Shareholders of struggling Spanish chain Vanadi Coffee back €1 billion Bitcoin plan

Shareholders of Vanadi Coffee, a small publicly-listed chain that operates six cafes in Alicante, Spain, voted on June 29 to approve a plan to invest up to €1 billion in Bitcoin (about $1.17 billion USD), aiming to deepen its position as Spain's largest company with a Bitcoin treasury. 

Vanadi, which has already acquired 54 BTC (about $5.8 million at current prices) as part of the plan, according to a recent filing , has seen its shares on BME Growth more than triple in the month of June after announcing the plan. The company had struggled in 2024, posting losses of €3.3 million, 15.8% more than the previous year. 

"Similar to companies such as MicroStrategy or Metaplanet, Vanadi Coffee redefines its business model and will use Bitcoin as its main reserve asset and accumulate large amounts of Bitcoin as part of its treasury," a translation of the company's announcement reads. 

In May, the company announced two investment proposals of up to €50 million, one from a software consulting sole proprietorship based in Alicante, and another from a family office, Alpha Blue Ocean, which has invested over €1.5 billion in 15 countries, according to the firm's website . Vanadi has partnered with Bit2Me as its exclusive liquidity and custody provider. 

Vanadi's plan follows a host of other recent Bitcoin treasury plays across the world; crypto custody company Bakkt also recently announced a plan to acquire as much as $1 billion in BTC. However, Vanadi's small size and relative inexperience in the crypto industry might prove a hurdle to its grand ambitions.