The trend of bitcoin as a corporate reserve asset intensifies. Vanadi Coffee, a Spanish coffee and restaurant franchise, is preparing to discuss a pivot towards bitcoin that would entail an investment of over $1 billion in BTC.

Local media reports reveal that the company is ready to introduce this proposal this month, as it seeks to improve its troubled financial standing. The chain, which has six locations across Spain, debuted on the stock market in 2023 and has shed nearly 99% of its market value.

To raise the funds needed to execute these purchases, the company will likely follow Strategy’s playbook, issuing bonds. Nonetheless, the final decision and fundraising method will be decided by shareholder vote when considering this subject.

If the company succeeds, the move would take Vanadi Coffee to become one of the largest bitcoin holders in Europe. In May, the company received two proposals from two different investors, Patblasc Software Consulting and WGTO Securitisation Fund, to purchase up to 100 million euros in BTC.

The company has already dipped its toes in bitcoin, having recently acquired 5 BTC for over half a million dollars. The move has been qualified as surprising by local analysts, who consider this proposal a Hail Mary for a company that has been unsuccessful in its original form, losing 3.3 million euros last year, and is now changing its focus to reìgnite the interest of potential investors.

While Vanadi Coffee’s stock price increased as a result of this announcement, almost doubling in a session, prices have since gone down. This might indicate investors are hesitant to bankroll the company and expect the decision on the bitcoin pivot proposal to be considered in a shareholders’ meeting on June 29.

Read more: Strategy’s Bitcoin Stack Hits 580,955 BTC After New Acquisition

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