Steak ‘n Shake Reports 10.7% Sales Growth, Potentially Driven by Bitcoin Adoption as Payment Method

• Bitcoin adoption has led to significant cost savings for Steak ‘n Shake, reducing processing fees by 50%.

• Steak ‘n Shake’s sales growth outpaces major competitors like McDonald’s and Domino’s.

• The fast-food chain has expanded Bitcoin payments to over 100 million customers across multiple countries.

Steak ‘n Shake’s recent Bitcoin adoption has driven a 10.7% sales increase, showcasing the cryptocurrency’s potential in the fast-food industry.

What is the Impact of Bitcoin on Steak ‘n Shake’s Sales?

Steak ‘n Shake’s adoption of Bitcoin as a payment method has resulted in a remarkable 10.7% increase in same-store sales. This growth highlights the cryptocurrency’s potential to drive sales in the fast-food sector.

How Did Bitcoin Adoption Affect Processing Fees?

Following the implementation of Bitcoin payments, Steak ‘n Shake’s chief operating officer, Dan Edwards, reported a 50% reduction in processing fees. This significant savings benefits both the company and its customers.

Why Did Steak ‘n Shake Adopt Bitcoin?

Steak ‘n Shake’s decision to accept Bitcoin came after a decline in store numbers, with 230 locations closing since 2018. The chain aims to revitalize its brand and attract a tech-savvy customer base by embracing cryptocurrency.

What Are the Current Store Numbers for Steak ‘n Shake?

As of May 28, 2025, Steak ‘n Shake operates 397 stores in the US, down from a peak of 628 in 2018. Florida hosts the most locations, accounting for 20% of the total.

Frequently Asked Questions

What is the significance of Bitcoin for fast-food chains?

Bitcoin adoption can enhance customer engagement and reduce transaction costs, making it a valuable asset for fast-food chains.

Can Bitcoin payments attract younger customers?

Yes, accepting Bitcoin can appeal to younger demographics, particularly Gen Z, who are more inclined to use cryptocurrencies for transactions.

Key Takeaways

• Sales Growth: Steak ‘n Shake’s 10.7% sales increase highlights Bitcoin’s potential in the fast-food industry.
• Cost Savings: The chain saved 50% in processing fees by adopting Bitcoin.
• Market Position: Bitcoin adoption positions Steak ‘n Shake as a leader in cryptocurrency payments among fast-food chains.

Conclusion

Steak ‘n Shake’s strategic move to accept Bitcoin has resulted in significant sales growth and cost savings, demonstrating the cryptocurrency’s potential in the fast-food industry. As more chains consider similar strategies, Bitcoin may reshape the landscape of consumer payments.

Steak ‘n Shake attributed Bitcoin as a driver for its 10.7% quarter-on-quarter sales rise after adopting the cryptocurrency as a payment method in May.

US fast-food chain Steak ‘n Shake has tipped its hat to Bitcoiners after reporting a 10.7% quarter-on-quarter same-store sales increase in Q2 — outpacing America’s top food chains over the same timeframe.

“Bitcoin has been a game changer,” Steak ‘n Shake posted to X on Friday, thanking Bitcoiners for their contributions since May 16, when the fast food chain started accepting Bitcoin (BTC) as payment.

Source: Steak ‘n Shake

The solid growth suggests merchant Bitcoin payments may still be alive in the US, where Bitcoin is mostly treated as an investment unlike in less developed countries, where it is more frequently used in day-to-day transactions.

“Bitcoin continues to be ignored… but they won’t be able to ignore it forever.”

Steak ‘n Shake’s 10.7% sales growth outpaces rivals

Steak ‘n Shake’s same-store sales growth would put it at the highest among America’s top fast food chains in the quarter.

An X post from Restaurant Business Magazine’s editor-in-chief Jonathan Maze on Friday shows a range of US fast food chains including McDonald’s, Domino’s, and Taco Bell, reporting same-store sales growth ranging from -7.1% to 6.1%.

Source: Luke Dashjr

The fast food chain started accepting Bitcoin as payment on May 16 in all of its locations where permitted by law, including in France, Monaco and Spain, in addition to the US.

It said that this change will make cryptocurrency payments available to more than 100 million of its customers.

Steak ‘n Shake noticed an immediate impact in adopting Bitcoin

Around two weeks after the opening day, Steak ‘n Shake’s chief operating officer, Dan Edwards, noted that Bitcoin had saved the firm 50% in processing fees.

“This means that Bitcoin is a win for the customer, it’s a win for us as the merchant, and it’s a win for you in the Bitcoin community,” Edwards said at the Bitcoin 2025 conference in late May.

He noted that Steak n’ Shake accounted for 0.2% of all Bitcoin transactions on its opening day.

Bitcoin adoption came after nearly 230 of its stores closed

The number of Steak ‘n Shake stores in the US has fallen from its peak of 628 in 2018 to 397 as of May 28, 2025, ScrapeHero data states.

Florida is home to the most Steak ‘n Shake stores with 79, about 20% of all Steak ‘n Shake stores in the US.

Source: Steak ‘n Shake

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