Steak ‘n Shake Slashes Payment Costs by 50% with Bitcoin, Saving $6M Annually

Steak ‘n Shake’s embrace of Bitcoin as a payment method has delivered dramatic financial and operational benefits, according to Chief MAHA Officer Michael Boes. Speaking at the Bitcoin 2026 Conference in Las Vegas, Boes revealed that Bitcoin has become a core driver of the chain’s business performance, fueling growth in customers, cost reductions, and a sweeping menu overhaul.

Bitcoin Payments Deliver Immediate Financial Gains

Steak ‘n Shake launched its Bitcoin payment platform on May 16, 2025, utilizing the Lightning Network. The results were swift and substantial:

• Same-store sales rose 11% quarter-over-quarter in Q2 2025 and accelerated to 15% in Q3 2025.
• These gains outpaced major competitors, including McDonald’s, Taco Bell, and Domino’s.
• Boes described the growth as the highest same-store sales increase in the restaurant industry.

"Fast food giant Steak 'n Shake announces 'when we use bitcoin, we save 50% on processing fees vs a traditional credit card user.' 'If every credit card user used bitcoin, we would save roughly $6 million annually. Which is huge'"

Cost Savings Fuel Menu and Operational Upgrades

Boes highlighted the financial advantages of Bitcoin payments, noting that traditional credit card processors charge merchants between 2.5% and 3.5% per transaction. By contrast, Bitcoin payments reduce processing fees by 50%.

“We’re moving forward with bitcoin – the future of money.”

If every credit card user switched to Bitcoin, Steak ‘n Shake would save approximately $6 million annually. Boes emphasized that these savings directly fund upgrades to the food and operations:

“Bitcoin is real money made with real energy. It’s a healthy currency that allows us to make a healthier product.”

Key Menu and Operational Changes

• June 1, 2025: Transition to 100% grass-fed and grass-finished beef across all locations.
• Removal of microwaves from kitchens to improve food quality.
• Switch from seed oils to beef tallow for frying french fries, aligning with the Make America Healthy Again movement.
• April 2026: Introduction of two Bitcoin-themed menu items—Bitcoin Milkshake and Bitcoin Steakburger—tied to Bitcoin’s fixed supply of 21 million coins.

Building a Closed-Loop Bitcoin Economy

Steak ‘n Shake has established a closed-loop Bitcoin economy as part of its payments strategy. All Bitcoin received from customers is deposited into the company’s strategic Bitcoin reserve, which has grown to $10 million.

This reserve funds a Bitcoin bonus program for hourly employees, offering $0.21 per hour worked, which launched on March 1, 2026. Boes also confirmed that he accepts Bitcoin as part of his executive compensation.

“I’m one of the first in the industry to accept bitcoin as a part of my executive compensation package. I hope that will pave a new way for models of compensation across the industry.”

Global Presence and Future Plans

Steak ‘n Shake operates hundreds of locations across the United States, France, Italy, Portugal, and Monaco. The company’s Bitcoin-driven strategy continues to evolve, with further innovations expected in payments, menu offerings, and employee benefits.