Bitcoin News Today: Bitcoin on a Plate: Steak 'n Shake Serves Up Crypto Rewards with Every Meal

Fold Holdings (NASDAQ: FLD) has launched a limited-time rewards program with Steak 'n Shake, offering customers $5 in Bitcoin (BTC) for purchasing its Bitcoin-themed meals, according to The Block. The initiative, announced on Oct. 31, allows diners to upload receipts from Bitcoin Burger or Bitcoin Meal purchases at bitcoinmealdeal.com to receive a redemption code via the Fold app, as reported by Yahoo Finance. Users can then claim their Bitcoin reward and continue earning BTC on future purchases through Fold's platform, which includes a debit card and Visa credit card with Bitcoin rewards, The Block noted.

The partnership marks another step in Bitcoin's integration into mainstream commerce. "Bitcoin goes mainstream when it starts showing up in everyday life," said Fold CEO Will Reeves, emphasizing that many participants will own Bitcoin for the first time through a casual meal purchase, The Block reported. Steak 'n Shake, which debuted its Bitcoin Burger in October with a Bitcoin logo-stamped bun, has been a vocal advocate for Bitcoin adoption since introducing Lightning Network payments in May 2025, Yahoo Finance reported. The fast-food chain operates approximately 400 locations in the U.S., with the promotion available at all participating sites, Yahoo Finance added.

Fold, which went public in February 2025 via a merger with FTAC Emerald Acquisition Corp., has a market cap of roughly $180 million and holds 1,500 BTC in its corporate treasury, The Block reported. The company recently secured a $250 million equity purchase facility to expand its Bitcoin holdings, with proceeds directed toward increasing its treasury reserves, according to CoinDesk. Fold also unveiled a Visa credit card in September 2025 that rewards users with Bitcoin on transactions and launched a Bitcoin gift card program in partnership with Giftcards.com, StockTitan reported in its profile of the company (StockTitan).

The collaboration with Steak 'n Shake aligns with Fold's broader strategy to bridge traditional finance and digital assets. The company reported $8.2 million in revenue for Q2 2025, a 59% year-over-year increase, alongside a 124% rise in transaction volume to $265 million, StockTitan data show. Despite an adjusted EBITDA loss of $4.7 million, Fold's active user base surpassed 615,000, reflecting growing demand for accessible Bitcoin solutions, StockTitan added.

Historical context adds intrigue to the campaign: Donald Trump made his first Bitcoin transaction in September 2024 by purchasing cheeseburgers at New York's PubKey Bar, a Bitcoin-themed venue, The Block reported. This anecdote underscores the evolving perception of Bitcoin as a practical currency rather than a speculative asset.

Critics note challenges in scaling Bitcoin adoption, particularly with Steak 'n Shake's previous backlash over proposed Ethereum (ETH) payments. However, the chain's continued focus on Bitcoin—alongside Fold's expanding product suite—highlights its commitment to the ecosystem, Yahoo Finance observed.

Fold's recent financial moves, including a $250 million equity facility reported by CoinDesk and a $3 million marketing budget increase noted by StockTitan, signal confidence in Bitcoin's long-term utility. With the rewards program running "while supplies last," the partnership could further normalize Bitcoin as a tool for everyday transactions, Yahoo Finance added.