United States fast-food chain Steak ‘n Shake has reported a remarkable 10.7% quarter-on-quarter same-store sales increase in Q2, outperforming major competitors in the American fast-food industry. The chain publicly acknowledged the Bitcoin community for its role in the growth, following its decision to accept Bitcoin (BTC) payments starting May 16, 2025
In a post on X, Steak ‘n Shake stated, “Bitcoin has been a game changer,” expressing gratitude to Bitcoiners for their support. The move to accept BTC reflects a growing trend of cryptocurrency adoption in the U.S., where Bitcoin is primarily viewed as an investment rather than a medium for everyday transactions, unlike in some developing nations.
This means that Bitcoin is a win for the customer, it’s a win for us as the merchant, and it’s a win for you in the Bitcoin community
Dan Edwards, Steak ‘n Shake’s Chief Operating Officer
Higher tariffs often mean higher prices for consumers. Supply chains are disrupted, companies delay investments, and uncertainty reigns. While some sectors see short-term gains, others suffer long-term losses.
Outpacing Fast-Food Giants
Steak ‘n Shake’s 10.7% same-store sales growth stands out against other major U.S. fast-food chains. According to an X post by Restaurant Business Magazine editor-in-chief Jonathan Maze, competitors like McDonald’s, Domino’s, and Taco Bell reported same-store sales changes ranging from a 7.1% decline to a 6.1% increase during the same period. Steak ‘n Shake’s performance positions it as a leader in the sector for the quarter.
The chain began accepting Bitcoin on May 16 across its locations in the U.S., France, Monaco, and Spain, where legally permitted. This initiative opened cryptocurrency payments to over 100 million customers, significantly expanding the chain’s payment options.
Immediate Benefits of Bitcoin Adoption
Just two weeks after introducing Bitcoin payments, Steak ‘n Shake’s chief operating officer, Dan Edwards, highlighted the financial benefits at the Bitcoin 2025 conference in late May. He noted that Bitcoin transactions reduced processing fees by 50%, describing the move as a “win” for customers, the company, and the Bitcoin community. Edwards also revealed that on its first day of accepting BTC, Steak ‘n Shake accounted for 0.2% of all Bitcoin transactions globally.
A Turnaround Amid Store Closures
The adoption of Bitcoin comes as Steak ‘n Shake navigates a challenging period. According to ScrapeHero data, the chain’s U.S. store count has dropped from a high of 628 in 2018 to 397 as of May 28, 2025. Florida remains the chain’s largest market, hosting 79 locations, or roughly 20% of its U.S. stores. Despite these closures, the company’s embrace of Bitcoin appears to be paying off, signaling that merchant adoption of cryptocurrency payments may still have traction in the U.S. As one X user remarked, “Bitcoin continues to be ignored… but they won’t be able to ignore it forever.”
