After opening up Lightning Network payments, Steak ’n Shake spends another $10 million to buy Bitcoin

The 91-year-old American chain burger brand Steak ‘n Shake announced that it has invested $10 million in Bitcoin as part of the company’s reserve assets. This investment is approximately equivalent to 105 Bitcoins and is the company’s first disclosed Bitcoin allocation since it began accepting cryptocurrency payments in May of last year. Steak ‘n Shake stated on social platform X that the company has established a “self-sufficient” operating model — strengthening Bitcoin reserves by increasing same-store sales. The company pointed out that all Bitcoin received from consumers is not converted into cash but is directly added to reserves as part of long-term asset allocation. In May of last year, Steak ‘n Shake began allowing payments via the Lightning Network at its nationwide locations. According to real-world testing, the Lightning Network saves nearly 50% on transaction fees compared to credit cards; within a few months of implementing the Lightning Network, same-store sales grew by approximately 15% against the trend. To make Bitcoin more accessible to the public, Steak ‘n Shake partnered with the rewards platform Fold to launch “Bitcoin Burgers” and “Bitcoin Sets.” Consumers who purchase designated meals can receive Bitcoin rewards worth $5, successfully integrating “crypto culture” into daily life. Steak ’n Shake is currently owned by Biglari Holdings, a holding company based in San Antonio, Texas, led by Chairman Sardar Biglari. However, the parent company has not yet disclosed whether it will include Bitcoin in the group’s capital allocation or long-term strategy.