Spanish coffee chain Vanadi Coffee has fallen into a 'death spiral.' Originally focused on the coffee business, the company transitioned into a Bitcoin reserve company in 2025 and currently holds 213 BTC. However, due to ongoing losses and financing pressures, it has been repeatedly issuing discounted convertible bonds to stay afloat, with its stock price down 74% this year. Approximately 61% of its BTC reserves have been pledged to the Spanish exchange Bit2Me as collateral for loans. The company estimates it will need around €65 million in financing over the next few months to maintain operations. (CriptoNoticias) https://(wublock123.com)/news/vanadi-coffee-bitcoin-treasury-death-spiral-60765