Steak 'n Shake Reports Significant Sales Growth Following Bitcoin Adoption
According to Cointelegraph, U.S. fast-food chain Steak 'n Shake has experienced a notable increase in same-store sales, reporting a 10.7% rise in the second quarter compared to the previous quarter. This growth surpasses the performance of America's leading food chains during the same period. The company attributes this success to its recent decision to accept Bitcoin (BTC) as a form of payment, a move that has been embraced by Bitcoin enthusiasts.
Steak 'n Shake began accepting Bitcoin payments on May 16, expanding this option to all its locations where legally permitted, including in the United States, France, Monaco, and Spain. This strategic shift aims to make cryptocurrency payments accessible to over 100 million customers. The fast-food chain's chief operating officer, Dan Edwards, highlighted the immediate benefits of adopting Bitcoin, noting a 50% reduction in processing fees. Edwards emphasized that Bitcoin offers advantages for customers, merchants, and the Bitcoin community alike, as discussed at the Bitcoin 2025 conference.
The adoption of Bitcoin comes at a time when Steak 'n Shake has seen a decline in the number of its stores in the U.S., from a peak of 628 in 2018 to 397 as of May 28, 2025, according to ScrapeHero data. Despite this reduction, the chain's decision to embrace cryptocurrency payments has proven to be a positive step, contributing to its impressive sales growth. Florida remains the state with the highest number of Steak 'n Shake locations, hosting 79 stores, which accounts for approximately 20% of the chain's U.S. presence.
Steak 'n Shake's performance contrasts with other major fast-food chains, as highlighted by Restaurant Business Magazine's editor-in-chief Jonathan Maze. In a recent post, Maze shared that competitors like McDonald's, Domino's, and Taco Bell reported same-store sales growth ranging from -7.1% to 6.1%. This comparison underscores Steak 'n Shake's achievement in leveraging Bitcoin payments to enhance its business outcomes. The company's success story suggests that merchant Bitcoin payments remain viable in the U.S., where Bitcoin is predominantly viewed as an investment rather than a transactional currency, unlike in less developed countries.
