Steak ’n Shake just pulled off something few traditional restaurant chains have managed combining a surge in sales with a bold step into the world of crypto payments. And the results? Eye-catching.
In Q2 2025, the iconic fast-food chain reported a 10.7% jump in same-store sales, outpacing every major U.S. competitor. McDonald’s, Domino’s, and Taco Bell? They ranged from -7.1% to +6.1%.
One big reason for this surge? On May 16, Steak ’n Shake rolled out Bitcoin payments across stores in the U.S., France, Monaco, and Spain.
Bitcoin Payments, Big Impact
According to COO Dan Edwards, the impact was almost instant:
- Processing fees dropped by about 50% within two weeks.
- On launch day, Steak ’n Shake accounted for 0.2% of all Bitcoin transactions worldwide an impressive early signal of traction.
The move comes as the chain’s footprint in the U.S. has shrunk in recent years, falling from 628 stores in 2018 to around 397 in May 2025. Still, with more than 100 million customers worldwide now able to pay with Bitcoin, the experiment is reaching a massive audience.
Learning From Past Retail Adopters
Steak ’n Shake isn’t the first to test crypto payments:
- Overstock.com started accepting Bitcoin in 2014 and saw $126K in sales in the first 22 hours but enthusiasm faded, and crypto sales slipped to under 1% of daily revenue.
- Rakuten introduced Bitcoin across global marketplaces in 2015, positioning itself as future-forward, though sales impact wasn’t disclosed.
- Luxury brands like Gucci, Balenciaga, and Tag Heuer have used crypto (and NFTs) to engage high-end customers.
- Platforms like Lolli have taken another approach offering Bitcoin rewards to shoppers at brands like Nike and Sephora.
A Deloitte survey found 93% of businesses that accept Bitcoin see boosts in both revenue and brand perception. Data from BitPay shows up to 40% of crypto-paying customers are new to the brand, often spending double the amount of traditional shoppers.
The Bigger Picture
Crypto adoption in payments is still in its early days:
- Over 560 million people worldwide own crypto.
- 65% say they’d like to use it for payments.
- Only 2,300 U.S. merchants accept it directly today.
- Average luxury purchase with crypto: $450 vs. $200 for non-crypto customers.
Even with these advantages, challenges remain:
- Price volatility
- Regulatory uncertainty
- Technical integration hurdles
Still, the digital payments landscape is expanding fast in the U.S., usage grew from 72% in 2020 to 82% in 2023.
What This Could Mean for Traditional Retailers
If Steak ’n Shake can maintain its Bitcoin momentum, it might become the blueprint for blending payment efficiency with cultural relevance. Lower costs, higher customer engagement, and a forward-looking brand image could be a winning combination but only if the rollout remains seamless and trusted.
In other words: this experiment isn’t just about accepting Bitcoin. It’s about rethinking how payments can drive both operational efficiency and brand loyalty in a competitive retail world.
