Corporate Bitcoin Adoption as a Strategic Treasury Play: Lessons from Steak 'n Shake's $10M BTC Buy

The corporate adoption of Bitcoin as a strategic treasury asset has evolved from a niche experiment to a mainstream financial strategy, particularly among small-to-mid-sized companies (SMBs). Steak 'n Shake's recent $10 million Bitcoin purchase-equivalent-to 105 BTC-offers a compelling case study for how businesses can leverage cryptocurrency to create self-sustaining value growth. By analyzing this move alongside broader trends in corporate Bitcoin adoption, we uncover actionable insights for SMBs seeking to integrate digital assets into their treasury strategies.

Steak 'n Shake's Strategic Move: A Case Study

Steak 'n Shake's allocation of $10 million to a Strategic Bitcoin Reserve (SBR) in January 2026 marks a pivotal step in its corporate treasury evolution. This decision followed eight months of accepting Bitcoin payments at all U.S. locations, which the company claims reduced transaction costs by 50% and drove a 10% year-over-year increase in same-store sales in Q2 2025. The SBR operates as a self-reinforcing cycle: Bitcoin revenue from customer payments is reinvested into operational improvements, such as ingredient upgrades and store renovations, without increasing menu prices. This model not only stabilizes cash flow but also aligns with long-term value creation by enhancing customer experience and operational efficiency.

The purchase of 105 BTC, while modest compared to the $62 billion Bitcoin holdings of companies like Strategy (formerly MicroStrategy), reflects a broader trend of corporate Bitcoin accumulation. By treating Bitcoin as a strategic asset akin to real estate, Steak 'n Shake demonstrates how even mid-sized companies can hedge against inflation and diversify their balance sheets.

Lessons for SMBs: Allocation, Custody, and Reinvestment

Steak 'n Shake's approach aligns with key principles observed in successful SMB Bitcoin strategies. First, systematic allocation is critical. The River Business Report 2025 notes that 75% of SMBs adopting Bitcoin allocate a median of 10% of net income to the asset, treating it as a long-term investment. Steak 'n Shake's $10 million purchase-assuming a net income of approximately $100 million-fits this framework, ensuring disciplined, incremental exposure without overleveraging.

Second, hybrid custody models enhance security and operational flexibility. Only 7.6% of SMBs fully self-custody their Bitcoin, with most opting for a blend of third-party and self-custody solutions. This mitigates risks associated with private key management while allowing businesses to access institutional-grade security. For example, companies like BitMine and Forward Industries have expanded their treasuries using hybrid models, combining custodial services with in-house expertise.

Third, reinvestment of Bitcoin revenue into operational improvements creates a flywheel effect. By channeling Bitcoin gains into store renovations or supply chain upgrades, companies like Steak 'n Shake avoid price inflation while enhancing competitiveness. This mirrors the dollar-cost averaging (DCA) strategy, where consistent, small allocations reduce timing risk and volatility exposure.

Scalability and Challenges in SMB Adoption

While the scalability of Bitcoin adoption for SMBs is evident- a $12.5 billion inflow in new business Bitcoin inflows were recorded in eight months of 2025-challenges remain. Regulatory clarity and accounting standards, such as the FASB's fair value treatment for Bitcoin, have eased adoption but do not eliminate volatility risks. Additionally, the BitcoinTreasuries report highlights that 60% of corporate Bitcoin holdings face balance sheet losses amid price corrections, underscoring the need for disciplined risk management.

However, empirical studies suggest that Bitcoin exposure in corporate treasuries is now a compensated systematic risk, meaning investors demand higher returns for bearing this risk. For SMBs, this implies that Bitcoin should be integrated as part of a diversified portfolio, not a speculative bet.

Conclusion: The Future of Corporate Bitcoin Strategies

Steak 'n Shake's $10 million Bitcoin purchase exemplifies how SMBs can leverage digital assets to drive self-sustaining growth. By adopting systematic allocation, hybrid custody, and reinvestment strategies, companies can hedge against inflation, diversify portfolios, and align with a Web3 corporate identity. As regulatory frameworks mature and institutional infrastructure expands, the scalability of these strategies will only increase, enabling more SMBs to participate in the next phase of corporate finance.

For investors, the key takeaway is clear: Bitcoin is no longer a speculative play but a strategic tool for value creation. Companies that integrate it thoughtfully-like Steak 'n Shake-are poised to outperform in an era of digital transformation.