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Steak n Shake Blames Bitcoin for 16% July Same-Store Sales Surge, but Lacks Usage Data
A 16% jump in same‑store sales for July has led Steak ’n Shake to credit its new Bitcoin payment option, but the chain has yet to reveal the data that would prove the crypto link.
On July 10, the restaurant chain announced that U.S. same‑store sales had risen roughly 16 % month‑to‑date, attributing the lift to the Bitcoin payment rail that was rolled out across all U.S. locations in May 2025. The company thanked both loyal patrons and “Bitcoiners,” noting that Bitcoin transactions save money compared with credit‑card processing and that the savings are being reinvested in healthier ingredients.
However, the 16 % figure is the only quantitative detail the chain has released. No information has been provided about how many orders were paid with Bitcoin, the dollar value of those orders, or the total fee savings realized. Without those numbers, it is impossible to separate the impact of Bitcoin from other July‑specific factors such as the promotion of Liberty Meals, free Tesla Tallow Tots, and a one‑day free‑fries offer that began on July 10.
At the Bitcoin 2026 conference, executive Michael Boes said that Bitcoin transactions cost the chain roughly 50 % less to process than traditional card transactions. He also estimated that the company could save about $6 million a year if every credit‑card customer switched to Bitcoin. Boes added that the chain’s total customer count had increased by roughly 2 million year over year after the Bitcoin rollout, but he did not identify those customers as Bitcoin payers or provide a method for attributing visits to the payment option.
The chain’s Bitcoin payment terms add useful detail. Menu prices remain denominated in U.S. dollars, checkout uses a third‑party Bitcoin payment provider, and Steak ’n Shake says it adds no Bitcoin payment fee. Customers may still face wallet, network, conversion, or exchange‑rate costs, but the company’s own data do not show how many orders use the rail or how much the lower transaction cost translates into real‑world savings.
Sales were already rising before the July claim. Biglari Holdings, the parent company, reported 10 % domestic same‑store sales growth and about 13 % growth at franchise‑partner restaurants in the first quarter of 2025. Marketing expense rose 67.9 % year over year, and company‑store food cost increased to 31.4 % of net sales, largely because the chain switched to 100 % beef tallow. The restaurant base also shifted: company‑operated units fell from 146 to 128, while franchise‑partner units rose from 172 to 182.
Biglari’s 2025 shareholder letter credited product quality, a new point‑of‑sale and kiosk overhaul, productivity improvements, and the owner‑operator model for the growth, but it made no mention of Bitcoin. The July promotion included two Liberty Meals for $17.76, free Tesla Tallow Tots, and a one‑day free‑fries offer. The company did not specify the data cutoff behind the July sales claim.
Online discussion forums provide anecdotal evidence that some customers were drawn to the chain because of its Bitcoin acceptance, but no systematic data exist. A comment on r/Bitcoin noted that Bitcoin acceptance prompted a first visit, while r/Buttcoin users cited affordability, menu appeal, and store closures as other factors.
For other merchants to treat Steak ’n Shake’s strategy as a growth model, the chain would need to disclose key metrics: Bitcoin order count and share, Bitcoin sales value, and actual aggregate fee savings. Store‑level comparisons would show whether locations with higher Bitcoin activity performed differently, and repeat‑visit data would distinguish one‑time curiosity from durable use. Promotion and discount data would help separate payment adoption from incentives.
In summary, Steak ’n Shake has reported strong same‑store sales growth and highlighted a per‑transaction cost advantage for Bitcoin, but it has not provided the data needed to confirm that Bitcoin payments materially contributed to the July surge. If the chain can share those numbers, it would clarify the true impact of its Bitcoin strategy.
On July 10, the restaurant chain announced that U.S. same‑store sales had risen roughly 16 % month‑to‑date, attributing the lift to the Bitcoin payment rail that was rolled out across all U.S. locations in May 2025. The company thanked both loyal patrons and “Bitcoiners,” noting that Bitcoin transactions save money compared with credit‑card processing and that the savings are being reinvested in healthier ingredients.
However, the 16 % figure is the only quantitative detail the chain has released. No information has been provided about how many orders were paid with Bitcoin, the dollar value of those orders, or the total fee savings realized. Without those numbers, it is impossible to separate the impact of Bitcoin from other July‑specific factors such as the promotion of Liberty Meals, free Tesla Tallow Tots, and a one‑day free‑fries offer that began on July 10.
At the Bitcoin 2026 conference, executive Michael Boes said that Bitcoin transactions cost the chain roughly 50 % less to process than traditional card transactions. He also estimated that the company could save about $6 million a year if every credit‑card customer switched to Bitcoin. Boes added that the chain’s total customer count had increased by roughly 2 million year over year after the Bitcoin rollout, but he did not identify those customers as Bitcoin payers or provide a method for attributing visits to the payment option.
The chain’s Bitcoin payment terms add useful detail. Menu prices remain denominated in U.S. dollars, checkout uses a third‑party Bitcoin payment provider, and Steak ’n Shake says it adds no Bitcoin payment fee. Customers may still face wallet, network, conversion, or exchange‑rate costs, but the company’s own data do not show how many orders use the rail or how much the lower transaction cost translates into real‑world savings.
Sales were already rising before the July claim. Biglari Holdings, the parent company, reported 10 % domestic same‑store sales growth and about 13 % growth at franchise‑partner restaurants in the first quarter of 2025. Marketing expense rose 67.9 % year over year, and company‑store food cost increased to 31.4 % of net sales, largely because the chain switched to 100 % beef tallow. The restaurant base also shifted: company‑operated units fell from 146 to 128, while franchise‑partner units rose from 172 to 182.
Biglari’s 2025 shareholder letter credited product quality, a new point‑of‑sale and kiosk overhaul, productivity improvements, and the owner‑operator model for the growth, but it made no mention of Bitcoin. The July promotion included two Liberty Meals for $17.76, free Tesla Tallow Tots, and a one‑day free‑fries offer. The company did not specify the data cutoff behind the July sales claim.
Online discussion forums provide anecdotal evidence that some customers were drawn to the chain because of its Bitcoin acceptance, but no systematic data exist. A comment on r/Bitcoin noted that Bitcoin acceptance prompted a first visit, while r/Buttcoin users cited affordability, menu appeal, and store closures as other factors.
For other merchants to treat Steak ’n Shake’s strategy as a growth model, the chain would need to disclose key metrics: Bitcoin order count and share, Bitcoin sales value, and actual aggregate fee savings. Store‑level comparisons would show whether locations with higher Bitcoin activity performed differently, and repeat‑visit data would distinguish one‑time curiosity from durable use. Promotion and discount data would help separate payment adoption from incentives.
In summary, Steak ’n Shake has reported strong same‑store sales growth and highlighted a per‑transaction cost advantage for Bitcoin, but it has not provided the data needed to confirm that Bitcoin payments materially contributed to the July surge. If the chain can share those numbers, it would clarify the true impact of its Bitcoin strategy.
