How Bitcoin helped Steak ‘n Shake beat McDonald’s and Domino’s in sales

US fast-food chain Steak ‘n Shake has credited its embrace of Bitcoin for a 10.7% same-store sales increase in the second quarter, outpacing major competitors and bucking broader industry trends.

The growth, reported on Friday, was the strongest among America’s top fast-food names in the period, with McDonald’s seeing a 7.1% sales decline and Domino’s posting a 6.1% rise.

The company began accepting Bitcoin (BTC) payments on May 16 across its US locations where permitted by law, as well as in France, Monaco, and Spain.

The move, aimed at rejuvenating the brand and appealing to younger, tech-savvy consumers, has been credited with drawing cryptocurrency enthusiasts into its stores and improving operational efficiency.

Bitcoin brings cost savings and customer buzz

Dan Edwards, Steak ‘n Shake’s chief operating officer, told attendees at the Bitcoin 2025 conference in May that the decision to accept Bitcoin had reduced payment processing fees by 50%.

This cost saving, he noted, benefits both the company and customers, positioning Bitcoin as a “win for everyone involved.”

On its opening day for Bitcoin payments, the chain accounted for 0.2% of all global Bitcoin transactions, underscoring strong initial interest from users.

The company has since thanked Bitcoin supporters publicly, noting that their engagement has been instrumental in driving recent sales momentum.

The rollout has made cryptocurrency payments available to more than 100 million customers across its domestic and international footprint.

Edwards said the shift not only improves margins but also reinforces Steak ‘n Shake’s positioning as an innovative brand willing to meet evolving consumer preferences.

Steak ‘n Shake US store count declines as it seeks to expand internationally

While the Bitcoin initiative has delivered a sales boost, it comes against the backdrop of a significantly smaller store base.

According to data from ScrapeHero, Steak ‘n Shake’s US store count has dropped from 628 in 2018 to 397 as of May 28, 2025 — a decline of over 230 locations.

Florida remains the company’s largest market, with 79 stores representing around 20% of its total US presence.

The company’s international Bitcoin rollout in France, Monaco, and Spain marks an attempt to diversify its reach and stay competitive despite its reduced domestic footprint.

Industry implications and competitive edge

The company’s outperformance in Q2 compared with other major chains has sparked interest in whether Bitcoin could emerge as a more mainstream payment option in the US fast-food sector.

While Bitcoin is still used primarily as an investment in the US, Steak ‘n Shake’s results suggest there may be untapped potential for it as a retail payment method.

An X post by Restaurant Business Magazine’s editor-in-chief Jonathan Maze on Friday showed the chain’s growth ranking above that of McDonald’s, Domino’s, and Taco Bell for the quarter.

This performance, paired with its public embrace of cryptocurrency culture, has positioned Steak ‘n Shake as an outlier in the sector.

Despite these gains, the company’s future growth will depend on its ability to maintain momentum in a competitive landscape dominated by brands with larger footprints and deeper marketing budgets.

The challenge will be to translate short-term buzz from Bitcoin adoption into sustained sales growth.

If other fast-food operators follow suit, industry analysts say the impact on customer payment habits could be significant — potentially normalizing the use of digital assets in everyday transactions.

For now, Steak ‘n Shake’s experiment with Bitcoin stands out as one of the most prominent examples of cryptocurrency integration in US quick-service dining.

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