Steak 'n Shake executive Michael Boes told attendees at the Bitcoin 2026 conference this week that processing Bitcoin transactions costs the chain roughly half as much as traditional credit card payments. Boes said the fast-food chain would save about $6 million a year if every credit-card customer made the switch. The claim comes more than a year after Steak 'n Shake started accepting Bitcoin at U.S. locations in May 2025, and follows a July 2025 report that domestic same-store sales had jumped about 16%.
The cost breakdown
Boes said Bitcoin transactions cost roughly 50% less to process than card transactions. The chain uses a third-party payment provider and doesn't add any fee for Bitcoin payments — customers pay menu prices in USD and may still face wallet or network costs on their end. Boes didn't disclose how many customers have actually paid with Bitcoin, or what the exact dollar amount of fee savings has been so far. The company has not released any public data on Bitcoin payment volumes or order sizes.
Sales and customer growth
Boes also said the total customer count at Steak 'n Shake increased by roughly 2 million year over year after the Bitcoin rollout. That's a big number, but it's tough to pin the growth entirely on the crypto pivot. Parent company Biglari Holdings reported 10% domestic same-store sales growth in the first quarter of 2025 — before Bitcoin was even accepted — and a 10.2% annual same-store sales gain in its 2025 shareholder letter. In that letter, management credited product quality, a POS and kiosk overhaul, productivity gains, and an owner-operator model, not Bitcoin.
The fine print
Steak 'n Shake's first-quarter 2025 restaurant marketing expense rose 67.9% year over year to $5.427 million, and the company switched to 100% beef tallow, pushing food costs to 31.4% of net sales from 30.0%. As of March 31, 2025, the chain had 128 company-operated stores (down from 146), 182 franchise-partner units (up from 172), and 96 traditional franchise units (down from 104). Promotions in July 2025 included a $17.76 Liberty Meal deal, free Tesla Tallow Tots, and free fries with no purchase on July 10. The chain also added Bitcoin to a strategic reserve at some point after the May 2025 rollout, but hasn't disclosed how much it holds.
Boes didn't say whether Steak 'n Shake plans to expand Bitcoin acceptance to franchise locations or whether the chain will start reporting Bitcoin payment metrics. For now, the biggest open question is how many customers actually choose Bitcoin at the register — and whether the 50% cost savings are enough to nudge the broader fast-food industry toward crypto payments.
