Owner of Steak n Shake aims to raise $500M through stock sale.

Biglari Holdings, the parent company of Steak n Shake, is looking to raise $500 million through a stock sale. This move comes as the company’s stock has experienced substantial growth, doubling over the past year. The company has filed to sell 11.5 million shares, including 10 million Class B shares, 500,000 Class A shares, and 1 million preferred shares.

According to an SEC filing, the funds raised from this stock sale will be used to create a strategic reserve to support the company’s business and investment activities. This reserve is expected to bolster the company’s various businesses and provide the necessary capital for potential acquisitions. The filing highlights the benefits of having layers of liquidity and diverse cash streams from uncorrelated operations.

Biglari Holdings operates a portfolio of businesses, including the fast-food chain Steak n Shake and the buffet chain Western Sizzlin. Additionally, the company owns insurance subsidiaries and petroleum companies, as well as Maxim Magazine. Sardar Biglari, the company’s chairman, who controls 75% of its stock, is known for his activist investor role in other restaurant chains like Cracker Barrel and Jack in the Box.

The company’s profitability has been on the rise, with profits nearly doubling in the first nine months of 2025 to $12.4 million. The success of Steak n Shake has been a significant driver of this growth, with same-store sales soaring by 15.6% in the third quarter of the year. The introduction of fries cooked in beef tallow and the acceptance of bitcoin payments have contributed to the chain’s sales growth.

In an innovative move, Steak n Shake has added $10 million worth of bitcoin to its balance sheet and created a “strategic bitcoin reserve” for any bitcoin sales. Furthermore, the company announced a bitcoin bonus for hourly employees, giving them 21 cents in bitcoin for every hour worked.

Biglari Holdings’ stock performance and the success of Steak n Shake have set the stage for the company’s strategic capital raise through the stock sale. The company’s growth trajectory and expansion plans signal its readiness to capitalize on the current market opportunities and position itself for future acquisitions and investments.