Stake and Shake Adds Bitcoin to Corporate Treasury
What happened
The fast-casual restaurant chain Stake and Shake has begun accepting Bitcoin for payments and has also added $10 million in BTC to its corporate treasury. The move illustrates a growing trend of mainstream businesses integrating digital assets into their financial operations. The decision follows similar treasury allocations by other public and private companies.
Why it matters
- The strategy of adding Bitcoin to a corporate treasury was pioneered by business intelligence firm MicroStrategy (now Strategy Inc.) in August 2020 under its then-CEO Michael Saylor. The company has since become the largest corporate holder of Bitcoin, viewing the asset as a primary treasury reserve superior to cash. - As of summer 2025, approximately 200 public and private companies held Bitcoin on their balance sheets. The total amount of Bitcoin held by corporations surpassed three million BTC in May 2025. - Steak 'n Shake's approach involves directing all Bitcoin payments into a "Strategic Bitcoin Reserve" rather than converting the cryptocurrency to cash at the point of sale. This reserve has grown to approximately 161 BTC. - Following the adoption of Bitcoin payments in May 2025, the company reported significant same-store sales growth, outpacing competitors like McDonald's and Taco Bell in the second and third quarters of 2025. - In January 2026, the company also introduced a Bitcoin bonus program for its hourly employees, paying them a bonus in Bitcoin for every hour worked, subject to a two-year vesting period. - While other restaurant chains like Starbucks and Burger King accept cryptocurrency, many, like Starbucks, use third-party apps that immediately convert the digital currency to fiat, meaning the company itself does not hold the crypto asset. - According to reports, the average purchase price for Steak 'n Shake's Bitcoin holdings is just under $92,851 per coin, placing the value of its current reserve below its cost basis. - Steak 'n Shake's parent company, Biglari Holdings, filed to sell 11.5 million shares in January 2026 to create a "strategic reserve" to support its business and investment activities, following a period where its stock price doubled in a year.
Key numbers
- The fast-casual restaurant chain Stake and Shake has begun accepting Bitcoin for payments and has also added $10 million in BTC to its corporate treasury.
- - The strategy of adding Bitcoin to a corporate treasury was pioneered by business intelligence firm MicroStrategy (now Strategy Inc.) in August 2020 under its then-CEO Michael Saylor.
- As of summer 2025, approximately 200 public and private companies held Bitcoin on their balance sheets.
- The total amount of Bitcoin held by corporations surpassed three million BTC in May 2025.
What happens next
- The total amount of Bitcoin held by corporations surpassed three million BTC in May 2025.
- Following the adoption of Bitcoin payments in May 2025, the company reported significant same-store sales growth, outpacing competitors like McDonald's and Taco Bell in the second and third quarters of 2025.
Quick answers
What happened in Stake and Shake Adds Bitcoin to Corporate Treasury?
The fast-casual restaurant chain Stake and Shake has begun accepting Bitcoin for payments and has also added $10 million in BTC to its corporate treasury. The move illustrates a growing trend of mainstream businesses integrating digital assets into their financial operations. The decision follows similar treasury allocations by other public and private companies.
Why does Stake and Shake Adds Bitcoin to Corporate Treasury matter?
The strategy of adding Bitcoin to a corporate treasury was pioneered by business intelligence firm MicroStrategy (now Strategy Inc.) in August 2020 under its then-CEO Michael Saylor. The company has since become the largest corporate holder of Bitcoin, viewing the asset as a primary treasury reserve superior to cash. As of summer 2025, approximately 200 public and private companies held Bitcoin on their balance sheets. The total amount of Bitcoin held by corporations surpassed three million BTC in May 2025. Steak 'n Shake's approach involves directing all Bitcoin payments into a "Strategic Bitcoin Reserve" rather than converting the cryptocurrency to cash at the point of sale. This reserve has grown to approximately 161 BTC. Following the adoption of Bitcoin payments in May 2025, the company reported significant same-store sales growth, outpacing competitors like McDonald's and Taco Bell in the second and third quarters of 2025. In January 2026, the company also introduced a Bitcoin bonus program for its hourly employees, paying them a bonus in Bitcoin for every hour worked, subject to a two-year vesting period. While other restaurant chains like Starbucks and Burger King accept cryptocurrency, many, like Starbucks, use third-party apps that immediately convert the digital currency to fiat, meaning the company itself does not hold the crypto asset. According to reports, the average purchase price for Steak 'n Shake's Bitcoin holdings is just under $92,851 per coin, placing the value of its current reserve below its cost basis. Steak 'n Shake's parent company, Biglari Holdings, filed to sell 11.5 million shares in January 2026 to create a "strategic reserve" to support its business and investment activities, following a period where its stock price doubled in a year.
