Steak 'n Shake Lightning Network payments achieve great success, increase holdings by $10 million in BTC

Steak 'n Shake recently announced a $10 million increase in its corporate Bitcoin reserves, equivalent to approximately 105 Bitcoins.

The company attributes this decision to the “self-reinforcing cycle” brought about by its lightning network payment system launched eight months ago — customers paying with Bitcoin have driven sales growth, and the resulting revenue continues to flow back into the company’s Bitcoin treasury.

01 Business Practice: From Hamburgers to Strategic Bitcoin Transformation

Steak 'n Shake’s Bitcoin journey began eight months ago. In May 2025, this fast-food chain started accepting Bitcoin payments at all its U.S. locations, fully embracing Lightning Network technology.

As a Bitcoin layer-two scaling solution, Lightning Network’s fast transaction speeds and low costs make it highly suitable for small, high-frequency retail scenarios like fast food.

The direct effect of this transformation has been a significant reduction in payment processing costs. According to COO Dan Edwards, when customers choose to pay with Bitcoin instead of traditional credit cards, the company saves about 50% on processing fees.

More notably, there has been a positive impact on sales. Steak 'n Shake stated on social media that since accepting Bitcoin payments, “our same-store sales have increased significantly.” Data from Q2 2025 shows a year-over-year increase of over 10% in same-store sales.

02 Reserve Strategy: Building a Self-Reinforcing Business Model

The $10 million Bitcoin capital increase is the most direct Bitcoin asset-liability allocation the brand has undertaken so far.

Steak 'n Shake calls this model “Strategic Bitcoin Reserves” and considers it a core part of its financial strategy. According to the company, this is a carefully designed business closed-loop.

All income generated through Bitcoin payments flows directly into this reserve pool. Subsequently, these funds are used for restaurant upgrades, ingredient improvements, and store renovations — all without raising menu prices.

This strategy cleverly links consumer behavior, operational improvements, and financial growth. Customers indirectly participate in the company’s capital accumulation by choosing Bitcoin payments; meanwhile, the company uses these funds to enhance products and services, further attracting customers and creating a virtuous cycle.

03 Market Trends: Corporate Bitcoin Reserves Becoming the New Norm

Steak 'n Shake’s move is a typical example of the wave of corporate Bitcoin adoption. Data from BitcoinTreasuries shows that the total amount of Bitcoin held by various entities—including publicly listed companies, private enterprises, governments, and exchange-traded funds—has exceeded 4 million coins.

This trend traces back to Michael Saylor’s leadership of Strategy (formerly MicroStrategy), which in 2020 transformed the once obscure NASDAQ-listed software company into a Bitcoin giant.

Today, this model has spread across companies of different sizes. The core logic is: in an environment where cash purchasing power may decline due to inflation, Bitcoin is viewed as a potential store of value, promising better preservation of corporate assets on the balance sheet.

It is worth noting that while Steak 'n Shake’s $10 million investment is relatively small compared to Strategy’s holdings of over 650,000 Bitcoins (worth over $65 billion), it represents a more innovative business model.

04 Payment Vision: Bitcoin as a Daily Transaction Medium

Steak 'n Shake’s practice has reignited discussions about whether Bitcoin can become a medium of daily transactions. Bitcoin was originally created to eliminate intermediaries like banks in online payments.

However, since the Bitcoin network launched in 2009, relatively few retailers have actually accepted this digital currency. Companies like Steak 'n Shake — though few in number — are pushing for more Bitcoin use in transactions, not just as a store of value investment.

Block CEO Jack Dorsey has repeatedly stated that for Bitcoin to succeed, it must be used like cash. Steak 'n Shake’s attempt is a practical embodiment of this philosophy.

The company also enhances its Bitcoin-friendly image through marketing campaigns, such as launching a Bitcoin-themed burger last October and pledging to allocate part of the proceeds from its “Bitcoin Meal” to support open-source Bitcoin development.

05 Risks and Outlook: The Future of Corporate Crypto Asset Reserves

The model of corporate holding of cryptocurrencies as reserves is not without controversy. Critics argue that if Bitcoin prices fall sharply, this model could become unsustainable.

Industry executives have mixed views on the long-term prospects of this model. Some believe that, as market competition intensifies, many Bitcoin reserve companies may disappear along with other crypto reserve firms.

Companies focusing on altcoins might be the first to exit, while those capable of providing additional value and stable returns are more likely to succeed.

Meanwhile, some companies are exploring broader cryptocurrency options. Last year, Steak 'n Shake conducted a poll on social platforms asking its 468,800 followers whether to expand its crypto payment options to include Ethereum.

Out of nearly 49,000 votes, 53% supported the idea. However, just four hours later, the company paused the poll and announced, “Voting paused. We stand with Bitcoin supporters. You have spoken.”

Future Outlook

As of January 19, 2026, Steak 'n Shake’s strategic Bitcoin reserves have reached the tens of millions of dollars.

Investors seeking the latest Bitcoin updates can track real-time prices and market depth on mainstream platforms like Gate. Bitcoin prices on Gate currently show stable trading volume, reflecting that institutional adoption is injecting new vitality into the market.

The success formula of this fast-food chain is not complicated: accepting Bitcoin payments reduces costs, Bitcoin-themed marketing attracts young customers, and reinvesting Bitcoin income creates a unique competitive advantage loop.

This model is attracting increasing attention from traditional enterprises regarding Bitcoin’s dual potential in payments and on-balance-sheet assets.