Steak ‘n Shake credits Bitcoin for company growth – But is PR value now worth more than people actually using BTC?
Steak ’n Shake reported about 16% U.S. same-store sales growth in July and linked part of the gains to Bitcoin, which it began accepting at U.S. locations in May 2025. The company says Bitcoin payments cost roughly 50% less to process than card payments and could save millions annually if widely used. But it has not disclosed how many orders were paid in Bitcoin, how much volume flowed through it, or how much was saved in fees. That makes it impossible to isolate Bitcoin’s impact from other factors like promotions, menu changes, price moves, marketing, store-mix shifts, and an already improving sales trend. Earlier filings showed strong same-store sales growth before the Bitcoin rollout, plus higher marketing spend and changes in the restaurant base. The evidence supports a possible merchant-cost advantage and brand lift from Bitcoin, but not proof that enough customers are actually using it to drive material sales growth.
