Nine months after rolling out bitcoin payments, Steak ’n Shake says the move is paying off.

The American fast-food chain reported a dramatic rise in same-store sales since introducing bitcoin at checkout, though it stopped short of sharing specific revenue or margin figures. The company framed the strategy as a blend of a cash-generating restaurant business and long-term bitcoin exposure.

Bitcoin payments are routed into what the company calls a Strategic Bitcoin Reserve. That reserve has grown to roughly 161 BTC, currently valued at around $11 million. According to data from Bitcoin Treasuries, the company’s average purchase price sits at $92,851 per coin, leaving its holdings about 26% underwater at current levels.

The company tweeted on X, “ Bitcoin payments for Steak n Shake burgers go into our Strategic Bitcoin Reserve, which then funds bitcoin bonus pay for our employees. We have combined a decentralized, cash-producing operating business with the transformative power of bitcoin.”

The initiative began last May, when Steak ’n Shake first teased its crypto pivot. In October, it launched a limited-edition bitcoin Steakburger stamped with the cryptocurrency’s logo. By November, the company confirmed that all bitcoin payments would be directed into the newly formed reserve.

Last month, Steak ’n Shake disclosed a $10 million increase in its bitcoin exposure tied to the reserve. It also introduced bitcoin-denominated employee bonuses, paying staff $0.27 in crypto per hour worked under a two-year vesting schedule.

While the company hasn’t broken down how much bitcoin acceptance alone has boosted its bottom line, the messaging is clear: this is more than a marketing stunt. By holding BTC on its balance sheet and linking it to employee incentives, Steak ’n Shake is treating bitcoin as both a treasury asset and a cultural statement.

• Where is Steak ’n Shake accepting bitcoin?
  Steak ’n Shake locations across the United States accept bitcoin as payment, routing all BTC transactions into its corporate Strategic Bitcoin Reserve.
• How much bitcoin does Steak ’n Shake own?
  The company holds approximately 161 BTC, valued at around $11 million, according to Bitcoin Treasuries data.
• Does Steak ’n Shake use bitcoin for employee bonuses?
  Yes. Employees receive $0.27 in bitcoin per hour worked, with bonuses subject to a two-year vesting period.
• Has bitcoin improved Steak ’n Shake’s sales?
  The company reports a dramatic increase in same-store sales since introducing bitcoin payments, though it has not disclosed exact financial figures.

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