PANews reported on May 9th that, according to CriptoNoticias, 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 74% this year and resulting in the issuance of 98.1 million new shares, severely diluting investors.

The company faces an emergency payment shortfall of €1.4 million and will need €65 million in financing in the coming months. Although it claims to hold 213 BTC, 61% (130.18 BTC) are locked up as collateral on the Spanish exchange Bit2Me, meaning the company has no control over them. Analysts believe that the viability of the institutional treasury model is questionable when there is no cash flow to support the debt.