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.
- 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.
