Spanish Coffee Chain Vanadi Falls into 'Death Spiral' One Year After Transitioning to Bitcoin Treasury Model

According to CriptoNoticias, Spanish coffee chain Vanadi has fallen into a 'death spiral' one year after venturing into Bitcoin. The company transitioned to a Bitcoin treasury model in 2025 and currently holds 213 BTC, but reported a $7.8 million loss in 2025. To sustain operations, Vanadi has issued a large number of convertible bonds, offering a 5% discount below market price for conversion into shares, which led to a 74% stock price drop within the year and the issuance of an additional 98.1 million shares, causing severe dilution for investors. The company faces an urgent payment gap of €1.4 million and will require €65 million in financing over the coming months. Although it claims to hold 213 BTC, 61% (130.18 BTC) is locked as collateral on the Spanish exchange Bit2Me, leaving the company unable to freely access these funds.