Crypto Journalist
Anas Hassan
Crypto Journalist
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Steak ‘n Shake will begin paying all hourly employees at company-operated restaurants a Bitcoin bonus of $0.21 for every hour worked starting March 1, with funds accessible after a two-year vesting period.
The 91-year-old burger chain announced the program through a partnership with Bitcoin rewards app Fold, marking another step in its year-long transformation into what CEO Will Reeves called “a real bitcoin company, putting sound money into the hands of working Americans.“
A full-time minimum wage employee working 40 hours weekly for 30 years could retire with over $3 million if Bitcoin maintains just a 20% annual growth rate, according to Adam Simecka, founder of self-custody wallet Manna.
Under that scenario, workers could start at 16 and retire at 46 without receiving raises or making additional investments beyond the hourly Bitcoin bonus.
Bitcoin Treasury Strategy Drives Double-Digit Sales Growth
The hourly bonus builds on Steak ‘n Shake’s $10 million Bitcoin treasury purchase announced January 18, when the company acquired roughly 105 BTC as its first direct allocation since accepting crypto payments in May 2025.
The chain formalized a “Strategic Bitcoin Reserve” system that channels all customer Bitcoin payments directly into treasury holdings rather than converting them to cash, creating, as executives described, a self-sustaining model tying same-store sales increases to long-term reserve accumulation.
Lightning Network payments enabled across all US locations in mid-May brought transaction fee savings of nearly 50% compared with credit cards, alongside a roughly 15% increase in same-store sales in the months following the launch.
The rollout received public backing from Jack Dorsey, who had enthusiastically endorsed the chain’s Bitcoin adoption plans earlier in the year when the company first polled followers about accepting cryptocurrency.
The company reported $69.3 million in Q2 2025 revenue, a 12% year-over-year increase, with executives crediting Bitcoin users for helping drive a 10.7% quarter-over-quarter rise in same-store performance.
That momentum accelerated into Q3 with 15% growth in same-store sales, outpacing major competitors including McDonald’s, Burger King, Taco Bell, and Starbucks to mark one of the most impressive runs in the fast-food sector.
Through its partnership with Fold Holdings, launched October 31, Steak ‘n Shake offered customers $5 worth of Bitcoin when purchasing branded items, including the “Bitcoin Burger,” redeemable through the Fold app.
The company pledged to donate 210 satoshis for every “Bitcoin Meal” sold to OpenSats, supporting Bitcoin Core and open-source development, while the limited-time promotion across 400 US locations introduced Bitcoin ownership to everyday consumers through ordinary transactions like grabbing a burger.
“Bitcoin goes mainstream when it starts showing up in everyday life,” Reeves said. “For many people, this will be the first time they ever own Bitcoin – and it will come from something as ordinary as grabbing a burger.“
The treasury strategy tied consumer incentives directly to crypto adoption rather than speculative investment, embedding Bitcoin into the daily habits of American consumers.
Steak ‘n Shake is owned by Biglari Holdings, led by Sardar Biglari, though the parent company has not disclosed whether Bitcoin will play a role in its broader balance-sheet strategy beyond the restaurant operations.
International Expansion and Renewed Bitcoin-Only Commitment
The chain expanded into El Salvador in November after participating in the Bitcoin Histórico event in San Salvador, entering the first country to adopt Bitcoin as legal tender and signaling deeper engagement with the nation’s crypto-centered economy.
The symbolic move followed months of strong financial performance tied to Bitcoin adoption across existing markets in the US, France, Monaco, and Spain.
However, the company briefly faced backlash in October after polling followers about accepting Ether payments, with 53% of nearly 49,000 votes favoring the expansion.
Just four hours later, Steak ‘n Shake abruptly suspended the poll and declared loyalty to Bitcoiners.
“Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” the company posted, reaffirming its commitment to Bitcoin-only payments.
The quick reversal came after prominent Bitcoin advocates, including Simecka, vowed never to dine at the restaurant again if it accepted Ether.
The announcement comes as Bitcoin slid 4% to about $88,000 on Wednesday amid a sharp leverage unwind that ripped through crypto markets, with liquidation data from CoinGlass showing 181,570 traders wiped out over 24 hours and total liquidations reaching $1.07 billion.
Long positions absorbed $998.33 million in liquidations versus $71.39 million in shorts, while Bitcoin and Ether accounted for the bulk of forced selling at $440.19 million and $392.38 million, respectively, as trade tensions and tariff threats revived fears of a wider economic conflict pressuring risk assets globally.
