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From Lattes to Lightning: Struggling Spanish Coffee Chain Bets €1 Billion on Bitcoin Comeback
A struggling Spanish coffee chain has decided to make an unprecedented pivot into cryptocurrency territory. Vanadi Coffee SA, which posted a net loss of $3.7 million in 2024, plans to invest approximately €1 billion ($1.1 billion) in Bitcoin. The move represents a dramatic shift from brewing espresso to hodling digital gold.
The company’s financial situation paints a challenging picture. Since its IPO, Vanadi’s stock has plummeted by approximately 91%, tumbling from €3.28 to around €0.28 per share. With revenue of just $2.28 million against substantial losses, the Barcelona-based chain implemented a 10-to-1 reverse stock split to stabilize its share price. Management doesn’t expect profits until 2027, when they project a modest gross operating profit of at least €23,000.
Despite these headwinds, Vanadi is pushing forward with ambitious expansion plans. The company aims to open three additional locations by the end of 2025 and reach 15 total stores by 2026. Currently operating six locations including one bakery and five cafes, Vanadi continues its physical expansion alongside its digital transformation. The board will review Chairman Salvador Martí’s proposal on June 29, 2025. However, the real gamble lies in their “crypto-first” business model transformation.
The Bitcoin investment strategy involves purchasing the cryptocurrency in tranches to minimize market impact. Funding will come through stock issuance and potentially convertible bonds. The company views Bitcoin as both a strategic treasury reserve and an inflation hedge. Think of it as trading coffee beans for digital beans that might actually appreciate in value.
This bold move follows a growing corporate trend. Companies like Tesla and Block have already added Bitcoin to their balance sheets. If successful, Vanadi would become a significant Bitcoin holder in Europe. The strategy aims to attract tech-savvy customers who might appreciate their morning latte served with a side of blockchain philosophy. Unlike holding stablecoins like USDT which maintain dollar parity, Vanadi’s Bitcoin bet exposes them to significant price swings that could either rescue or ruin the company.
Initial market reception showed promise. When Vanadi’s chairman purchased 5 BTC, the stock price briefly increased. However, the company’s fortunes now tie closely to Bitcoin’s notorious volatility.
Whether this pivot transforms Vanadi from a struggling café chain into a crypto success story remains to be seen. One thing’s certain: they’re betting the farm on digital currency over cappuccinos.
