Steak 'n Shake Adds $10 Million to BTC Treasury Eight Months After Lightning Network Rollout

Steak 'n Shake has added $10 million to its Bitcoin treasury, signaling continued institutional adoption of cryptocurrency as part of its broader financial strategy. The investment builds on a decision made in early 2025 to integrate the Lightning Network, which has been used to facilitate faster, more efficient micropayments for in-store transactions. The move aligns with a broader trend of corporations increasing their Bitcoin holdings as institutional confidence in the asset class grows.

Bitcoin's price has seen a recent rebound, trading above $95,000 in early January 2026, despite a broader bearish market environment. This has spurred increased investment from both institutional and corporate actors. Companies now hold approximately 1.11 million BTC in corporate treasuries, a significant increase from 854,000 BTC just six months ago. This trend suggests that Bitcoin is increasingly viewed as a strategic asset rather than a speculative one.

The recent surge in corporate Bitcoin buying has outpaced the monthly supply from mining activity, with over 43,000 BTC added to corporate holdings each month. This has reduced the amount of circulating Bitcoin in the market, potentially supporting price stability and long-term growth. Investors are closely watching how this trend evolves, especially as more states and corporations begin to treat Bitcoin as part of their core financial strategy.

Why Did This Happen?

Steak 'n Shake's investment follows a broader shift among U.S. states and corporations into Bitcoin and other cryptocurrencies. For example, Texas has allocated half of its $10 million Bitcoin reserve to ETFs, using them as a "placeholder" while it develops infrastructure for direct Bitcoin storage. Other states, such as New Hampshire, have also explored innovative uses of crypto in public finance, including a proposed $100 million Bitcoin-backed municipal bond. These developments indicate a growing acceptance of Bitcoin as a legitimate component of state and corporate balance sheets.

At the same time, institutional infrastructure for handling Bitcoin has improved significantly. BitGo, a major digital asset custodian, turned profitable in 2025 and is now managing $82 billion in assets. This suggests that companies are increasingly confident in the security and logistical viability of holding Bitcoin as a reserve asset.

What Analysts Are Watching

Analysts are paying close attention to how Bitcoin's price reacts to increasing corporate adoption. The recent price action, which saw Bitcoin rising above $94,000, is seen as a bullish sign after months of sideways movement. Some technical indicators suggest a potential breakout to $105,000–$106,000, with the $94K level acting as a key support. However, weekly charts remain cautious due to macroeconomic risks such as inflation and interest rate uncertainty.

Market participants are also watching for further institutional moves. For example, Kraken, a major crypto exchange, has filed for a $250 million SPAC offering. This suggests a broader trend of traditional finance and crypto infrastructure firms seeking public market validation. Additionally, the ongoing growth of tokenized stock markets is drawing attention, with Bitget recently capturing 89% of the market share in December 2025.

Investor Implications and Market Outlook

For investors, the growing institutional adoption of Bitcoin represents both opportunity and risk. On one hand, increased demand from corporations and governments could drive prices higher as more Bitcoin is moved off the market and into long-term treasuries. On the other hand, macroeconomic factors remain a wildcard, and any reversal in Bitcoin's recent momentum could test the strength of the current buying trend.

In the short term, Bitcoin may consolidate around $98,000–$100,000 before potentially breaking out again. This scenario depends on continued institutional inflows and whale accumulation. If Bitcoin maintains strong buying pressure, the next target could be $100,000, followed by $105,000–$106,000. Long-term targets range from $135,000 to $144,000, though these depend on broader economic conditions.

Overall, the market is in a phase of transition, with Bitcoin increasingly viewed as a strategic reserve asset. This shift could lead to more stable price action and a broader acceptance of crypto across institutional and government sectors.