Vanadi Coffee’s journey into the world of digital assets began earlier this year when it acquired its first 5 BTC at an average price of €98,896 each. This initial purchase was followed by an additional 20 BTC, bringing the company’s total holdings to 54 BTC, valued at approximately €5.8 million. The decision to increase Bitcoin holdings was formalized during a recent shareholders’ meeting, where the Board of Directors received authorization to execute the Bitcoin accumulation strategy and seek the required financing for the transition.
This strategic shift aims to transform Vanadi Coffee from a traditional coffeehouse chain into a “crypto-first” company, similar to the approach taken by firms like MicroStrategy. By adopting Bitcoin as its primary reserve asset, Vanadi Coffee seeks to diversify its treasury holdings and potentially capitalize on the digital currency’s long-term value proposition.
However, this ambitious plan has raised eyebrows among industry observers. Critics point out that Vanadi Coffee’s market capitalization stands at just €4.8 million, and the company reported a net loss of €3.3 million in 2024. Despite these financial challenges, the company’s leadership is optimistic that this bold move will reinvigorate investor interest and position Vanadi Coffee as a leader in the emerging field of corporate cryptocurrency adoption.
Vanadi Coffee’s Strategic Shift
Vanadi Coffee, a modest Spanish café chain with six locations in Alicante, has embarked on an ambitious journey to transform its financial strategy by embracing Bitcoin as a primary reserve asset. This decision, approved by shareholders on June 29, 2025, marks a significant departure from traditional business models and positions the company at the forefront of corporate cryptocurrency adoption in Spain.
The company’s initial foray into Bitcoin began earlier this year when it acquired its first 5 BTC at an average price of €98,896 each. This move was followed by the purchase of an additional 20 BTC, bringing the total holdings to 54 BTC, valued at approximately €5.8 million. The decision to increase Bitcoin holdings was formalized during a recent shareholders’ meeting, where the Board of Directors received authorization to execute the Bitcoin accumulation strategy and seek the necessary financing for the transition.
This strategic shift aims to transform Vanadi Coffee from a traditional coffeehouse chain into a “crypto-first” company, similar to the approach taken by firms like MicroStrategy. By adopting Bitcoin as its primary reserve asset, Vanadi Coffee seeks to diversify its asset portfolio and potentially capitalize on the long-term value proposition of digital currencies.
However, this ambitious plan has raised eyebrows among industry observers. Critics point out that Vanadi Coffee’s market capitalization stands at just €4.8 million, and the company reported a net loss of €3.3 million in 2024. Despite these financial challenges, the company’s leadership is optimistic that this bold move will reinvigorate investor interest and position Vanadi Coffee as a leader in the emerging field of corporate cryptocurrency adoption.
As Vanadi Coffee embarks on this transformative journey, it will be closely watched by both supporters and skeptics alike. The company’s ability to navigate the complexities of cryptocurrency investment, regulatory compliance, and market volatility will determine the success of this daring venture.
Financial Context and Challenges
Vanadi Coffee’s decision to invest up to €1 billion in Bitcoin is not merely a strategic pivot but a response to pressing financial realities. In 2024, the company reported a net loss of €3.3 million, a 15.8% increase from the previous year. This downturn was primarily attributed to rising competition and escalating operating costs, particularly the increasing cost of coffee.
The company’s financial strain is further underscored by its market capitalization, which stands at approximately €3.43 million as of late June 2025. This valuation is notably lower than the €20.1 million valuation at the time of its debut on BME Growth in July 2023. Such a significant decline in market value highlights the challenges Vanadi Coffee faces in regaining investor confidence and financial stability.
Additionally, Vanadi Coffee’s equity position is concerning. The company reported a negative net equity of €600,000, indicating that its liabilities exceed its assets. This imbalance poses risks to the company’s solvency and underscores the urgency of finding alternative revenue streams.
In response to these challenges, Vanadi Coffee has undertaken a series of strategic measures. These include the selective closure of three unprofitable coffee shops in 2024, which, while reducing losses, also hindered revenue growth. Despite these efforts, recurring EBITDA remained negative at €1.4 million in 2024, though an improvement from the €2.0 million loss in 2023.
Furthermore, the company has faced difficulties in securing financing for its expansion plans. A proposed agreement with Dubai-based investment fund GCFO for €10 million in equity financing until 2028 has been hindered by the company’s negative equity position. This financial instability has led to a downward revision of Vanadi Coffee’s expansion plans, with the number of new store openings reduced from 27 to 9 in 2025.
The combination of operational challenges, declining market value, negative equity, and financing difficulties has created a precarious financial situation for Vanadi Coffee. The company’s bold move to invest in Bitcoin represents an attempt to leverage the potential of digital assets to stabilize and grow its financial position. However, this strategy carries inherent risks, including exposure to cryptocurrency market volatility and regulatory uncertainties, which could further impact the company’s financial health.
Shareholder Approval: A Pivotal Moment in Vanadi Coffee’s Transformation
On June 29, 2025, Vanadi Coffee, a modest Spanish café chain with six locations in Alicante, achieved a significant milestone by securing shareholder approval for its ambitious plan to invest up to €1 billion in Bitcoin. This decision marks a pivotal shift in the company’s financial strategy, aiming to position Vanadi Coffee as Spain’s largest publicly listed Bitcoin holder.
The approval was granted during a shareholders’ meeting where the Board of Directors presented a comprehensive proposal outlining the strategic shift towards cryptocurrency adoption. The plan includes the acquisition of Bitcoin as a primary reserve asset, mirroring the approach taken by companies like MicroStrategy. To facilitate this transition, the board was authorized to execute the Bitcoin accumulation strategy and seek the necessary financing.
The shareholder approval reflects a collective recognition of the potential benefits associated with integrating Bitcoin into the company’s treasury management. By diversifying its asset portfolio, Vanadi Coffee aims to hedge against economic uncertainties and capitalize on the long-term value proposition of digital currencies. This move also aligns with a broader trend among corporations worldwide exploring cryptocurrencies as part of their financial strategies.
In line with best practices, Vanadi Coffee has partnered with Bit2Me, a leading digital asset service provider in Spain, to ensure the secure custody of its Bitcoin holdings. This collaboration underscores the company’s commitment to safeguarding its digital assets and adhering to regulatory standards. The decision to utilize Bit2Me’s custody services also underscores Vanadi Coffee’s strategic approach to integrating cryptocurrency into its operations.
To fund the Bitcoin acquisition, Vanadi Coffee plans to utilize convertible bonds and capital increases. Notably, investment proposals from Patblasc Software Consulting and Alpha Blue Ocean have been considered, with the latter offering significant financial backing. These funding avenues are contingent upon shareholder approval and aim to provide the necessary capital for the company’s strategic transformation.
Following the announcement, Vanadi Coffee’s stock price experienced a notable surge, reflecting investor optimism about the company’s new direction. The integration of Bitcoin into its financial strategy positions Vanadi Coffee as a forward-thinking entity in the evolving landscape of corporate finance. As the company progresses with its plans, it will be closely monitored by industry observers and stakeholders.
Custody and Security of Acquired Bitcoin
As Vanadi Coffee embarks on its ambitious journey to integrate Bitcoin into its corporate treasury, ensuring the security and proper custody of its digital assets becomes paramount. To this end, the company has partnered with Bit2Me, a prominent Spanish digital asset service provider, to safeguard its Bitcoin holdings.
Bit2Me offers a specialized cold storage service known as Bit2Me Custody, designed to provide institutional-grade security for digital assets. This service employs a multi-signature model, requiring multiple authorizations for transactions, and utilizes cryptographic techniques to ensure the integrity and safety of the assets. Additionally, the assets stored with Bit2Me Custody are insured up to €150 million, providing an added layer of protection against potential risks.
By entrusting its Bitcoin holdings to Bit2Me Custody, Vanadi Coffee aims to mitigate the risks associated with digital asset storage, such as hacking, fraud, and internal mismanagement. This partnership reflects the company’s commitment to adhering to best practices in digital asset management and aligns with regulatory standards set by the Bank of Spain.
The decision to utilize Bit2Me’s custody services also underscores Vanadi Coffee’s strategic approach to integrating cryptocurrency into its operations. By ensuring the secure storage of its Bitcoin holdings, the company can focus on executing its broader business objectives, including potential capital raises and expansion plans. This move positions Vanadi Coffee as a forward-thinking entity in the evolving landscape of corporate cryptocurrency adoption.
Financing the Bitcoin Acquisition
Vanadi Coffee’s ambitious plan to invest up to €1 billion in Bitcoin is not merely a strategic pivot but a financial endeavor that requires substantial capital. Given the company’s current financial position, characterized by a market capitalization of approximately €4.8 million and a reported net loss of €3.3 million in 2024, securing the necessary funds presents a significant challenge.
To finance this bold move, Vanadi Coffee has proposed a combination of convertible bonds and capital increases. The company plans to issue convertible bonds, which would allow investors to convert their debt into equity at a later date, providing immediate capital while potentially diluting existing shareholders in the future. Additionally, capital increases would involve issuing new shares to raise funds, further diluting current ownership but providing essential liquidity.
Two significant investment proposals have been considered to support this financing strategy. The first is from Patblasc Software Consulting, a small software consultancy based in Alicante, offering €50 million through convertible bonds. The second is from Alpha Blue Ocean, an international investment firm, proposing a €50 million investment via its Global Tech Opportunities 10 fund. Alpha Blue Ocean has previously invested in other Spanish companies, such as Intercity and Substrate AI, and has a history of supporting firms in financial distress.
However, these financing options are not without their challenges. The company’s negative net equity of €600,000 and declining share price—down approximately 90% from its initial listing—raise concerns about the attractiveness of these investment opportunities to potential investors. Moreover, the involvement of Alpha Blue Ocean, with its history of investing in underperforming companies, may not inspire confidence among all stakeholders.
Comparison with Other Corporate Bitcoin Adopters
Vanadi Coffee’s decision to invest up to €1 billion in Bitcoin is a bold move, but how does it compare to other corporate Bitcoin adopters? Let’s examine some notable examples:
MicroStrategy
MicroStrategy is the largest corporate holder of Bitcoin globally, holding approximately 471,107 BTC as of February 2025. The company started acquiring Bitcoin in 2020, using a combination of equity and debt financing. Its stock price is now closely correlated to Bitcoin’s performance, transforming MicroStrategy into a “Bitcoin proxy.” Despite this, the company’s market capitalization has surged to over $90 billion, far surpassing the value of its Bitcoin holdings.
Tesla
Tesla, the electric vehicle company, holds 11,509 BTC as of December 31, 2024. Tesla made its initial Bitcoin purchase in early 2021 but has since adjusted its holdings, selling a portion in 2022 while retaining a smaller amount. Unlike MicroStrategy, Tesla’s core business remains centered on electric vehicles, with Bitcoin holdings acting as a secondary investment. Tesla’s market cap exceeds $1 trillion, vastly higher than its Bitcoin holdings.
Metaplanet
Metaplanet, a Japanese company, holds 12,345 BTC, surpassing Tesla’s holdings. The company plans to hold up to 1% of Bitcoin’s total supply by 2027. Metaplanet has raised $5 billion in equity to support its Bitcoin acquisition strategy, signaling a long-term commitment to cryptocurrency.
Vanadi Coffee
Vanadi Coffee has acquired 54 BTC and plans to invest up to €1 billion in Bitcoin. The company intends to finance this through convertible bonds and capital increases, though it faces significant financial instability. Vanadi Coffee reported a net loss of €3.3 million in 2024 and has a negative net equity of €600,000. The company’s market capitalization is €4.8 million, making its Bitcoin holdings a much smaller portion of its overall financial portfolio compared to its peers.
Implications for the Spanish and European Markets
Vanadi Coffee’s decision to invest up to €1 billion in Bitcoin represents a significant development in the European corporate landscape, particularly within Spain. This bold move positions the company to potentially become Spain’s largest publicly listed Bitcoin holder, following a strategy similar to that of U.S.-based MicroStrategy.
The announcement has already begun to influence market dynamics. Vanadi Coffee’s stock price experienced a substantial increase, more than tripling in value in June 2025. This surge indicates a growing investor appetite for companies that integrate digital assets into their financial strategies. This trend is not isolated. Globally, corporations are increasingly exploring cryptocurrencies as part of their treasury management strategies. Companies like Tesla and Coinbase have made significant investments in Bitcoin, and firms such as Bakkt have announced plans to purchase substantial amounts of Bitcoin.
Vanadi Coffee’s initiative could serve as a catalyst for other European companies to consider integrating Bitcoin into their financial strategies. If successful, this move might inspire other small- to mid-sized firms to adopt similar approaches, potentially accelerating the adoption of digital assets in corporate treasuries across Europe. However, this shift also brings about regulatory considerations. The European regulatory environment for cryptocurrencies is evolving, and companies like Vanadi Coffee must navigate these changes to ensure compliance.
Risks and Considerations
Vanadi Coffee’s decision to invest up to €1 billion in Bitcoin is a bold move that carries significant risks and considerations. Understanding these factors is crucial for stakeholders evaluating the company’s strategic direction.
Financial Instability
Vanadi Coffee reported a loss of €3.3 million in 2024, a 15.8% increase from the previous year, indicating ongoing financial instability. The company’s net equity is negative, amounting to €600,000, which raises concerns about its financial health and ability to sustain such a large investment.
Lack of Experience in Crypto Treasury Management
Unlike companies with tech-focused leadership and extensive experience in capital markets, Vanadi Coffee lacks expertise in cryptocurrency treasury management. This inexperience could expose the company to volatility and regulatory scrutiny, making the proposed Bitcoin investment a high-risk endeavor.
Dilution of Shareholder Value
To finance the Bitcoin acquisition, Vanadi Coffee plans to issue convertible bonds and increase capital, which could lead to significant dilution of existing shareholders. In 2024, minority shareholders experienced a 43% dilution, and further dilution is expected if additional financing is required.
Regulatory Challenges
The regulatory climate for digital assets in Spain is evolving, adding another layer of complexity to the company’s plans. Vanadi Coffee must navigate these regulatory challenges to ensure compliance and avoid potential legal issues.
Market Volatility
The cryptocurrency market is known for its volatility, and the value of Bitcoin can fluctuate significantly over short periods. Vanadi Coffee will need to carefully manage these risks to ensure that the investment aligns with its overall financial goals.
Future Outlook
The future of Vanadi Coffee hinges on the successful execution of its Bitcoin investment strategy. While the move presents opportunities for innovation and growth, it also introduces significant risks. The company’s ability to manage these challenges will determine whether its bold strategy leads to a new era of success or becomes a cautionary tale in corporate cryptocurrency adoption.
