Steak 'n Shake credits Bitcoin for 16% sales jump without usage data

Steak 'n Shake said US same-store sales rose about 16% in July, attributing part of the gain to Bitcoin adoption without disclosing how many customers paid with the cryptocurrency.

"Anyone who doubts the power of Bitcoin is making a BIG mistake," the company posted on X. Michael Boes, an executive at Steak 'n Shake, said at the Bitcoin 2026 conference that Bitcoin transactions cost the chain roughly 50% less to process than credit cards.

The company began accepting Bitcoin at US locations in May 2025 and later added the cryptocurrency to a strategic reserve. Boes said total customer count increased by about 2 million year-over-year after the rollout, and that the chain would save about $6 million annually if every credit-card customer switched to Bitcoin. The company also ran promotions including two Liberty Meals for $17.76 and free fries on July 10.

Without disclosing Bitcoin order count, share of transactions, or actual fee savings, the claim remains unverifiable — a gap that matters as Steak 'n Shake's parent Biglari Holdings reported 10% same-store sales growth in Q1 before the Bitcoin push, raising questions about how much of the July gain Bitcoin can explain.

Biglari Holdings' first-quarter filing showed 10% domestic same-store sales growth and about 13% growth at franchise-partner restaurants for the period ended March 31, establishing that the company's recovery was already underway. First-quarter marketing expense rose to $5.427 million from $3.232 million a year earlier, an increase of about 68%.

The restaurant base also shifted. On March 31, Steak 'n Shake had 128 company-operated units, down from 146 a year earlier. Franchise-partner units increased to 182 from 172, while traditional franchise units fell to 96 from 104. Biglari's 2025 shareholder letter credited product quality, a point-of-sale and kiosk overhaul, and the owner-operator model for 10.2% annual same-store sales growth — without mentioning Bitcoin.

The disclosure gap

The missing numbers are Bitcoin order count, share of total transactions, Bitcoin sales value, and actual aggregate fee savings. Without them, there is no way to separate Bitcoin's effect from the pull of the campaign itself, price changes, promotions, menu updates, or shifts in the restaurant mix. The company's Bitcoin payment terms show menu prices remain denominated in US dollars, checkout uses a third-party Bitcoin payment provider, and Steak 'n Shake adds no Bitcoin payment fee — though customers may still face wallet, network, conversion, or exchange-rate costs.

If Steak 'n Shake wants other Main Street merchants to treat its strategy as a growth model, the next disclosure needs to connect adoption to outcomes. Store and cohort comparisons would show whether locations with more Bitcoin activity performed differently. Repeat behavior would distinguish one-time curiosity from durable use.

For now, Steak 'n Shake has reported strong same-store sales growth and described a per-transaction cost advantage for Bitcoin. If Bitcoin transactions materially helped July growth, sharing those numbers would be the next logical step for the company, which is clearly bullish on Bitcoin. The question for the broader market is whether the PR value of associating with Bitcoin now outweighs the actual transactional utility — a dynamic that could influence how other retail chains approach crypto payments.

This article is for informational purposes only and does not constitute investment advice.