Steak ‘n Shake Bows to Pressure After ETH Poll Backlash

The company suspended its X poll, and reaffirmed its commitment to Bitcoin ahead of its upcoming “Bitcoin Steakburger” launch. Meanwhile, Tom Lee’s BitMine capitalized on the market downturn sparked by Trump’s new China tariffs by buying $480 million worth of Ethereum. Despite its aggressive accumulation, BitMine’s stock fell more than 11% over the past 5 days. 

Steak ‘n Shake as Bitcoin Fans Revolt

Steak ‘n Shake quickly reversed its plan to accept Ethereum (ETH) payments after backlash from the Bitcoin community. The fast-food chain gained popularity among Bitcoiners for its early embrace of BTC payments, and posted a poll on X asking its 468,800 followers whether it should start accepting Ethereum. 

The poll accumulated close to 49,000 votes before being suspended, and showed that 53% of respondents voted “Yes.” However, after receiving strong pushback from Bitcoin enthusiasts, the company deleted the poll and reaffirmed its loyalty to Bitcoin. “Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” Steak ‘n Shake wrote on X.

Steak ‘n Shake began accepting Bitcoin as payment on May 16 across all locations where it is legally permitted, including the United States, France, Monaco, and Spain. The company reported a 15% year-over-year increase in same-store sales during the third quarter, and attributed part of that success to support from Bitcoin users who rallied behind the chain for its BTC-friendly stance.

But when Steak ‘n Shake floated the idea of expanding its payment options to include Ethereum, many Bitcoiners reacted quite harshly. “I promise, if you accept ETH, I will never eat at your restaurant again,” said Adam Simecka, builder of the Bitcoin self-custody wallet Manna. Others argued that even considering ETH was a betrayal. Bitcoin developer Carman and Bitcoin advocate “The Bitcoin Gal” both criticized the poll by saying it hurt the company’s reputation among Bitcoin loyalists.

Interestingly, Ethereum co-founder Vitalik Buterin stepped in to defend Steak ‘n Shake’s ultimate decision to stay Bitcoin-only. In a post on X, he suggested that crypto-adopting companies should commit to one blockchain community rather than trying to please everyone. “We need the stubborn ones who believe in their cause and their tribe and see their work as a labor of love to it,” Buterin said.

The controversy happened just as Steak ‘n Shake prepared to launch its “Bitcoin Steakburger” on Oct. 16 to celebrate its partnership with the Bitcoin community. While the poll may have backfired, the episode also shed some light on the very powerful cultural divide between Bitcoin maximalists and supporters of other cryptos.

Tom Lee’s BitMine Scoops Up ETH

Meanwhile, Tom Lee’s BitMine recently took advantage of the latest crypto market sell-off to boost its Ethereum holdings. The company bought roughly $480 million worth of ETH after a sharp downturn triggered by US President Donald Trump’s announcement of 100% tariffs on Chinese exports.

According to on-chain data that was shared by Lookonchain, six wallets linked to BitMine withdrew a combined 128,718 ETH from FalconX and Kraken in the aftermath of the market turbulence. The move came as Ethereum’s price plunged from above $4,000 to as low as $3,504.32, one of its steepest short-term drops this quarter.

BitMine describes itself as the largest Ethereum treasury firm, and reaffirmed its long-term conviction in the asset by saying, “It’s easier for BitMine to achieve the ‘alchemy of 5%’ at $3,800 ETH than $10,000 ETH. PS: just fact.” The company has a target of owning 5% of Ethereum’s total supply, and its latest accumulation pushes it past the halfway mark toward that goal.

Data from StrategicETHReserve indicates BitMine now holds approximately 2.83 million ETH, which is worth around $10.76 billion. This is about 2.34% of the cryptocurrency’s total circulating supply. SharpLink Gaming follows as the second-largest corporate holder with 838,700 ETH.

Despite BitMine’s aggressive accumulation, its stock struggled over the past few weeks. Shares fell more than 11% on Friday, according to Google Finance. BitMine’s stock also dropped by 11+% over the past 5 days. This follows a report by Kerrisdale Capital, which disclosed a short position against BitMine and criticized its strategy as outdated. The short-seller argued that investors would be better off purchasing Ethereum directly rather than investing in companies that hold it on their balance sheets.

BitMine share price over the past 5 days (Source: Google Finance)

Kerrisdale previously targeted other crypto-focused firms like Riot Platforms and Michael Saylor’s Strategy, both of which dismissed its claims. Even with the latest drop, BitMine’s stock is still up more than 670% over the past six months.