Bitcoin Treasury Companies (BTCs) are in the spotlight as more businesses pivot to full crypto accumulation as their main activity or switch to holding digital assets as a complement to their business model. Vanadi Coffee, a coffee shop and restaurant chain with six locations across Spain, has received approval to become a bitcoin accumulation company, prompting its board to expedite operations for this pivot.

In a release posted on social media, Vanadi Coffee announced that shareholders unanimously approved the proposal, agreeing to “delegate to the Board of Directors the authority to negotiate one or more convertible financing lines to finance the implementation of the aforementioned bitcoin accumulation strategy up to a maximum limit of 1 billion euros.”

Backing this move, the company stated:

Vanadi Coffee is committed to blockchain technology as a pillar of the global economic future. Investing in Bitcoin is a long-term commitment to a new decentralized financial model. Vanadi Coffee is diversifying its business into Bitcoin investment and management and other cryptocurrency-related areas.

Vandi Coffee, listed in the BME Spanish stock exchange, had reported its intention to make this change pending shareholder approval earlier this month, having already received several financing proposals for executing this strategy.

The company has moved quickly following this decision and reported one of its first bitcoin purchases, filing a document that reports this movement to the Spanish stock exchange.

Vanadi Coffee disclosed that, following its new treasury management strategy, it has acquired 20 bitcoin with an average purchase price of 93,444 euros. Furthermore, it clarifies that it now has 54 bitcoin in its balance sheet and that its cryptocurrency holdings are under the custody of Bit2me, a Spain-based cryptocurrency exchange.

Read more: Hail Mary in Crypto: Spanish Coffee Chain Plans Massive Bitcoin Treasury—Will It Work?

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