Steak ‘n Shake adds $10 million to BTC treasury eight months after Lightning Network rollout

The 91-year-old burger chain Steak 'n Shake announced it acquired $10 million worth of Bitcoin for its corporate treasury, equating to about 105 BTC at current prices. This marks the company's first publicly disclosed direct allocation since it began accepting cryptocurrency payments in May 2025. All bitcoin received from customers flows into a self-sustaining system called the Strategic Bitcoin Reserve (SBR) instead of being converted to cash. The chain implemented Lightning Network payments across all U.S. locations in mid-May 2025, reporting nearly 50% savings on transaction fees and a roughly 15% climb in same-store sales in the following months. Steak 'n Shake is owned by Biglari Holdings, and its treasury strategy differs from firms that raise capital through stock offerings to fund purchases.

(Source：The Block)