Catenaa, Thursday, January 22, 2026- Steak ‘n Shake, the 91-year-old burger chain, has purchased $10 million worth of bitcoin, roughly 105 BTC, for its corporate treasury, eight months after rolling out Lightning Network payments at all US locations according to a report.
The company routes all bitcoin received from customers into its Strategic Bitcoin Reserve rather than converting it to cash.
The reserve was formalized on October 31, 2025, alongside a partnership with bitcoin rewards firm Fold Holdings, which offered $5 in bitcoin for certain menu purchases.
Since adopting Lightning Network payments in May 2025, the chain reported nearly 50% savings on transaction fees compared with credit cards.
Same-store sales increased about 15% in the months following the rollout. The move was endorsed by Block co-founder Jack Dorsey at the time.
Steak ‘n Shake is owned by Biglari Holdings, the San Antonio-based parent company led by Sardar Biglari. The firm has not indicated whether bitcoin will play a larger role in its corporate strategy.
Unlike balance-sheet-driven purchases by companies like MicroStrategy, Steak ‘n Shake’s bitcoin allocation is modest but marks its first publicly disclosed treasury investment in the cryptocurrency.
More than 200 companies now hold bitcoin on their balance sheets, according to Bitcoin Treasuries data, positioning Steak ‘n Shake among smaller but notable corporate adopters leveraging digital assets to enhance customer engagement and reduce transaction costs.
