Steak ’n Shake Makes First Bitcoin Treasury Bet With $10M BTC Purchase
Steak ’n Shake just flipped the script on corporate treasury management—ditching bonds for Bitcoin with a $10 million plunge into digital gold.
Why This Move Cuts Through the Noise
Forget the usual playbook. While most CFOs cling to cash and low-yield securities, this burger chain is betting big on Bitcoin as a treasury asset. It’s a direct challenge to traditional finance—one that bypasses middlemen and embraces volatility over stagnation.
The $10 Million Signal
That number isn’t just a line item; it’s a statement. Steak ’n Shake is allocating serious capital, signaling that Bitcoin has graduated from speculative toy to legitimate reserve asset. No hedging, no ETFs—just straight cold storage.
What This Means for Corporate Finance
Watch other boardrooms squirm. This move pressures every treasury team still pretending 0.5% yields are a strategy. It’s a provocation—one that asks why companies hoard depreciating cash when a decentralized alternative exists.
The Cynical Take
Let’s be real—this also reeks of desperation for relevance. Nothing says ‘modern finance’ like a legacy brand using Bitcoin to distract from quarterly earnings. Still, even a publicity stunt can move markets when it involves eight figures.
Bottom line: Steak ’n Shake just served Wall Street a wake-up call. Whether this bet sizzles or burns will determine if other corporations finally ditch their spreadsheet fantasies for something that actually appreciates.
Steak ’n Shake Formalizes Strategic Bitcoin Reserve Tied to Sales Growth
The move formalizes what the restaurant chain calls a “Strategic Bitcoin Reserve,” a system that channels all Bitcoin received from customers directly into its treasury rather than converting it into cash.
In a post on X, Steak ‘n Shake said the approach ties rising same-store sales to long-term reserve growth, creating what it described as a self-sustaining model.
Steak ’n Shake enabled Lightning Network payments across all US locations in mid-May, a rollout publicly backed by Jack Dorsey.
The company reported transaction fee savings of nearly 50% compared with credit cards, alongside a roughly 15% increase in same-store sales in the months following the launch.
The treasury strategy was formalized on Oct. 31 through a partnership with Fold Holdings, which offered customers $5 worth of Bitcoin when purchasing branded menu items such as the “Bitcoin Burger.”
As part of the rollout, Steak ‘n Shake will donate 210 satoshis for every “Bitcoin Meal” sold, with funds directed to OpenSats to support Bitcoin Core and open-source development.
The promotion tied consumer incentives directly to crypto adoption rather than speculative investment.
Eight months ago today, Steak n Shake launched its burger-to-Bitcoin transformation when we started accepting bitcoin payments. Our same-store sales have risen dramatically ever since.
All Bitcoin sales go into our Strategic Bitcoin Reserve.
Today we increased our Bitcoin…
Steak ’n Shake is owned by Biglari Holdings, led by Sardar Biglari. The parent company has not said whether Bitcoin will play a role in its broader balance-sheet strategy.
The restaurant’s approach stands apart from capital-market-driven plays popularized by firms such as Strategy, which raise funds to accumulate Bitcoin.
While more than 200 companies now hold Bitcoin, Steak ’n Shake’s $10 million position remains small, signaling a cautious but notable entry from a legacy consumer brand.
Steak ’n Shake Expands to El Salvador
In November last year, Steak ‘n Shake revealed that it is expanding into El Salvador, marking a symbolic MOVE into the world’s first country to adopt Bitcoin as legal tender.
The announcement followed the chain’s participation in the Bitcoin Histórico event in San Salvador, where the company signaled deeper engagement with the country’s crypto-centered economy.
The company briefly faced backlash in October after floating the idea of accepting Ether payments, prompting sharp criticism from Bitcoin-focused customers.
Steak ’n Shake quickly reversed course and reaffirmed its commitment to Bitcoin, a stance that appeared to resonate with its CORE audience as sales momentum continued into the second half of the year.
