Steak ’n Shake Buys $10M in BTC later than Crypto Payments Boost Sales

What Did Steak ’n Shake Do?

Steak ’n Shake disclosed Friday that it purchased $10 million worth of BTC for its corporate treasury, marking the quick-food chain’s first announced direct allocation to the asset. The purchase amounts to roughly 105 BTC at current prices and comes eight months later than the company began accepting BTC payments across all U.S. locations.

The 91-year-old burger chain said the acquisition formalizes a strategy it began building earlier this year, when it rolled out Lightning Network payments nationwide. Rather than converting received BTC into cash, the company funnels all crypto payments into what it calls a .

“We have created a self-sustaining system — growing identical-store sales that grow the SBR,” the company said in a post on X, referring to the reserve.

Investor Takeaway

Why Does the BTC Purchase Matter?

The move places Steak ’n Shake among a growing group of companies that hold BTC on their balance sheets, though its approach differs from firms that acquire BTC purely through capital markets. Instead of issuing debt or equity to fund purchases, the chain is building its position through daily operations.

More than , according to public data, but Steak ’n Shake’s $10 million position remains small compared with the largest corporate holders. What sets it apart is the link between point-of-sale adoption and treasury growth, a model that blends payments, marketing, and balance-sheet strategy.

The company enabled Lightning payments in mid-May 2025, allowing customers to pay instantly with BTC at checkout. At the time, the rollout drew attention from parts of the crypto community for its nationwide scope, covering all U.S. locations rather than a pilot group of stores.

Did Crypto Payments Change Sales and Costs?

Steak ’n Shake says the payments shift has had a measurable business impact. The company reported nahead 50% compared with traditional credit card payments. It also said identical-store sales increased by about 15% in the months following the introduction of Lightning payments.

Those figures, if sustained, suggest that accepting BTC may be doing more than lowering costs. Crypto payments have also functioned as a marketing hook, attracting attention from digital-asset users and driving repeat visits tied to promotions and limited-time offers.

On October 31, the chain formalized its and partnered with Fold Holdings on a rewards program. Under the promotion, customers could earn $5 worth of BTC through the Fold app when purchasing branded menu items such as the BTC Burger or BTC Meal.

Investor Takeaway

How Does This Compare With Other Corporate BTC Strategies?

Steak ’n Shake’s approach contrasts with balance-sheet-driven strategies used by firms that raise capital specifically to purchase BTC. Companies like Strategy rely on equity issuance or debt to expand their holdings, treating BTC as a core treasury asset independent of operating revenue.

By comparison, Steak ’n Shake is using BTC as both a payment rail and a reserve asset. BTC received from customers is retained rather than sold, creating a direct link between consumer spending and treasury accumulation. That model reduces exposure to capital markets while tying BTC ownership to real-world cash flow.

The chain is owned by largelari Holdings, a San Antonio-based holding company run by Sardar largelari. The parent company has not said whether BTC will play a role in its wider corporate strategy beyond Steak ’n Shake.

What Comes Next?

The announcement leaves open whether Steak ’n Shake will continue adding to its BTC reserve beyond customer inflows. The company has not outlined targets for future purchases or indicated whether it plans to expand crypto-related promotions.

For now, the move adds another example of a consumer-facing brand using BTC in daily operations rather than as a purely financial bet. While the scale is modest, the combination of payments, marketing, and treasury policy suggests a diverse path into corporate BTC adoption—one driven by the checkout counter rather than the boardroom.