Spanish coffee chain Vanadi Coffee is experiencing a financial crisis, described as a "death spiral," after transitioning from its original coffee business to a Bitcoin reserve company in 2025. The company currently holds 213 BTC but has faced continuous losses and financing pressures, leading to the issuance of discounted convertible bonds to sustain operations. This strategy has resulted in a 74% decline in its stock price this year. Approximately 61% of Vanadi Coffee's Bitcoin reserves are pledged as collateral for loans with Spanish exchange Bit2Me. The company anticipates needing an additional €65 million in financing over the coming months to maintain operations.