Vanadi Coffee, a small café chain with just six stores in Spain, is planning to invest up to €1 billion (about $1.17 billion) in Bitcoin
This decision comes after Vanadi Coffee recorded a €3.9 million loss last year. Although revenue has grown, the business is still losing money and has very limited cash available.
These details come from filings on BME Growth, Spain’s stock market for smaller companies.
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The company wants to make Bitcoin the main asset in its treasury. A filing written in Spanish said Vanadi Coffee hopes this change will help reshape its business strategy.
Vanadi Coffee purchased 20 more Bitcoin in June, and by the end of the month, it held a total of 54 Bitcoins. These assets are being kept with Bit2Me, a local crypto platform registered with Spain’s central bank.
Additionally, Vanadi Coffee’s board can issue convertible debt and new shares, a strategy similar to one used by Strategy’s Michael Saylor.
The new plan gives the board the ability to increase the company’s capital by up to 50%. It also allows them to skip offering part of the new shares to existing shareholders, which means current investors could see their ownership reduced.
Additionally, up to 5% of any funds raised can be allocated to fees for intermediaries, including board members.
Meanwhile, The Smarter Web Company secured $56.6 million in new funding after purchasing a large amount of Bitcoin. What is the funding for? Read the full story.
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