Bitcoin

Steak ’n Shake Builds Bitcoin Reserve, Accepts Crypto Payments

Published

1 week ago

November 2, 2025

In a sizzling development for cryptocurrency adoption, iconic U.S. fast-food chain Steak ’n Shake has announced the creation of a Strategic Bitcoin Reserve, channeling all Bitcoin payments from customer transactions directly into a corporate treasury. Partnering with Fold Holdings, the company is also rolling out crypto rewards for diners, offering $5 in BTC for purchases of Bitcoin-themed meals. This bold move, unveiled on October 31, 2025, mirrors MicroStrategy’s pioneering treasury strategy and arrives amid Bitcoin’s seasonal bull run, positioning the 91-year-old burger empire as a trailblazer in retail crypto integration. Globally, it underscores a maturing appetite for digital assets in everyday commerce, even as volatility and regulatory concerns temper the enthusiasm.

Sizzling into Bitcoin: The Reserve and Payment Rollout

Steak ’n Shake’s foray into Bitcoin began earlier this year with global acceptance of the cryptocurrency via the Lightning Network, a low-fee layer-2 solution that enables near-instant transactions. By May 2025, the chain had slashed payment processing costs by 50% thanks to BTC users opting out of credit card fees, as revealed by executive Dan Edwards at the Bitcoin 2025 Conference in Las Vegas. Now, the company is doubling down: All BTC received from diners will flow into its newly minted Strategic Bitcoin Reserve, preserving the asset’s value rather than converting it to fiat.

This isn’t just about holding crypto—it’s a hedge against inflation and a nod to Bitcoin’s scarcity. “We’re treating Bitcoin like a strategic asset, much like gold in a vault,” Edwards stated in a company blog post, emphasizing how the reserve aligns with the chain’s growth trajectory. With over 400 U.S. locations and outposts in Europe, Steak ’n Shake processes millions in daily sales; even a modest uptick in BTC usage could build a substantial treasury over time.

Fold Partnership: Burgers with a Side of Sats

Complementing the reserve is a nationwide promotion with Fold, a Bitcoin rewards platform holding about 1,500 BTC in its own coffers. Starting October 31, 2025, customers ordering the “Bitcoin Steakburger” or “Bitcoin Meal” can claim $5 in BTC by uploading receipts to bitcoinmealdeal.com and redeeming via the Fold app. One redemption per customer, while supplies last, with instructions printed right on the receipt for seamless onboarding.

Fold CEO Will Reeves called it a “gateway to everyday Bitcoin spending,” projecting thousands of new users based on past campaigns that racked up over 100,000 claims. The tie-up gamifies adoption: Buy a burger, get sats (Bitcoin’s smallest unit), and start earning rewards on future spends. It’s grassroots innovation at its tastiest—turning a $10 meal into a crypto starter pack.

Adding a philanthropic twist, Steak ’n Shake pledges 210 satoshis (about $0.23 at current prices) from every Bitcoin meal sold over the next 12 months to OpenSats, a nonprofit funding open-source Bitcoin developers. This commitment not only supports the ecosystem but also burnishes the chain’s image among crypto enthusiasts.

Echoes of MicroStrategy: Corporate Treasuries Go Mainstream

Steak ’n Shake’s playbook draws straight from MicroStrategy’s blueprint, where CEO Michael Saylor has amassed over 250,000 BTC since 2020, treating it as a superior store of value to cash. Unlike MicroStrategy’s debt-fueled buys, however, Steak ’n Shake is bootstrapping its reserve organically from sales—a low-risk entry that could inspire cash-strapped retailers. The timing couldn’t be better: Bitcoin’s Q4 seasonality often sees 20-30% gains, fueled by year-end rallies and institutional inflows. With BTC trading above $110,000 as of November 2, 2025, the chain’s early movers stand to benefit handsomely.

This retail pivot reflects broader corporate curiosity. From Tesla’s intermittent BTC holdings to Overstock’s crypto treasury, businesses are dipping toes into digital gold. Steak ’n Shake’s edge? It’s consumer-facing, making Bitcoin tangible—one steakburger at a time.

Global Signals: From U.S. Counters to Worldwide Wallets

Beyond borders, the announcement ripples outward. Steak ’n Shake’s European outposts in France, Italy, Portugal, and Monaco already accept BTC, hinting at a unified global reserve. In a world where remittances and cross-border trade crave efficiency, Lightning Network integration positions the chain as a model for international retail. Jack Dorsey, co-founder of Block Inc., even endorsed the May rollout with photos of his BTC-paid fries, amplifying its global buzz.

Yet, mainstreaming isn’t without friction. Volatility remains a bugbear—Bitcoin’s 5% Halloween dip to $109,000 spooked some, though Q4 rebounds are the norm. Regulators eye crypto treasuries warily; the SEC’s scrutiny of corporate disclosures could complicate reporting. Critics quip it’s a “nothingburger” for now, given modest initial volumes, but proponents see it as the spark for wider adoption.

A Tasty Recipe for Adoption?

Steak ’n Shake’s Bitcoin gambit isn’t just corporate posturing—it’s a flavorful fusion of fast food and fintech, proving crypto can sizzle in surprising places. By building a reserve from real revenue, rewarding loyalists with sats, and giving back to developers, the chain is cooking up genuine integration. As Bitcoin’s seasonal strength propels prices higher, this could be the meal that feeds a treasury revolution.

As of November 2, 2025, with same-store sales up 15%—partly crediting Bitcoiners—the proof is in the pudding (or shake). Will other chains follow suit, turning drive-thrus into DeFi hubs? One bite at a time, Steak ’n Shake is flipping the script on retail’s future. Hodl the ketchup; the bull market’s just heating up.

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Bitcoin

Trump Administration Explores Allowing Crypto-Backed Mortgages

Published

1 hour ago

November 12, 2025

Coin Reporter Correspondent

In a bold move to fuse digital innovation with traditional housing finance, the Trump administration is advancing policies that could allow Americans to use cryptocurrency holdings as collateral for mortgages. Issued in late June 2025, a directive from the Federal Housing Finance Agency (FHFA) orders government-backed mortgage giants Fannie Mae and Freddie Mac to develop frameworks for incorporating crypto assets into single-family loan risk assessments—without requiring borrowers to liquidate their digital holdings into cash first. This initiative, championed as part of President Donald Trump’s vision to position the United States as the “crypto capital of the world,” could unlock billions in untapped wealth for homebuyers while sparking debate over financial stability.

Revolutionizing Mortgage Underwriting

The FHFA’s order, signed by Director William J. Pulte on June 25, 2025, marks a dramatic reversal from prior policies. Under the Biden administration, Fannie Mae and Freddie Mac explicitly excluded cryptocurrency from income or asset considerations due to its “high level of uncertainty.” Now, these entities—which guarantee over half of U.S. mortgages—must propose adjustments to their underwriting processes, including volatility discounts and verification protocols for crypto held on regulated U.S. exchanges.

Pulte announced the directive on X, stating: “After significant studying, and in keeping with President Trump’s vision to make the United States the crypto capital of the world, today I ordered the Great Fannie Mae and Freddie Mac to prepare their businesses to count cryptocurrency as an asset for a mortgage.” The proposals require board approval and FHFA sign-off, with an emphasis on risk mitigants like “adjustments for market volatility and ensuring sufficient risk-based adjustments to the share of reserves comprised of cryptocurrency.”

This shift means crypto-rich individuals—estimated at over 50 million Americans holding digital assets—could leverage Bitcoin, Ethereum, or other approved tokens to boost their loan eligibility, similar to how stocks or retirement accounts are evaluated today. Private lenders like Milo Credit have already pioneered crypto-secured mortgages since 2022, but federal backing could scale this nationwide, potentially increasing buying power without triggering capital gains taxes from sales.

Economic Boost or Risky Gamble?

Advocates hail the policy as a catalyst for economic growth, arguing it taps into the $2.5 trillion U.S. crypto market to fuel housing demand amid high interest rates and a sluggish real estate sector. “This could inject fresh liquidity into the housing market, lowering barriers for tech-savvy millennials and Gen Z buyers who view crypto as a core asset,” said Sen. Cynthia Lummis (R-Wyo.), who introduced bipartisan legislation to codify the FHFA directive into law. Industry leaders echo this sentiment, with Ripple CEO Brad Garlinghouse praising the administration’s pro-innovation stance under Treasury Secretary Scott Bessent, a confirmed crypto advocate who has shaped related policies like staking guidance for exchange-traded products.

The broader context includes Trump’s January 2025 executive order establishing a Presidential Working Group on Digital Asset Markets, which has produced reports recommending crypto integration into mortgages and even 401(k)s. Bessent, in July remarks, framed these efforts as building a “Golden Age of Crypto,” rescinding prior “anti-crypto” measures and fostering a regulatory environment that aligns with Republican values of financial freedom. By November 2025, follow-up discussions suggest the policy could extend to a “strategic national digital assets stockpile,” further embedding crypto in federal finance.

Yet, critics warn of volatility’s perils. Democrats in the Senate, including those raising alarms during Lummis’s bill hearings, argue that baking crypto into the mortgage system could amplify systemic risks, reminiscent of the 2008 subprime crisis. “Lenders already struggle with crypto’s verification challenges; a market crash could leave borrowers underwater and taxpayers on the hook,” noted a Senate Banking Committee Democrat in response to the directive. Only 1% of recent homebuyers used crypto for down payments, per a National Association of Realtors survey, highlighting limited current demand but underscoring the experimental nature of the push.

Navigating Valuation, Regulation, and Inclusion

Implementation hinges on robust frameworks for crypto valuation—likely using real-time exchange data with conservative haircuts for price swings—and custody rules limiting acceptance to platform-held assets, excluding self-custodied wallets for security reasons. The FHFA’s directive mandates these details, but experts anticipate SEC oversight to ensure compliant assets like Bitcoin and Ethereum qualify first.

If enacted, the policy could enhance financial inclusion by enabling underserved crypto holders—disproportionately young and diverse demographics—to access homeownership without forced asset sales. It aligns with Trump’s privatization plans for Fannie and Freddie, potentially ending their 17-year conservatorship and injecting private capital into a crypto-friendly model. However, careful oversight is paramount: The Department of Labor’s neutral stance on crypto in 401(k)s offers a blueprint, but housing’s scale demands stress testing to avert broader contagion.

A Defining Moment for Crypto in Mainstream Finance

This FHFA directive exemplifies the Trump administration’s aggressive pivot toward crypto mainstreaming, from strategic Bitcoin reserves to ETP staking clarity. As Pulte’s order moves toward final proposals, it could redefine housing finance, stimulating economic activity while testing regulators’ mettle against innovation’s risks. For a nation grappling with affordability crises, crypto-backed mortgages promise inclusion but demand vigilance to safeguard the American Dream.

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