aims to enhance shareholder value as bitcoin appreciates against depreciating cash. However, critics argue it may prove unsustainable if bitcoin's price declines.
Steak ‘n Shake's efforts underscore attempts to make bitcoin a practical medium for everyday transactions, beyond its role as an investment.
