Vanadi Coffee, the publicly listed Spanish cafe chain, has added another 10 Bitcoin to its corporate treasury, pushing its total holdings to 223 BTC. For a company that operates six coffee shops in southeastern Spain, that’s a staggering amount of digital gold sitting next to the espresso machines.

The purchase continues a steady accumulation strategy that began after shareholders approved a Bitcoin treasury pivot in June 2025. As of late March 2026, the company’s prior 213 BTC stash was valued at roughly $12.7 million, with an average acquisition cost of approximately $99,548 per coin.

A cafe chain with a MicroStrategy playbook

Vanadi Coffee is a chain of cafes in the Alicante area of Spain, listed on the BME Growth market under the ticker VANA.MC. It has positioned itself as the first publicly traded company in Spain to adopt Bitcoin as a primary treasury asset. The company ranks around 84th among public companies globally for crypto treasury holdings.

Shareholders approved an investment framework of up to €1 billion for Bitcoin purchases back in June 2025. Custody of the Bitcoin is handled through Bit2Me, a Spanish crypto platform.

Why a coffee chain is betting the treasury on Bitcoin

Vanadi Coffee reported operating losses totaling €3.3 million for the year 2024. Rather than doubling down on the cafe business, the company chose a radically different path: transform the treasury into a Bitcoin accumulation vehicle while maintaining the existing cafe operations.

What this means for investors

At an average cost of roughly $99,548 per Bitcoin, the company’s break-even is essentially at the $100K level. Any sustained move above that price makes the treasury strategy look smart. Any sustained move below it, and a company already carrying €3.3 million in operating losses starts to look increasingly fragile.

The €1 billion investment framework approved by shareholders creates optionality for future purchases, but it also raises questions about financing. How does a small cafe chain fund Bitcoin purchases at that scale? Equity dilution, debt, or reinvesting operating cash flow from six cafes are the obvious options, and none of them are painless for existing shareholders.

Vanadi Coffee ranks 84th among public company Bitcoin holders globally. The biggest risk factor to watch isn’t Bitcoin’s price volatility. It’s whether Vanadi can maintain its cafe operations as a going concern while its financial identity increasingly revolves around a digital asset.