Bitcoin Boom: How Steak ‘n Shake Rode Crypto to an 11% Q2 Sales Surge

Fast-food chain Steak ‘n Shake just served up a sizzling earnings report—and they’re tipping their hat to Bitcoin. The 11% quarterly sales jump isn’t just luck; it’s a masterclass in crypto-powered commerce.

From Burgers to Blockchain

While legacy finance scrambles to understand digital assets, this diner chain flipped the script. Accepting Bitcoin didn’t just attract crypto-fluent customers—it turned their cash registers into a bull market.

The Numbers Don’t Lie

That double-digit surge? Straight from the earnings call. No hedging, no jargon—just cold, hard percentage points. Meanwhile, Wall Street analysts are still debating whether crypto is a ‘real asset.’

A Side of Skepticism

Sure, 11% beats inflation—but let’s see if the trend holds when the next crypto winter hits. For now? Pass the Bitcoin dip with those fries.

Outpacing industry rivals

According to Restaurant Business Magazine’s editor-in-chief, Jonathan Maze, Steak ‘n Shake’s sales growth led the U.S. fast food sector, with competitors such as McDonald’s and Domino’s showing much lower or even negative growth for the same period.

The company’s MOVE to accept Bitcoin has made digital payments available to more than 100 million customers globally.

Immediate business impact

Chief Operating Officer Dan Edwards shared at the Bitcoin 2025 conference that the switch to Bitcoin reduced payment processing fees by 50%.

Edwards emphasized the benefits for all parties:

“This means that 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.”

He also noted that Steak ‘n Shake accounted for 0.2% of all Bitcoin transactions on its opening day for Bitcoin payments.

Store closures and future outlook

Despite the recent positive sales momentum, the number of Steak ‘n Shake outlets in the U.S. has declined from a peak of 628 in 2018 to 397 as of May 2025, with Florida hosting the largest share.

The company’s experience suggests that merchant Bitcoin payments remain viable in the U.S., even as Bitcoin is primarily used as an investment asset domestically.

As Bitcoin adoption for payments grows, Steak ‘n Shake’s results may encourage other retailers to consider similar moves.