Vallecid, which owns nearly 10% of the Spanish company, is seeking to remove the board after directors allegedly took fees of up to 5% on financings tied to Vanadi’s bitcoin buying plan.
Vanadi Coffee is facing an internal governance battle after shareholder Vallecid challenged the company’s financing structure for additional Bitcoin purchases. Vallecid, a Canarian conglomerate with nearly a 10% stake, has called for the current board’s removal, arguing that fees tied to each financing tranche are excessively dilutive for shareholders. The dispute centers on payments linked to debt or capital raises used to fund Vanadi’s bitcoin treasury strategy. El Economista reported that Vallecid wants a detailed accounting of all remuneration, extraordinary commissions and advances received by directors or related parties. The group is also seeking to void approvals that allowed board members to collect those fees and signaled possible legal action. Reports cited by the source say Salvador Martí, founder of Vanadi Coffee and president of the board of directors, would receive 1.5% for endorsing and 2% for managing each financing transaction from Patblasc and GCFO21, financiers involved in the company’s approved plan to buy nearly $1.1 billion of Bitcoin. Another director reportedly received fees reaching 5% in some cases. Vanadi adopted a hybrid model in 2025, keeping its coffee shop franchise business while pivoting to a bitcoin treasury strategy. Local media described the move as a Hail Mary for a company already under financial strain. Although the stock initially rose after the announcement, it has since lost more than 97% over a year. Vanadi now holds 223 BTC at an average cost of $116,340 per Bitcoin, with more than $11.5 million spent on the purchases.