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Steak ’n Shake Lifts Disclosed Bitcoin Reserve to $15 Million With New $5 Million Addition

The disclosure brings its Strategic Bitcoin Reserve to $15 million in notional value.

Overview

  • The chain said all Bitcoin-denominated sales continue to flow into its Strategic Bitcoin Reserve, funded by Lightning Network payments.
  • The new $5 million exposure follows a $10 million disclosure earlier this month, taking the company’s total disclosed Bitcoin holdings to $15 million.
  • Management says Lightning processing cuts payment fees by roughly 50% compared with card networks.
  • The company credits its Bitcoin strategy with same-store sales growth, reporting double-digit gains in 2025 and 18% growth so far in 2026.
  • The totals are presented as notional, and the company has not clarified whether the figure reflects price changes, customer payments, or other treasury activity.