Case Study: Steak 'n Shake’s Bitcoin Payment Success
Executive Summary
On May 16, 2025, Steak 'n Shake, an iconic American fast-food chain, began accepting Bitcoin payments at all 300+ U.S. locations, focusing on operational adoption as a payment method rather than corporate treasury accumulation. This move, rooted in a principled commitment to Bitcoin’s decentralized ethos, aimed to offer consumers payment alternatives and connect with those who share values of financial sovereignty and innovation. Through heartfelt marketing on X (@SteaknShake) and a flawless technical rollout via the Bitcoin Lightning Network, the chain drove adoption and delivered tangible benefits. This case study explores their approach and lessons for companies seeking to integrate Bitcoin in a world of expanding corporate and regulatory support.
Background
Since 1934, Steak 'n Shake has dished up steakburgers and milkshakes to over 100 million customers annually across 393 U.S. locations. In a competitive fast-food market, the chain embraced Bitcoin—not to chase trends, but to align with consumers who value financial independence and to offer more payment choices. This wasn’t about accumulating Bitcoin as an asset but about using it as money to enhance operations and advance adoption alongside corporate treasury strategies, improving regulations, nation-state mining, and strategic Bitcoin reserves. Their Bitcoin-only focus was a deliberate stand, reflecting shared principles with the Bitcoin community.
Marketing Strategies
Steak 'n Shake’s marketing on X was a genuine effort to connect with Bitcoin’s loyal community. Their campaign spoke to shared values, using Bitcoin’s language to build trust and excitement. Here’s how they did it:
Starting with a Conversation
The journey kicked off on March 7, 2025, with a post asking, “Should Steak n Shake accept Bitcoin?”. This wasn’t just a marketing ploy—it invited real input, earning support from Bitcoin advocates like Jack Dorsey. By engaging the community, Steak 'n Shake showed they valued the same principles of freedom and innovation.
Embracing Bitcoin’s Values
On May 8, 2025, they announced Bitcoin payments starting May 16, with an image packed with Bitcoin culture: “BEEF TALLOW FRIES,” “STACK SATS,” and “Steaktoshi,” a nod to Bitcoin’s creator, Satoshi Nakamoto. These touches weren’t just clever—they showed Steak 'n Shake stood with the Bitcoin community’s vision of a decentralized future.
Sharing the Success
After launch, they kept the community in the loop. On June 16, 2025, they celebrated an “amazing upsurge” in business driven by Bitcoin users, hinting at rewards for “HODLers”. This openness showed they were in it for the long haul, not just a quick publicity stunt.
Avoiding Empty Promises
Some marketing campaigns risk coming off as “affinity scams,” hyping a community’s passion without delivering. Steak 'n Shake steered clear by rooting their campaign in Bitcoin’s values and backing it with a reliable payment system. Their transparency—sharing real results—proved their commitment, turning potential doubters into believers.
Key Marketing Themes
Technical Implementation
The technical side of Steak 'n Shake’s Bitcoin rollout was where their vision came to life. By focusing on operational efficiency, they made Bitcoin a practical payment option that delivered real value.
Partnering with Speed
Steak 'n Shake teamed up with Speed, a Bitcoin payment specialist, to implement payments via the Bitcoin Lightning Network. The Lightning Network’s fast, low-cost transactions were a natural fit for fast food. Speed’s user-friendly API allowed integration across kiosks, counters, and drive-throughs, rolled out in just days with minimal disruption.
Streamlined Payments
Customers pay by scanning a QR code with a Lightning Network-enabled Bitcoin wallet, with receipts showing amounts in satoshis (SAT) and dollars. The system’s simplicity and reliability made it easy for customers to embrace Bitcoin as a payment alternative. Scaling across 300+ locations showed its strength.
Real Benefits
At the Bitcoin 2025 Conference, COO Dan Edwards shared that Bitcoin payments cut processing fees by roughly 50% compared to credit cards, boosting profits. Other gains included:
Speed: Bitcoin transactions were quicker than credit cards, keeping service snappy.
Adoption: On launch day, 1 in 500 global Bitcoin transactions happened at Steak 'n Shake, a sign of strong customer interest.
Reliability: The system ran smoothly, earning praise for its dependability.
Customer Experience
Customers embraced Bitcoin payments, with the Lightning Network’s speed fitting the fast-food vibe. A Reddit post, “Paying with bitcoin at Steak ‘n Shake. Send it. 🚀,” captured the excitement, gaining traction online. While a few X users noted minor transaction hiccups, most feedback was positive, with CryptoBriefing calling the process “generally smooth”.
Implications for Corporate Bitcoin Adoption
Steak 'n Shake’s success offers a blueprint for businesses looking to adopt Bitcoin as a payment method, especially in a world where corporate treasury adoption, regulatory clarity, nation-state mining, and strategic reserves are gaining traction. Key takeaways include:
Bitcoin as a Payment Tool: A Bitcoin-only approach aligns with its values and offers practical benefits like cost savings, complementing broader adoption trends.
Shared Values: Connecting with consumers over Bitcoin’s principles—freedom, decentralization—builds loyalty and trust.
Solid Delivery: A reliable system like the Lightning Network ensures promises are met, avoiding the risk of empty marketing.
Operational Wins: Lower fees and faster payments can boost efficiency, relevant for industries like retail, logistics, or energy.
Transparency: Sharing results and plans reassures stakeholders, aligning with Bitcoin’s ethos of openness.
Businesses can use these principles to offer payment alternatives, cut costs, and engage consumers who value Bitcoin’s vision. Partnering with experts with demonstrated technical success and staying true to Bitcoin’s spirit can drive successful adoption.
Conclusion
Steak 'n Shake’s Bitcoin payment rollout on May 16, 2025, shows how a business can embrace Bitcoin as a practical currency, offering payment choice and advancing adoption. Their X campaign, with heartfelt posts like “Steaktoshi” and “STACK SATS,” connected with Bitcoin’s community, while their Lightning Network integration delivered savings and reliability. By rooting their efforts in shared values and delivering on promises, they set a standard for operational Bitcoin adoption, inspiring other businesses to follow suit.
O21 Solutions
Companies ready to act can partner with O21 Solutions to navigate the Money Transition and develop a tailored Bitcoin strategy. Our expertise enables us to help companies assess their unique capabilities, competencies, and needs relative to Bitcoin, creating and implementing a strategy to ‘get off zero.’ This approach is customized to each company’s long-term strategic objectives, whether adopting Bitcoin as a treasury asset, integrating it into operations, or incorporating it into service offerings.
Mathieu Agee, Founder, O21 Solutions LLC
