Steak ’n Shake Reaps Benefits From Bitcoin, but Real BTC Adoption Remains Debated
Steak ’n Shake Claims Bitcoin Boosted Sales, but Evidence of BTC Adoption Remains Limited
Steak ’n Shake claims its U.S. same-store sales increased by around 16% in July, attributing part of the growth to Bitcoin. However, the company has yet to disclose how many customers actually used Bitcoin (BTC) as a payment method.
In a July 10 post, Steak ’n Shake said the sales increase followed roughly 16% growth during the same period a year earlier. The company also stated that Bitcoin payments reduce transaction costs compared with credit cards, allowing those savings to be reinvested in higher-quality ingredients.
Despite the claim, Steak ’n Shake has not released key metrics such as the number of Bitcoin transactions, the total value of BTC payments, or the percentage of orders paid with Bitcoin. Without those figures, it is difficult to determine whether the sales growth was driven by Bitcoin adoption or by other factors, including promotions, pricing changes, menu updates, and marketing campaigns.
The company has even argued that anyone who doubts Bitcoin’s potential is making a major mistake. However, that assertion is not yet backed by data showing meaningful customer adoption of Bitcoin payments.
Steak ’n Shake began accepting Bitcoin at all U.S. locations in May 2025 and has since added the BTC it receives to its strategic reserve.
Speaking at the Bitcoin 2026 conference, Steak ’n Shake executive Michael Boes said Bitcoin transactions cost roughly 50% less to process than traditional card payments. He estimated the company could save approximately US$6 million annually if every credit card customer switched to Bitcoin.
Boes also said the company gained around 2 million additional customers after introducing Bitcoin payments. However, he did not disclose how many of those customers actually paid with BTC.
Menu prices remain denominated in U.S. dollars, while Bitcoin payments are processed through a third-party payment provider at no additional charge from the restaurant. Customers, however, may still incur blockchain network, wallet, exchange, or currency conversion fees.
Sales Were Already Improving Before Bitcoin Promotion
Financial results from Steak ’n Shake’s parent company, Biglari Holdings, indicate that sales were already recovering before the latest Bitcoin-related claims.
During the first quarter of 2026, same-store sales increased by around 10%, while franchise-partner restaurants recorded approximately 13% growth. This suggests the company’s recovery was already underway before Bitcoin became a prominent part of its marketing strategy.
At the same time, marketing expenses rose nearly 68% year over year, while food costs increased after the chain switched to using 100% beef tallow.
The company also reshaped its restaurant network by reducing company-operated stores and expanding franchise-partner locations. In its 2025 shareholder letter, Biglari Holdings attributed sales growth to improved product quality, upgraded point-of-sale systems and kiosks, higher productivity, and its owner-operator business model. Bitcoin was not cited as a primary growth driver.
Throughout July, Steak ’n Shake also launched several promotions, including Liberty Meals priced at US$17.76, free Tesla Tallow Tots, and a free fries promotion on July 10. These campaigns may also have contributed to higher sales, making Bitcoin’s direct impact difficult to isolate.
More Data Is Needed to Measure Bitcoin Adoption
Some users on r/Bitcoin said Bitcoin acceptance encouraged them to visit Steak ’n Shake for the first time. Meanwhile, other commenters argued that lower prices, new menu offerings, and broader economic conditions could also explain the company’s stronger performance.
If Steak ’n Shake wants its Bitcoin strategy to serve as a model for other businesses, it will need to provide more detailed disclosures, including the number of BTC transactions, the total value of Bitcoin sales, and actual payment-processing cost savings.
For now, the available evidence suggests that Bitcoin payments may reduce transaction costs. However, there is still no clear evidence that Bitcoin adoption among customers has been significant enough to become the primary driver of Steak ’n Shake’s recent sales growth.
