Ailing Coffee Company In Spain Boosts Treasury With Bitcoin

• Spain’s Vanadi Coffee is gradually loading up on Bitcoin to boost its treasury amid struggles in its earnings last year.
• The coffee chain already holds 54 BTC.

Vanadi Coffee takes a page from Strategy (formerly MicroStrategy) and Metaplanet’s playbooks. The small publicly-listed coffee chain in Spain is diversifying its treasury with Bitcoin (BTC) as its main asset to jumpstart its ailing business.

Vanadi Coffee Accumulates 54 Bitcoin

According to Vanadi’s filing with the BME Growth on Sunday, a SIX company, it recently added 20 BTC for around €1.87 million (approximately $2.16 million at prevailing foreign exchange rates) to its treasury. The numbers reflect an average purchase price of €93,444 ($109,627). This increases its overall holdings to 54 BTC.

The company didn’t mention in the document the total amount it already invested in Bitcoin. However, at today’s average trading of $108,000 per BTC, its holdings of the world’s largest digital asset by market cap are now worth over €4.97 million ($5.83 million).

ADVERTISEMENTVandi’s Bitcoin holdings are under the custody of Bit2Me, a Spain-based exchange. It made the report in compliance with BME Growth’s Circular 3/2020, the EU’s Article 17 of Regulation (EU) No. 596/2014 on market abuse, and Article 227 of Law 6/2023 on Securities Markets and Investment Services.

Emulating Strategy and Metaplanet’s Success

Vanadi didn’t mince words in its privileged information to shareholders: it wants to become Spain’s “largest listed Bitcoin company.” It revealed that it has already begun working on its BTC strategy since April and is taking the necessary negotiations to establish the financing facilities it needs to support the strategic shift in its business model. Shareholders approved the proposal in a meeting yesterday.

The coffee chain, with a €4.8 million ($5.63 million) market cap, has recently struggled to meet its targets based on CincoDias’ report. In 2024, it posted losses amounting to €3.3 million ($3.87 million), which was 15.8% worse than the previous year. Sales also slumped by 1.2% to €2 million ($2.35 million).

ADVERTISEMENTMeanwhile, the company’s accumulated losses have already surpassed its total assets by €600,000 ($703,911). The situation led to auditors sounding the alarm over the long-term viability of the business.

Along the way, Vanadi admitted copying a page from Strategy and Metaplanet’s Bitcoin treasury schemes to save its business. It plans to issue convertible bonds, capital raises, asset sales, and cash flow restructuring to meet its BTC targets and facilitate further growth in its operations.

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