Steak 'n Shake, the long-established American fast-food chain known for its steakburgers and milkshakes, announced that its franchise partners recorded a 19% increase in same-store sales for the current quarter. The company linked the strong performance to its decision to accept Bitcoin payments beginning in May 2025.

In a statement shared on its official social media account, the Indianapolis-based firm said it has delivered double-digit same-store sales growth in every quarter since introducing the cryptocurrency option. The latest quarter stood out as particularly strong for its franchise network.

Adoption of Lightning Network Payments

Steak 'n Shake began accepting Bitcoin on May 16, 2025, implementing the system across all 393 of its U.S. locations through the Lightning Network. This layer-2 protocol enables faster transactions and lower costs by processing payments off the main Bitcoin blockchain.

Company executives have stated that the shift reduced payment processing expenses by roughly half compared with traditional credit-card systems, which typically charge merchants between 2.5% and 3.5% per transaction. The savings stem from the efficiency of Lightning Network transfers.

Earlier in 2025 the chain also allocated $10 million to a strategic Bitcoin reserve, signaling a broader commitment to holding the asset on its balance sheet. Customer Bitcoin payments are directed into this reserve, integrating the payment system with treasury management.

Sales Performance Relative to Competitors

At the Bitcoin 2026 Conference, Michael Boes, Chief MAHA Officer at Steak 'n Shake, presented the company's results. He reported that same-store sales increased 11% quarter-over-quarter in the second quarter of 2025 and rose further to 15% in the third quarter of that year. These figures exceeded the growth rates posted by major competitors including McDonald’s, Taco Bell and Domino’s during the same periods.

Boes attributed part of the improvement to the cost advantages and speed of Bitcoin payments via the Lightning Network. Regulatory filings from parent company Biglari Holdings provide related but not identical metrics. Those documents show domestic same-store sales growth of approximately 10.7% in the second quarter of 2025, with franchise-partner units advancing around 14.8% in the third quarter of 2025. More recent filings recorded combined growth of 13.8% for the second quarter of 2026.

The 19% figure cited by Steak 'n Shake applies specifically to franchise-partner stores in the latest quarter and has not yet appeared in formal SEC filings. Parent-company reports have also pointed to improved food quality and clearer customer messaging as contributors to the overall recovery, without isolating the precise impact of Bitcoin transactions.

Strategic Choices and Broader Context

The company considered expanding acceptance to additional cryptocurrencies but reversed course after polling its social-media followers. The majority preferred that Bitcoin remain the sole digital payment option, and management followed that guidance.

Founded in 1934, Steak 'n Shake operates hundreds of restaurants across the United States. Its recent focus on Bitcoin forms part of a wider effort to modernize payment systems and control costs while building a digital-asset reserve that also supports employee incentives.

While the chain presents Bitcoin adoption as a meaningful driver of its improved results, the exact contribution remains difficult to quantify from available public data. Sales growth has been consistent, fee savings are measurable, and the reserve strategy continues, yet other operational changes have occurred in parallel.