On June 29, shareholders of Vanadi Coffee (VANA), a publicly listed Spanish coffee chain, voted unanimously to sanction a strategic investment of up to €1 billion, about $1.17 billion, in Bitcoin (BTC). The move aims to diversify the cash-strapped company’s asset holdings, hedge against inflation, and position it as the largest Bitcoin treasury entity in Spain.
Salvador Marti, chairman of Vanadi Coffee, proposed the plan to the board of directors on June 3 to transform the fate of the struggling coffee chain, which posted losses totaling $3.9 million against just $2.28 million in revenue in 2024, into a Bitcoin-first brand. He plans to raise funds to acquire Bitcoin through stock issuance and convertible bonds, drawing inspiration from Michael Saylor’s approach at Strategy (formerly MicroStrategy).
Spanish Coffee Brand Vanadi Adopts $1B Bitcoin Treasury Strategy, Purchases 54 BTC for $5.8M in June
Marti even made the first investment himself, buying 5 BTC for roughly $500,000 two weeks before putting forward his proposal. According to a recent filing, Vanadi has already acquired 54 BTC, worth about $5.8 million at current prices, which resulted in VANA shares on BME Growth tripling in value this month.
In May, the company announced two investments of up to €50 million, one from a software consulting firm in Alicante, the part of Spain where Vanadi is based, and another from Alpha Blue Ocean, a family office with billion-euro investments in 15 countries.
Bit2Me, a local crypto exchange registered with the Bank of Spain, has signed on to serve as the exclusive liquidity and custody provider for Vanadi’s Bitcoin.
A recent report by Spanish stock exchange Bolsas y Mercado Españoles (BME) showed that despite growing revenue, the coffee chain operating six outlets across the country remains cash-strapped, struggling with negative operating cash flow and thin liquidity. Its stock has plummeted 91.46% since debuting on the BME in July 2023, falling from €3.28 to its current price of €0.28 per share.
With the Bitcoin treasury strategy, Vanadi is seeking to redefine its business model and use the flagship crypto as its “primary reserve asset” and accumulate large amounts as part of its financial strategy. This drastic pivot represents one of the largest corporate Bitcoin acquisition attempts by a non-crypto native entity.
Experts Call Out Vanadi for Using Bitcoin as Leverage While Ignoring Troubles In Core Business Model
Financial analysts have called Vanadi’s proposed Bitcoin investment “audacious” and a “gimmick” that is most likely to fail. Andrew Bailey of the Bitcoin Policy Institute stated that a badly run business does not become a good one just because it is acquiring “sound money”.
The senior fellow at the Bitcoin advocacy group highlighted that, compared to Strategy, which targets institutional fixed-income investors already holding billions of dollars in assets with its stock options, Vanadi is a “gimmick”. While it’s easier to triple holdings when starting with a small amount of BTC, the underlying problems experienced by its core business remain a problem for the coffee company, Bailey explained.
Market analysts are closely monitoring whether Vanadi’s stock issuance can attract sufficient investor interest to fund its ambitious plan.
The Vanadi board has received authorization to increase capital by up to 50% and exclude preemptive subscription rights for 20% of the new shares. The company will pay up to 5% in commissions to intermediaries, including its board members, for the capital raised under the Bitcoin financing strategy. It plans to implement dollar-cost averaging tactics to mitigate market volatility.
Cash-Strapped Publicly Listed Companies Regard Bitcoin as Last Option to Remain Operational
Vanadi’s planned $1.1 billion BTC treasury would dwarf its current market capitalization of just $3.43 million, and the implementation would position it among the top corporate holders of Bitcoin globally.
The coffee brand’s gamble could influence other distressed businesses to consider pivoting to Bitcoin as a safety net, and successful implementation could pressure competitors to allocate their reserves to the apex crypto.
Despite regulatory uncertainties and market risks, corporate Bitcoin adoption continues to gain momentum. Last week, Australian biotech firm Opyl Limited (OPL.AX) announced the adoption of a Bitcoin treasury strategy to stay afloat.
The struggling Melbourne-based company’s bid comes as it ended Q1 2025 with just $42,880 in cash and a funding runway of less than a month after burning through over $174,200 during the quarter that ended in March.
Opyl purchased approximately 2 BTC for AU$330,000, roughly $214,500, through the DigitalX Bitcoin ETF listed on the Australian Stock Exchange (ASX). Its stock surged by more than 47% on the day as investors reacted positively to the news. The AXS-listed firm’s acquisition is backed by a $1.3 million (AU$2 million) loan facility provided by non-executive director Antanas Guoga, which is secured against the Bitcoins at 6.5% interest.
While the amount remains relatively low compared to other companies employing a similar strategy, Opyl said the move reflects its commitment to “aligning shareholder value creation” and would eventually strengthen its treasury diversification. OPL.AX remains down over 68% from its all-time high five years ago.
GameStop and Semler Scientific are other examples of companies grappling with declining revenues that have begun accumulating Bitcoin as a reserve asset, believing that it may be their last opportunity to remain operational.
At the time of writing, Bitcoin (BTC) is trading at $108,222, up 0.81% in the last 24 hours.
