Shareholders of Spanish coffee chain Vanadi Coffee have approved a controversial $1.1 billion Bitcoin investment plan, as reported by The Block. The decision comes after the company reported a $3.7 million net loss in 2024 against just $2.28 million in revenue.
Chairman Salvador Martí spearheaded the proposal to transform the struggling coffee chain into a Bitcoin-first company, drawing inspiration from MicroStrategy’s treasury strategy. The funding will be raised through stock issuance and convertible bonds, with Bitcoin purchases scheduled to begin in tranches following final board approval on June 29, 2025.
Vanadi’s stock has plummeted 91.46% since its July 2023 debut, falling from €3.28 to €0.28 per share. This drastic pivot represents one of the largest corporate Bitcoin acquisition attempts by a non-crypto native company.
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The company operates just six physical locations across Spain, making the scale of its proposed Bitcoin investment particularly audacious. Martí defended the strategy as a “calculated risk for innovation and resilience” despite skepticism from financial analysts.
Vanadi’s planned $1.1 billion Bitcoin treasury would dwarf its current market capitalization. The company’s financial struggles contrast sharply with its ambitious crypto aspirations, creating a high-risk turnaround attempt.
Vanadi’s Financial Breakdown
| Metric | Value |
|---|---|
| 2024 Revenue | $2.28M |
| 2024 Net Loss | $3.7M |
| Stock Debut Price (Jul 2023) | €3.28 |
| Current Stock Price | €0.28 |
| Planned Bitcoin Investment | $1.1B |
Bitcoin Strategy Mechanics
The approved plan follows MicroStrategy’s playbook of using corporate treasury reserves for Bitcoin accumulation. Martí secured shareholder authorization to negotiate convertible financing instruments specifically for Bitcoin acquisition.
Implementation would position Vanadi among the top corporate Bitcoin holders globally. The company plans to begin purchasing immediately after the June 29 board meeting, using a dollar-cost averaging approach to mitigate market volatility.
This strategy represents a fundamental shift from Vanadi’s core coffee business model. The company’s pivot reflects growing corporate interest in Bitcoin as a treasury reserve asset following U.S. spot Bitcoin ETF approvals.
Market Implications
Vanadi’s gamble could influence other struggling firms to consider similar high-risk crypto pivots. The move coincides with increasing institutional adoption, including the U.S. government’s strategic Bitcoin reserve initiatives.
Successful implementation might pressure competitors to allocate treasury reserves to digital assets. However, the company’s financial vulnerability raises concerns about execution capability given its modest revenue stream.
Market analysts are monitoring whether Vanadi’s stock issuance can attract sufficient investor interest to fund the ambitious plan. The outcome could signal market appetite for Bitcoin-centric business transformations.
Corporate Bitcoin adoption continues gaining momentum despite regulatory uncertainties. Vanadi’s case tests whether non-tech companies can leverage cryptocurrency strategies for financial recovery.
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The approval positions Vanadi Coffee as a case study in corporate Bitcoin adoption, with potential to influence both cryptocurrency markets and traditional business restructuring approaches. Success could validate Bitcoin as a viable treasury asset for distressed companies, while failure may cool similar ambitions industry-wide.
- Bitcoin-first company
- A business that prioritizes Bitcoin acquisition as core treasury strategy, often allocating substantial reserves to cryptocurrency over traditional assets.
- Convertible bonds
- Debt securities that can be converted into predetermined shares of stock, used here to fund Bitcoin purchases without immediate equity dilution.
- Spot Bitcoin ETF
- Exchange-traded fund tracking Bitcoin’s market price, whose U.S. approval paved way for institutional adoption like Vanadi’s strategy.
