Steak ’n Shake Calls Itself a ‘Bitcoin Company’ After Sales Boost

Steak ’n Shake, the American burger chain founded in 1934, announced that it now identifies as a “Bitcoin company.” The statement follows a recent filing by its parent, Biglari Holdings, that highlighted a 13.8% same‑store sales increase for the second quarter of 2026.

Bitcoin Payments Drive Sales Growth

Since beginning to accept bitcoin in May 2025 via the Lightning Network, the chain reports the strongest same‑store sales performance in the fast‑food sector. Management attributes the growth to the loyalty of bitcoin‑holding customers and the lower transaction costs of Lightning payments.

From Checkout to Balance Sheet

Rather than converting customer payments to fiat, Steak ’n Shake routes the bitcoin received into a “Strategic Bitcoin Reserve.” The company increased its exposure to the cryptocurrency twice in January 2026, first by $10 million and then by $5 million in notional value.

Employee Bitcoin Bonuses

Hourly staff at company‑operated locations have earned a bitcoin bonus of 0.21 USD per hour worked since March 1, 2026. The bonus vests over two years. The program was launched in partnership with Fold Holdings.

Customer Promotions

On October 31, 2025, Steak ’n Shake and Fold introduced a limited‑time $5 bitcoin promotion at roughly 400 U.S. restaurants. Diners who purchased a “Bitcoin Steakburger” or “Bitcoin Meal” could redeem a code through the Fold app.

Financial Snapshot

• Second‑quarter 2026 pretax operating earnings: $6.3 million (up from $3.7 million in Q2 2025).
• First‑half 2026 earnings: $2.1 million, down from $13.7 million in the same period of 2025.

Future Expansion

The chain is exploring its first Latin American restaurant in El Salvador, citing the country’s bitcoin‑friendly environment as a factor.