Keynote: Steak 'n Shake
Speakers/Moderators

Michael Boes

Michael Boes
Session
Overview
Michael Boes of Steak 'n Shake discusses how the company has integrated Bitcoin into its business, including customer payments, a Bitcoin reserve, franchise fee payments, and employee bonuses tied to Bitcoin sales.
The keynote connects Bitcoin adoption with restaurant economics, arguing that lower payment processing costs and increased customer activity have helped the company invest in food quality upgrades such as beef tallow fries, A2 milk, and 100% grass-fed, grass-finished beef.
Boes also announces Bitcoin-themed menu items, including a Bitcoin milkshake and Bitcoin steakburger, and says he will accept Bitcoin as part of his executive compensation. The talk frames Bitcoin as both a financial tool and a cultural fit for Steak 'n Shake’s focus on value, choice, and operational improvement.
Thank you.
As mentioned, Steak 'n Shake is a classic American brand. We were founded in 1934 on Route 66, known for inventing the steakburger, but also for our fries and legendary milkshakes. And I'm here today to say Bitcoin is making Steak 'n Shake more successful, undoubtedly.
We launched our Bitcoin platform on May 16, 2025, and since then, we've achieved the highest same-store sales growth of any restaurant in the industry. More notably, we've added two million more customers than the prior year.
The math is simple for us. When we use Bitcoin, we save 50% on processing fees versus a traditional credit card user. To put it more simply, if every credit card user used Bitcoin, we would save roughly $6 million annually, which is huge for our bottom line.
Without the additional customers and savings, we would not be able to improve the food that we serve. In the past year, we've upgraded to 100% beef tallow fries and tallow tots. We're using Grade A Wisconsin butter and A2 milk. Earlier this year, we removed all microwaves, and our next big announcement is that on June 1, we're rolling out 100% grass-fed, grass-finished beef across all stores.
Thank you.
It's simple for us. We went back in time to regain the quality of food, and we're moving forward with Bitcoin, the future of money. It's real beef, real cattle, eating real grass, powered by Bitcoin, which is real money made with real energy. It's first principles for us, not fiat. Bitcoin is a healthy currency that allows us to improve the healthiness of our products.
I stand here today as the new chief MAHA officer for Steak 'n Shake, the first in the industry. Thank you.
We're guiding Steak 'n Shake to further improve the health of our food, and Bitcoin improves the health of our financial system. Bitcoin doesn't suffer from the ills of other currencies, such as inflation caused by traditional politicians or credit card interchange fees.
And today, to bring others into the world of Bitcoin, to take the orange pill, if you will, we're launching the Bitcoin milkshake. I know, counterintuitive for the MAHA guy, but to complement that, we're going to have the Bitcoin steakburger across all of our stores. There are going to be 21 million available starting today.
All Bitcoin sales go directly into our Bitcoin reserve, and that Bitcoin reserve powers the additional bonus for all of our employees. Every one of our employees across all stores is eligible for a 21-cent Bitcoin bonus on top of every hour that they work. This is in addition to us being the market leader in traditional wages, and we aim to be the maximum-wage employer.
I'm also here to add that I'm going to be one of the first in the industry to accept Bitcoin as part of my executive compensation package, and I hope that will pave the way for new models of compensation across the industry. Thank you.
And on top of all that, franchisees can also use Bitcoin to pay their franchise fees.
Bitcoin is making it possible for Steak 'n Shake to create a new space in fast food. We're bringing high quality to the masses and not making it exclusive to the affluent. Who else on the value spectrum can deliver you a double steakburger, fries, and a drink for under $10? No one.
A healthy currency within a healthy company is delivering healthier food options at great prices. It's simple. Health is wealth for us.
We believe in freedom. We believe in giving customers the freedom to choose healthier options, and we're using the currency that stands for freedom: Bitcoin. At the heart of American culture, it's the freedom to choose. And we want to stand here next year with even more accomplishments powered by Bitcoin, because we fully embraced the future of money, Bitcoin.
Thank you so much. Go find your nearest Steak 'n Shake. Thank you.
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Keynote: Steak 'n Shake

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Keynote: Steak 'n Shake
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Biography of Deputy Attorney General Todd Blanche
The Honorable Todd Blanche is the 40th Deputy Attorney General of the United States, overseeing the work of the 115,000 dedicated employees who fulfill the Department of Justice’s mission at Main Justice, the FBI, DEA, U.S. Marshals, ATF, and 93 U.S. Attorney’s Offices.
Todd began his career at the Department where he served for over fifteen years in a variety of capacities, including as a contractor, a paralegal in the Criminal Division, and at the United States Attorney’s office for the Southern District of New York where he eventually became an AUSA and later a supervisor.
After leaving the Department, Todd worked as a criminal defense attorney that included representing President Donald Trump in three of the criminal cases brought against him in 2023 and 2024.
Following President Trump’s historic return to the White House, the President appointed Todd to work alongside Attorney General Pam Bondi to make America safe again. At the DOJ, Todd is working tirelessly to implement President Trump’s priorities that include confronting illegal protecting American businesses from fraud.
Todd has been married to his wonderful wife Kristine for nearly thirty years, is a father and grandfather.

Paul Atkins

Paul Atkins
Prior to returning to the SEC, Chairman Atkins was most recently chief executive of Patomak Global Partners, a company he founded in 2009. Chairman Atkins helped lead efforts to develop best practices for the digital asset sector. He served as an independent director and non-executive chairman of the board of BATS Global Markets, Inc. from 2012 to 2015.
Chairman Atkins was appointed by President George W. Bush to serve as a Commissioner of the SEC from 2002 to 2008. During his tenure, he advocated for transparency, consistency, and the use of cost-benefit analysis at the agency. Chairman Atkins also represented the SEC at meetings of the President’s Working Group on Financial Markets and the U.S.-EU Transatlantic Economic Council. From 2009 to 2010, he was appointed a member of the Congressional Oversight Panel for the Troubled Asset Relief Program.
Before serving as an SEC Commissioner, Chairman Atkins was a consultant on securities and investment management industry matters, especially regarding issues of strategy, regulatory compliance, risk management, new product development, and organizational control.
From 1990 to 1994, Chairman Atkins served on the staff of two chairmen of the SEC, Richard C. Breeden and Arthur Levitt, ultimately as chief of staff and counselor, respectively. He received the SEC’s 1992 Law and Policy Award for work regarding corporate governance matters.
Chairman Atkins began his career as a lawyer in New York, focusing on a wide range of corporate transactions for U.S. and foreign clients, including public and private securities offerings and mergers and acquisitions. He was resident for 2½ years in his firm's Paris office and admitted as conseil juridique in France.
A member of the New York and Florida bars, Chairman Atkins received his J.D. from Vanderbilt University School of Law in 1983 and was Senior Student Writing Editor of the Vanderbilt Law Review. He received his A.B., Phi Beta Kappa, from Wofford College in 1980.
Originally from Lillington, North Carolina, Chairman Atkins grew up in Tampa, Florida. He and his wife Sarah have three sons.

Mike Selig

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Chairman Selig brings to the role deep public and private sector experience working with a wide range of stakeholders across agriculture, energy, financial, and digital asset industries, which rely upon and operate in CFTC-regulated markets.
Prior to his leadership at the CFTC, Chairman Selig most recently served as chief counsel of the Securities and Exchange Commission’s Crypto Task Force and senior advisor to SEC Chairman Paul S. Atkins. In this role, Chairman Selig helped to develop a clear regulatory framework for digital asset securities markets, harmonize the SEC and CFTC regulatory regimes, modernize the agency’s rules to reflect new and emerging technologies, and put an end to regulation by enforcement. He also participated in the President’s Working Group on Digital Asset Markets and contributed to its report on “Strengthening American Leadership in Digital Financial Technology.”
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Chairman Selig earned his law degree from The George Washington University Law School and was articles editor of The George Washington Law Review. He received his undergraduate degree from Florida State University.

David Bailey

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Eric Trump

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A globally recognized business leader and public figure, Mr. Trump is a prominent advocate for Bitcoin and decentralized finance. He is a co-founder of World Liberty Financial, a decentralized finance (DeFi) platform, and serves on the Board of Advisors of Metaplanet, Japan’s largest corporate holder of Bitcoin.
Beyond his business activities, Mr. Trump has helped raise more than $50 million for St. Jude Children’s Research Hospital in the fight against pediatric cancer, a philanthropic mission he began at age 21.
Mr. Trump earned a degree in Finance and Management from Georgetown University. He currently resides in Florida with his wife, Lara, and their two children. He is also the author of Under Siege, his memoir published in October 2025.

Jack Mallers

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Cynthia Lummis

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Known as Congress' "Crypto Queen," Senator Lummis represents Wyoming — a state she has helped build into one of the most digital asset-friendly regulatory environments in the nation. Before serving in the Senate, she served 14 years in the Wyoming Legislature, eight years as Wyoming State Treasurer, and eight years in the U.S. House. She is a three-time graduate of the University of Wyoming.
Her work represents a crucial bridge between traditional financial systems and the emerging digital economy, ensuring America leads the world in financial innovation while protecting the individual freedoms that define it.

Adam Back

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Amy Oldenburg

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David Marcus

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Matt Schultz

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Fred Thiel

Fred Thiel
Throughout his career, Mr. Thiel has consistently driven rapid growth and created substantial shareholder value. Prior to MARA, Mr. Thiel served as the CEO of two other public companies, Local Corporation (NASDAQ: LOCM) and Lantronix, Inc (NASDAQ: LTRX). He has successfully raised billions in equity and debt through private and public offerings, led companies through IPOs, executed high-value exits to strategic and financial acquirers, and implemented effective M&A and roll-up strategies.
Mr. Thiel attended the Stockholm School of Economics and executive classes at Harvard Business School, and is fluent in English, Spanish, Swedish, and French. Mr. Thiel is the Chairman of the Board for Oden Technology, Inc. and is active in Young Presidents’ Organization where he has led initiatives in both the FinTech and Technology Networks.
A recognized voice in the industry, Fred frequently shares his insights on energy and technology with major media outlets like Bloomberg TV, CNBC, and FOX Business, contributing to vital discussions about the future of these sectors.

Tim Draper

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He is a supporter and global thought leader for entrepreneurs everywhere, and is a leading spokesperson for Bitcoin and decentralization, having won the Bitcoin US Marshall’s auction in 2014, invested in over 50 crypto companies, and led investments in Coinbase, Ledger, Tezos, and Bancor, among others.

Afroman




