The Spanish coffee chain Vanadi coffee made a Bitcoin purchase as it continues to stockpile the asset for its dedicated reserves. How much BTC does it have now?
- Vanadi Coffee bought two additional BTCs to its reserves, bringing the total to 76 BTC.
- The Spanish coffee firm accelerated its BTC treasury strategy amidst suffering 3.3 million euros in losses.
According to a translated press release, the Spanish coffee franchise has spent more than 202,000 euros to acquire more BTC (BTC) for its crypto stockpile. On July 23, Vanadi Coffee bought two more BTCs, adding to its reserves. At the time, each BTC was valued at $119,425.
As of today, Vanadi Coffee holds a total of 76 BTC, which is currently worth more than $9 million.
According to data from crypto.news, the price of BTC has fallen from the initial purchase price offered to Vanadi. In the past 24 hours, the largest cryptocurrency by market cap has dipped by 0.36%. It is currently trading hands at a price of $118,616.
In the past trading day, it managed to reach a peak of $120,222; only around $2,000 short of its previous all-time high which stands at $122,838.
Vanadi Coffee’s humble beginnings of acquiring Bitcoin
Vanadi Coffee began adopting a Bitcoin treasury strategy on in April 2024, citing Michael Saylor’s Strategy and the Japanese Metaplanet as its inspirations. At the time, it was already suffering from losses amounting to 3.3 million euros in 2024, increasing by more than 15% compared to the losses incurred in its previous year
With its new BTC strategy, Vanadi Coffee became the first publicly listed company in Spain to adopt Bitcoin as its primary treasury asset. Vanadi made the official announcement in June, proclaiming its goal to become the largest BTC stockpiler in Spain. Its stock surged by 242% following the announcement.
Vanadi Coffee has adopted several financial strategies to support its Bitcoin strategy, which involves investing its corporate capital into BTC. It plans to use Bitcoin as a strategic store of value in its new business model.