Sardar Biglari, Chairman and CEO of Biglari Holdings (NYSE:BH), acquired 2,221 Class B shares in multiple open-market transactions between Dec. 8, 2025 and Dec. 10, 2025. The total consideration was $705,671.28, according to a SEC Form 4 filing.
The transaction involved three separate purchases. The weighted average purchase price was $317.73 per share.
Following these transactions, direct ownership by Biglari remained unchanged at one share. All newly acquired shares were held indirectly through The Lion Fund, L.P., a company that served as a general partner. The purchase represented 0.17% of Biglari Holdings' aggregate indirect holdings at the time.
The 2,221-share purchase was smaller than the historical median for all insider transactions at the company, which is 3,271 shares.
Biglari continued purchasing Class B shares of Biglari Holdings throughout 2025. The most recently reported transaction prior to this filing occurred on Dec. 17, 2025, where he purchased 3,084 shares indirectly, worth nearly $1 million at that time.
Class B shares of the company have experienced significant growth. The stock's price surged approximately 30% in 2025. As of Jan. 12, 2026, share prices are up nearly another 30% year-to-date.
Biglari Holdings is a diversified holding company with core operations in the restaurant industry. It also has interests in insurance, energy, and media. The company operates and franchises restaurants under the Steak 'n Shake and Western Sizzlin brands.
The holding company offers two distinct classes of shares. Class A shares hold voting power, with one Class A share designed to be equivalent to around five Class B shares. Class B shares are the more commonly traded shares by volume.
Most interestingly, Biglari's subsidiary, Steak 'n Shake, saw significant sales growth in its fourth quarter in 2025. The company began accumulating Bitcoin in its reserves and introduced a Bitcoin-themed burger around that period. The subsidiary plans to continue adapting to the integration of digital assets.