Bitcoin-loving burger joint Steak ‘n Shake adds $10m to crypto treasury

Another day, another crypto treasury buy.

Popular US burger restaurant franchise Steak ‘n Shake said on Friday that it had added $10 million in Bitcoin to its strategic reserve.

“We have created a self-sustaining system — growing same-store sales that grow the [strategic Bitcoin reserve],” the Indianapolis, Indiana-based company wrote on X.

“Improving food quality expands Steak n Shake’s reach and leverages Bitcoin into a new and delicious dimension.”

The move comes after the firm last year started accepting Bitcoin payments, claiming that any crypto it received for payments would be added to its balance sheet.

Friday’s statement is the first time the company has announced a Bitcoin buy following its 2025 crypto pivot.

Lightning fast

Steak ‘n Shake first started accepting Bitcoin payments in May 2025. The chain said it was using the Lightning Network — a second network built on top of Bitcoin designed to speed up transactions and cut costs — to receive digital payments.

“Eight months ago today, Steak ‘n Shake launched its burger-to-Bitcoin transformation when we started accepting Bitcoin payments,” the company said, adding that its same-store sales have “risen dramatically ever since.”

Steak ‘n Shake did not say how much Bitcoin it had received since 2025 in Bitcoin from customers and did not immediately respond to DL News’ questions.

DAT boom

2025 was the year digital asset treasuries — or DATs — became mainstream. There are currently 263 companies, public and private, holding Bitcoin, according to data from BitcoinTreasuries.net.

The model is the brainchild of Strategy (formerly MicroStrategy) co-founder Michael Saylor, who transformed his sleepy Nasdaq-listed software company into a Bitcoin juggernaut in 2020.

The idea is that companies buy Bitcoin — or other cryptocurrencies — to get shareholders better value for money as cash depreciates but digital assets go up in value.

Private companies like Steak ‘n Shake hold the cryptocurrency in the hope it’ll appreciate over cash.

But the idea has been criticised by those who claim the model is unsustainable if Bitcoin’s price falls.

Bitcoin as everyday money?

Bitcoin was created to cut middlemen like banks out of Internet payments. But since the crypto network went live in 2009, it’s still difficult to actually find retailers that accept the digital coin.

Companies like Steak ‘n Shake — as rare as they are — are pushing Bitcoin to be used for transactions rather than just as a store-of-value investment.

Twitter co-founder and Block CEO Jack Dorsey, whose payment products Square and Cash App are Bitcoin-friendly, has repeatedly said that in order for the leading cryptocurrency to succeed, it must be used like cash.