Fold brings Bitcoin rewards to dining with Steak ’n Shake deal

Fold is integrating Bitcoin into the American dining experience through a new partnership. The deal offers a $5 Bitcoin reward with a specialty meal at approximately 400 Steak ‘n Shake locations, a first for a U.S. restaurant chain.

In a press release dated Oct. 31, Phoenix-based Fold Holdings announced a partnership with Steak ’n Shake that ties Bitcoin (BTC) rewards to everyday dining. The company said it will provide a $5 bitcoin reward to customers who purchase a specially branded Bitcoin Meal or Bitcoin Steakburger.

According to the statement, participants must upload their receipt to a dedicated website to receive a unique code, which is then redeemed through the Fold app. The limited-time promotion, available at all roughly 400 Steak ‘n Shake locations, marks the first instance of a U.S. restaurant chain directly bundling a meal purchase with a Bitcoin reward, moving beyond simple crypto payments.

Fold’s new kind of Bitcoin onboarding

Fold said the campaign is live as of October 31, adopting a “while supplies last” model that is standard for the restaurant industry but novel for a crypto reward distribution. This approach creates a sense of urgency and provides Fold with a controlled mechanism to gauge consumer response and manage the initiative’s scope

This foray into casual dining is a logical extension of Fold’s ongoing playbook. The company, which went public earlier this year, has long focused on creating financial tools that generate Bitcoin rewards from routine spending.

Its core products include a dedicated app and a debit card that functions as a crypto alternative to traditional cash-back cards. Fold recently expanded its arsenal, unveiling a Visa credit card powered by Stripe Issuing just last month to further embed BTC earning into daily financial life.

Behind the consumer-facing simplicity sits a balance sheet that mirrors Fold’s ideology. The company holds nearly 1,500 BTC in its treasury, underscoring that its conviction in bitcoin extends beyond branding. To fuel this strategy, Fold secured a $250 million equity purchase facility in June, providing the capital needed to aggressively expand both its treasury and its operational reach.