Steak ’n Shake Makes Bold $10 Million Bitcoin Move for Corporate Reserves
Another corporate giant just loaded up its treasury with digital gold.
Steak ’n Shake, the iconic burger chain, has officially allocated $10 million to Bitcoin as part of its reserve strategy. This isn't just a speculative punt—it's a calculated bet on Bitcoin as a long-term store of value, a move that bypasses traditional low-yield bonds and cash holdings.
The Corporate Treasury Playbook Gets Rewritten
Forget boring old money markets. Forward-thinking companies are now looking at their balance sheets differently. Adding Bitcoin to corporate reserves is no longer a fringe idea whispered about in Silicon Valley boardrooms. It's becoming a legitimate, if still daring, treasury management tactic. The goal? Hedge against currency debasement and tap into an asset class that operates on a global, 24/7 market—unlike the legacy financial system that still takes weekends off.
Why This Move Matters Beyond the Headline
This isn't just about one restaurant chain. It's a signal. When mainstream, non-tech businesses start converting millions in cash flow into Bitcoin, it validates the asset's 'digital gold' narrative for a whole new audience. It moves the conversation from price speculation to practical adoption. Every corporate purchase like this adds to Bitcoin's liquidity and reduces the available supply, a fundamental dynamic that long-term bulls love to watch.
A Cynical Nod to Wall Street
Let's be real—this probably gives traditional asset managers heartburn. They've spent decades perfecting the art of charging fees for managing 'safe' assets that barely beat inflation. Now, companies are cutting out the middleman and buying the hardest money ever created directly. It's a quiet revolution in capital allocation, one that questions the very foundation of modern portfolio theory. The move is provocative, balanced only by the cold, hard math of Bitcoin's fixed supply against a backdrop of endless monetary printing.
The bottom line: The trend of corporate Bitcoin adoption isn't slowing down; it's finding new, unexpected converts. And while the suits on Wall Street fret about volatility, the folks at Steak ’n Shake are betting the ranch on a future where Bitcoin is just another part of the financial pantry.
Steak ‘n Shake boasts of being the first restaurant with a Bitcoin reserve
Steak ’n Shake is claiming a first-mover position among restaurant chains, saying it “made history as the first major restaurant to establish a Strategic Bitcoin Reserve.” The company did not disclose the timing or execution details of the $10 million Bitcoin acquisition, nor whether it was purchased in a single transaction or accumulated over time.
Our newly remodeled Steak n Shake leans hard into nostalgia. Funded by beef tallow and bitcoin 🇺🇸 pic.twitter.com/2Z0gfRjMgp
— Steak 'n Shake (@SteaknShake) August 29, 2025
At the Bitcoin 2025 conference held that month, Chief Operations Officer Dan Edwards told attendees that the bitcoin payments had delivered immediate financial benefits for the Steakburgers maker. He mentioned that Bitcoin payments were cutting processing costs by 50% compared to fiat payment methods, while increasing transaction speeds at the register.
“Bitcoin is a win for the customer, it’s a win for us as the merchant, and it’s a win for you in the Bitcoin community,” Edwards said during his remarks at the event.
Steak ’n Shake confirmed all Bitcoin payments received will be retained in their digital currency FORM instead of being converted to dollars, a policy that directly feeds the Strategic Bitcoin Reserve.
The firm reported an increase of about 10.7% in sales during the second quarter, followed by a 15% increase in the third quarter. Per Dan Edwards, its third-quarter performance exceeded that of competitors in the fast-food category, including McDonald’s, Burger King, Taco Bell, and Starbucks.
Twitter co-founder Jack Dorsey lauded the restaurant by sharing images in June showing he had spent $100 in Bitcoin for meals.
Steak ’n Shake has also woven Bitcoin into its menu and promotions through the Bitcoin Burger, a menu item featuring a bun stamped with the Bitcoin logo, alongside a Bitcoin Meal program, which takes funds from purchases to charitable and customer rewards.
Last October, Steak ’n Shake said it WOULD donate 210 satoshis from every Bitcoin Meal sold to Open Sats Initiative, Inc. over the next 12 months. However, the company has yet to provide an estimated total donation amount.
Those who purchase and register a Bitcoin Steakburger or Bitcoin Meal can receive $5 in Bitcoin through the Fold app. The process requires customers to upload their receipt to a dedicated website, receive a redemption code, and activate an account within the Fold app to claim the reward.
In November last year, the fast food chain took its operations into El Salvador after participating in the country’s Bitcoin Histórico event. El Salvador was the first country to adopt Bitcoin as legal tender, a decision that executives purportedly resonated with.
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