Fast-food chain Steak'n Shake acquires $10 million worth of BTC, a new way for traditional companies to engage with crypto assets

American fast-food chain Steak’n Shake is doing something rare for a traditional business: not only accepting Bitcoin payments but also treating it as an asset allocation option. After announcing the purchase of $10 million worth of Bitcoin this week, the 1934-founded fast-food giant officially added BTC to its balance sheet, marking a strategic shift from exploring crypto as a payment tool to considering it as a reserve asset.

From Payments to Assets: The Transformation Path of Traditional Companies

Eight months of payment experiments

Steak’n Shake’s crypto journey began in May 2025. At that time, the company accepted Bitcoin payments via the Lightning Network at all U.S. locations, with a very practical goal: reduce credit card processing fees and attract younger consumers. The results exceeded expectations. According to recent reports, same-store sales in Q2 2025 increased by over 10% year-over-year, and customers paying with Bitcoin saved approximately 50% on payment processing fees.

These figures are significant. They show that accepting BTC payments not only did not harm the business but actually boosted sales. This gave the company confidence to further advance its crypto strategy.

The logic of a self-reinforcing cycle

Behind the decision to purchase $10 million worth of Bitcoin (about 105 BTC) is a business logic the company calls a “self-reinforcing cycle”:

• Consumers pay with Bitcoin → sales increase → related revenue is added to the company’s Bitcoin reserves → used for raw material upgrades, store renovations, etc. → without raising menu prices → attracting more consumers

This closed loop is quite interesting. The company did not say “we believe BTC will appreciate,” but rather “we use BTC income to improve operations.” It’s a more pragmatic reason for asset allocation.

Market Significance: Small Scale but Clear Signal

Comparison with Large Tech Companies

$10 million is a modest amount. Large publicly traded companies like MicroStrategy already hold over a billion dollars in BTC. But Steak’n Shake’s case has a different significance:

Why is this case important

Steak’n Shake is neither a tech company nor a professional crypto investor. It’s a nearly century-old traditional fast-food chain. Such companies tend to be very conservative and adopt new technologies only at the end. If even they are officially allocating BTC assets, it indicates that enterprise-level Bitcoin accumulation is indeed expanding—not just among top tech giants, but across a broader industry spectrum.

This is a signal: Bitcoin is no longer just a “crypto asset” label but is gradually being recognized by traditional enterprises as a sustainable asset allocation option.

Thoughts on Replicability

Can this model be scaled?

Steak’n Shake’s approach relies on several prerequisites:

• Sufficient Bitcoin payment volume (reducing costs via Lightning Network)
• Stable operational cash flow
• A consumer base with enough BTC holders
• Management’s basic understanding of crypto assets

Not all traditional companies meet these conditions. But this case shows that as long as the conditions are met, an established company can participate in the crypto economy in this way.

Future developments

This could inspire more traditional retail businesses. If accepting BTC payments can boost sales and reduce costs through Lightning, other chain restaurants and retail brands might consider trying. However, scaling up will take time, as it depends on consumer BTC holdings reaching a certain level.

Summary

Steak’n Shake’s move from accepting Bitcoin payments to officially holding BTC as an asset marks an upgrade from experimentation to strategy. The $10 million purchase, while small compared to tech giants, signifies that traditional companies are actively validating Bitcoin’s viability as a corporate asset. This is not speculation but a rational decision based on eight months of operational data.

This case shows that enterprise-level Bitcoin adoption can take many forms. It doesn’t have to be a tech company or purely financial investment; traditional retail businesses can find their own ways to participate. As more such cases emerge, Bitcoin’s role in corporate asset allocation is likely to further strengthen.