Steak 'n Shake will begin paying all hourly employees at its directly operated restaurants in Bitcoin , at a rate of $0.21 Bitcoin per hour , effective March 1st. This Bitcoin will be unlocked after a two-year vesting period .
The 91-year-old burger chain announced the program through a partnership with Bitcoin rewards app Fold , marking another step in its year-long transformation to become what CEO Will Reeves calls “a true Bitcoin company, putting healthy money in the hands of American workers.”
According to Adam Simecka , founder of the Manna self-custodial wallet, a full-time minimum wage employee working 40 hours a week for 30 years could retire with over $3 million if Bitcoin only maintains an Medium growth rate of 20% per year . In this scenario, a worker could start working at age 16 and retire at age 46 without needing a pay raise or additional investments beyond their hourly Bitcoin bonus.
Bitcoin treasury strategy fuels double-digit revenue growth.
This hourly bonus follows Steak 'n Shake's announced $10 million Bitcoin purchase on January 18th, when the company bought approximately 105 BTC – its first direct allocation since accepting crypto payments in May 2025.
This chain also formalized the “Strategic Bitcoin Reserve” system, in which all Bitcoin paid by customers is deposited directly into the treasury instead of being converted to cash, creating a self-sustaining model that links store sales growth to long-term reserve accumulation.
The rollout of Lightning Network payments across all US stores in mid-May resulted in nearly a 50% reduction in transaction fees compared to credit cards, while also leading to approximately a 15% increase in same-store sales in the following months.
This move received public support from Jack Dorsey , who had enthusiastically championed the chain 's plans to adopt Bitcoin earlier this year.
The company recorded $69.3 million in revenue in the second quarter of 2025 , a 12% increase year-on-year , and management stated that Bitcoin users contributed to a 10.7% increase in same-store sales quarter-on-quarter . The momentum continued to strengthen in the third quarter with 15% growth , surpassing major competitors such as McDonald's , Burger King , Taco Bell , and Starbucks , marking one of the most impressive growth periods in the fast-food industry.
The community rewards program links Bitcoin to daily spending.
Through a partnership with Fold Holdings starting October 31st, Steak 'n Shake is giving customers $5 in Bitcoin when purchasing branded products such as the “Bitcoin Burger,” redeemable via the Fold app.
The company pledged to donate 210 satoshi for every “Bitcoin Meal” sold to OpenSats , to support Bitcoin Core and open-source development. The limited-time promotion, available at 400 stores in the US , brought Bitcoin ownership to consumers through everyday transactions like buying a burger.
“Bitcoin becomes mainstream when it appears in everyday life,” Reeves said. “For many people, this will be their first time owning Bitcoin – and it comes from something as simple as going out for a burger.”
This Treasury strategy links consumer incentives directly to crypto adoption, rather than speculative investment, thereby integrating Bitcoin into the daily lives of Americans.
Steak 'n Shake is owned by Biglari Holdings , led by Sardar Biglari ; however, the parent company has not disclosed whether Bitcoin will be more broadly adopted in its balance sheet strategy beyond the restaurant segment.
International expansion and a reaffirmation of the Bitcoin-only commitment.
This chain expanded into El Salvador in November after participating in the Bitcoin Histórico event in San Salvador, entering the first country to recognize Bitcoin as legal tender and demonstrating a deeper level of integration with the crypto-centric economy.
This symbolic move comes after months of positive financial results associated with the adoption of Bitcoin in the US, France, Monaco, and Spain.
However, in October, the company faced backlash when it conducted a poll on accepting Ether payments, with 53% of nearly 49,000 respondents supporting the expansion. Just four hours later, Steak 'n Shake canceled the survey and declared its loyalty to Bitcoin.
“The survey has been stopped. We stand with the Bitcoin community. You have spoken up,” the company posted, reaffirming its commitment to accepting only Bitcoin . This swift reversal comes after several prominent Bitcoin supporters, including Simecka, declared they would never eat at a restaurant that accepted Ether.
The announcement comes as Bitcoin dropped 4% to around $88,000 on Wednesday, as a wave of leveraged Dump swept through the crypto market. Data from CoinGlass shows 181,570 traders were liquidated in 24 hours, with a total liquidation value of $1.07 billion .
Long positions were liquidated by $998.33 million compared to $71.39 million in short positions, with Bitcoin and Ether accounting for the majority of forced selling pressure at $440.19 million and $392.38 million respectively, as trade tensions and tariff threats fueled concerns about a broader economic conflict, putting pressure on global risk assets.
