Bitcoin Adoption Boosts Sales by 19%! Iconic U.S. Restaurant "Steak 'n Shake" Achieves Double-Digit Growth

The Power of Bitcoin Proven by an Iconic Hamburger Chain

Founded in 1934 and operating approximately 400 locations across the United States, the iconic hamburger chain Steak 'n Shake has achieved continuous double-digit growth in existing store sales since fully implementing Bitcoin (Bitcoin/BTC) payments in May 2025.

Since starting to accept Bitcoin payments in May 2025, existing store sales have reached double-digit growth! This quarter has been particularly strong, with existing store sales for franchise partners increasing by 19%. On September 8, 2026, the company announced via its official X account that existing store sales at franchise locations had increased by 19% compared to the same period last year. The company's call to customers to "try the Bitcoin Burger and Bitcoin Shake" clearly positions Bitcoin as a catalyst for growth that surpasses competing major fast-food chains.

Factors Supporting the Surge: Halving Payment Costs and the Lightning Network

Behind this remarkable performance improvement is a dramatic cost reduction effect due to the renewal of payment infrastructure.

By utilizing Bitcoin's Lightning Network, the company has successfully reduced processing fees incurred from traditional credit card payments by about 50%.

Typical credit card payment processors charge stores around 2.5% to 3.5% per transaction, but using the Lightning Network allows for lower-cost and faster processing. Michael Boes, the company's Chief MAHA Officer, stated, "Bitcoin is 'real money' created from real energy," emphasizing that this payment system is a powerful alternative to traditional electronic payments.

Strategic Reserves and Employee Returns: Beyond Just a Payment Method

What is particularly noteworthy about Steak 'n Shake's efforts is that it goes beyond merely adding a payment method.

The company has built a circular business model that incorporates Bitcoin paid by customers directly into its Strategic Bitcoin Reserves (SBR) instead of immediately converting it to fiat currency.

In January 2026, it was revealed that the company had additionally purchased Bitcoin worth $10 million (approximately 1.54 billion yen) as part of this reserve. Furthermore, the accumulated Bitcoin is also used for bonuses for hourly employees. The method of linking payment at the store, corporate financial management, and employee motivation through Bitcoin can be seen as an advanced test case for integrating cryptocurrency throughout the business.

The Numbers Behind the Scenes: True Factors Behind Performance Recovery and Parent Company Perspective

On the other hand, it may be premature to conclude that this dramatic sales increase is solely due to Bitcoin.

According to a report submitted by the parent company, Biglari Holdings, solid sales growth of around 10% to 15% has been confirmed at both company-owned and franchise locations.

However, the official report also cites factors for growth beyond just the Bitcoin effect, including "improved food quality" and "effective communication activities that resonate with customers." In other words, the introduction of Bitcoin can be viewed as a natural part of a broader recovery process that plays an important role in building an advanced and favorable brand image and attracting new customer segments.

Future Outlook: Will It Become a Touchstone for Cryptocurrency Payment Models?

Looking at the overall market for cryptocurrency payments, the use of stablecoins like USDC, which have less price volatility, is expanding among general consumers. Some surveys indicate that the share of USDC in cryptocurrency payments (22.1%) slightly surpasses that of Bitcoin (21.0%).

Amid such trends, Steak 'n Shake's strategy of focusing specifically on Bitcoin and integrating it from payment infrastructure to corporate balance sheets and employee compensation is extremely unique. The practical "Bitcoin Circular Model" envisioned by this iconic restaurant is likely to serve as a very interesting indicator for retailers in other industries looking to adopt cryptocurrency in the future.

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