The MicroStrategy model isn't something just anyone can copy.



There is a coffee chain in Spain called Vanadi. After transforming into an $BTC treasury strategy, they lost $7.8 million in 2025. Of the 213 $BTC they hold, 61% are locked in exchanges as collateral, unable to move.

To survive, the company issued nearly 100 million convertible bonds, offering a 5% discount to sell off, and the stock price has fallen 74% this year.
BTC0.34%
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