Steak ’n Shake said same-store sales had increased substantially since it began its Bitcoin payment strategy in May 2025, according to its February 16, 2026 statement.
The company said Bitcoin payments flowed into its corporate reserve. Cointelegraph reported that the statement did not provide figures defining the sales increase.
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The company’s attribution needs separate evidence
Sales growth after a payment rollout does not by itself establish how much growth the payment option caused. Prices, restaurant traffic, promotions and other operating changes can also affect comparable-store sales.
A more informative disclosure would separate the share of purchases paid in Bitcoin from overall sales growth and explain the comparison period.
Payment adoption and treasury exposure are distinct
Accepting an asset from customers and retaining it on a balance sheet create different financial exposures. Converting receipts immediately and holding them through price changes can produce different results even when the restaurant sells the same number of meals.
The available statement does not establish an audited acquisition cost for every coin in the reserve. Our risk guide explains why a business’s operating performance and investment returns should be assessed separately.
Editor’s note: The sales claim is attributed to the company. Unverified growth-period comparisons and a reserve-loss calculation based on an assumed cost basis have been removed.