Vanadi Coffee, the publicly listed Spanish cafe chain, has added another 10 Bitcoin to its corporate treasury, pushing its total holdings to 223 BTC. For a company that operates six coffee shops in southeastern Spain, that’s a staggering amount of digital gold sitting next to the espresso machines.
Vanadi Coffee reported operating losses totaling €3.3 million for the year 2024. Rather than doubling down on the cafe business, the company chose a radically different path: transform the treasury into a Bitcoin accumulation vehicle while maintaining the existing cafe operations.
Vanadi Coffee began accumulating Bitcoin after shareholders approved a treasury pivot in June 2025. The purchase continues a steady accumulation strategy that has increased holdings to 223 BTC. Custody of the Bitcoin is handled through Bit2Me, a Spanish crypto platform. The company is listed on the BME Growth market under the ticker VANA.MC and operates six cafes in the Alicante region.
The purchase continues a steady accumulation strategy that began after shareholders approved a Bitcoin treasury pivot in June 2025. As of late March 2026, the company’s prior 213 BTC stash was valued at roughly $12.7 million, with an average acquisition cost of approximately $99,548 per coin. Custody of the Bitcoin is handled through Bit2Me, a Spanish crypto platform.
The €1 billion investment framework approved by shareholders creates optionality for future purchases, but it also raises questions about financing. How does a small cafe chain fund Bitcoin purchases at that scale? Equity dilution, debt, or reinvesting operating cash flow from six cafes are the obvious options, and none of them are painless for existing shareholders.
At an average cost of roughly $99,548 per Bitcoin, the company’s break-even is essentially at the $100,000 level. Any sustained move above that price makes the treasury strategy look smart. Any sustained move below it, and a company already carrying €3.3 million in operating losses starts to look increasingly fragile.
The biggest risk factor to watch isn’t Bitcoin’s price volatility. It’s whether Vanadi can maintain its cafe operations as a going concern while its financial identity increasingly revolves around a digital asset.
The reported numbers underscore a strategy that ties the cafe chain’s fortunes to the performance of Bitcoin. The approach hinges on continued access to capital for future purchases and maintaining profitable cafe operations alongside the treasury accumulation. The break-even around $100,000 per BTC means sustained gains above that level would validate the treasury strategy, while prolonged weakness could exacerbate existing operating losses and testing the company’s ability to fund its ambitions without compromising its core business.
