Steak ‘n Shake reports 13.8% same-store sales growth as it adopts Bitcoin and premium ingredients
Steak ‘n Shake, a burger chain founded in 1934, reported a 13.8% increase in same-store sales for domestic company-operated and franchise-partner restaurants during the second quarter of 2026. The growth was driven by a strategic shift toward premium ingredients, such as grass-fed beef and beef tallow, and the adoption of Bitcoin as a primary payment method. The chain, owned by Biglari Holdings, has transitioned into a "Bitcoin company," utilizing the Lightning Network to settle small transactions quickly and cheaply. Unlike traditional royalty-based systems like McDonald’s, Steak ‘n Shake utilizes a unique contract structure where the franchisor absorbs half of every extra dollar spent on quality upgrades. This allows the chain to implement a high-quality menu—including cane-sugar Coke and Wisconsin butter—without requiring franchisees to bear the entire cost. While the chain has shrunk to 404 restaurants, the move toward a "Make America Healthy Again" (MAHA) menu has successfully increased pre-tax earnings. The company continues to expand its Bitcoin exposure, even offering bitcoin bonuses to hourly employees at company-operated locations.