Vanadi Coffee stock surges 242% in a month, shareholders approve plan to establish $1.1b Bitcoin treasury
Main Idea
Vanadi Coffee's stock surged after shareholders approved a strategy shift to acquire more Bitcoin, making it Spain's first company to adopt Bitcoin as a treasury reserve asset.
Key Points
1. Vanadi Coffee's stock skyrocketed more than triple its release after shareholders approved the company's strategy to acquire more Bitcoin.
2. The company currently holds 54 BTC, valued at over $5.8 million, after adding 20 BTC ($2.16 million) recently.
3. The stock rally began after the company started accumulating more BTC in June, with a rise of up to 242.96% following mass Bitcoin acquisitions.
4. Vanadi Coffee adopted Bitcoin as a strategic store of value in its new business model, inspired by overseas companies with similar treasury strategies.
5. Other European companies, such as Norway’s Green Minerals and the U.K.’s Smarter Web Company, have also accelerated efforts to raise capital for Bitcoin purchases.
Description
Struggling Spanish cafe Vanadi Coffee stock skyrocketed more than triple its initial value after shareholders of the firm approved a plan to invest up to 1 billion euros into its Bitcoin treasury. According to a translated press release , on June 29, shareholders of Vanadi Coffee approved the company’s change in strategy to acquire more Bitcoin ( BTC ) on its balance sheet. The publicly-listed chain that currently operates six cafes based only in Alicante, now aims to become the largest Spanish ...
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