Burger or Bitcoin? Steak ’n Shake Says You Can Have Both

What would you rather buy—one burger or one bitcoin? The answer to that question today ultimately depends on how much you like burgers, and you'd have to like them a lot to choose them over Bitcoin. But a new collab between Fold and Steak 'n Shake is aiming to reward customers with burgers and bitcoins. 

The fast food firm is launching the "Bitcoin Steakburger", available for a limited time at nearly 400 participating Steak ’n Shake locations across the U.S. Customers can upload their receipts to bitcoinmealdeal.com and redeem $5.00 worth of Bitcoin. 

Fold Holdings Inc. (NASDAQ: FLD) is a publicly traded Bitcoin services company. The company was founded in 2019 by Will Reeves and, since then, has been working to provide real-world utility cases for the world's most valuable crypto.

“Bitcoin goes mainstream when it starts showing up in everyday life,” said Will Reeves, Chairman, CEO, and Founder of Fold. “That’s been our vision from the beginning, and our promotion with Steak ’n Shake is the next step in that journey. For many people, this will be the first time they ever own bitcoin, and it will come from something as ordinary as grabbing a burger. That’s what real adoption looks like.”

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After a SPAC merger with FTAC Emerald, Fold went public in February of this year—already managing one of the largest corporate Bitcoin treasuries in the world. Today, the firm ranks 43rd among publicly traded Bitcoin firms, holding a total of 1,492 BTC.

This new collab marks the first time a major U.S. fast food chain offers Bitcoin rewards that are directly tied to a menu item. More than that, the move also pushes adoption by incentivizing Bitcoin custody, even if at a symbolic value of five bucks. 

Steak 'n Shake is not planning to stop there, however. The fast food chain also announced plans to launch a Bitcoin treasury, in which it will buy and hold Bitcoin as a strategic asset. As one of the largest privately held fast food chains in the U.S., Steak ’n Shake’s decision to accumulate Bitcoin signals an important step toward cultural adoption. 

The firm has an estimated valuation of $411.1 million and an estimated annual revenue of $366 million. Operating for almost a century, it has long been a staple of American dining culture.