Spanish coffee chain Vanadi has fallen into a "death spiral" a year after transitioning to a Bitcoin treasury model.

CoinFeed reported on May 9th, citing CriptoNoticias, that Spanish coffee chain Vanadi is caught in a "death spiral" a year after venturing into Bitcoin. The company transitioned to a Bitcoin treasury model in 2025 and currently holds 213 BTC, but suffered a loss of $7.8 million in 2025. To maintain operations, Vanadi has issued a large number of convertible bonds, converting them into shares at a 5% discount to the market price, causing its share price to plummet by 74% this year. The company also issued 98.1 million new shares, severely diluting investors. The company faces an emergency payment shortfall of €1.4 million and will need to raise another €65 million in the coming months. Despite claiming to hold 213 BTC, 61% (130.18 BTC) are locked as collateral on the Spanish exchange Bit2Me, preventing the company from freely disposing of them.