Alexandre Laizet, Bitcoin Strategy Director at The Blockchain Group, revealed a strategic financing initiative aimed at bolstering the company’s Bitcoin reserve holdings. The proposal, set for shareholder approval on June
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The list of companies embracing bitcoin and adding the digital asset to their corporate treasuries continues to grow by the day. The Spanish coffee chain Vanadi Coffee may become the latest addition to that list if its board of directors approves a proposal to invest €1 billion (over $1.1 billion) in BTC. Local media Alicante Plaza reported that Vanadi will propose making a billion-dollar investment in bitcoin during the next shareholders’ meeting slated for June 29. Spanish Coffee Chain to Invest in BTC The first Spanish coffee chain to go public, Vanadi was launched in 2021. Since its inception, it has established six locations, comprising a bakery and five cafes. The entity intends to have three more by the end of 2025 and a total of 15 by 2026. Last year, Vanadi recorded losses of more than €3.3 million ($3.7 million), 15% more than the figure seen in 2023. On the other hand, revenue for 2024 remained stable at roughly €2 million ($2.28 million). Vanadi launched its initial public offering (IPO) with a starting price per share of €3.28 ($3.74) and a capitalization of €20 million ($22.8 million). Within the last two years, the stock, VANA, has fallen 99%, trading around €0.33 ($0.38) at the time of writing, according to data from TradingView. This is regardless of Vanadi’s 10-to-1 reverse stock split in March – for every 10 shares of VANA held before the split, shareholders received one new share. This was done to reduce the number of outstanding shares and possibly increase the price. Besides the poor performance of Vanadi’s stock, the coffee chain does not expect to make a profit until 2027, when it may record a gross operating profit of at least €23,000. However, Bitcoin may change this. A Bitcoin-first Approach Vanadi reportedly plans to transition into a bitcoin-first company, adopting the cryptocurrency as a treasury reserve asset. According to reports, this is not just an attempt to capitalize on the path to recovery that Bitcoin offers but a full pivot from coffee to the leading digital asset. Vanadi is following the footsteps of leading corporate entities, such as the business intelligence firm Strategy and the Japanese investment company Metaplanet . If the board of directors approves the proposal, the move could maximize shareholder value and foster business growth. VANA is already up 15% since news of the proposal emerged. Meanwhile, Vanadi’s board chairman, Salvador Martí, facilitated the acquisition of 5 BTC for $521,000 two weeks ago. Around the same time, the company revealed it had received two binding proposals to purchase BTC for €50 million ($56.9 million) each. The post Spanish Coffee Chain Vanadi Wants to Invest $1B in Bitcoin: Report appeared first on CryptoPotato .
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Singapore High Court has rejected the WazirX’s proposed restructuring plan following the $234.9 million hack in July 2024. On Wednesday, the court cited concerns over transparency from its parent company, Zettai Pte Ltd, which filed the petition. The latest setback from the Singapore High Court has left WazirX, serving 4.4 million Indian users, struggling to sustain operations in the country it had chosen for faster judicial resolution following the July 2024 hack. WazirX has now informed the Singapore Court that it plans to relocate its base to Panama under a new company named ‘Zensui’. According to multiple petitioners and sources who attended the online hearing, Judicial Commissioner Kristy Tan dismissed the restructuring petition filed by Zettai Pte Ltd, which sought approval to compensate creditors (users) for 85% of their frozen funds, as claimed by WazirX. While the judge’s decision was delivered orally, a full written order is expected within 3-4 days. WazirX to relocate to Panama under new name ‘Zensui’ amid legal setback According to Chartered Accountant Sonu Jain, one of the petitioners against WazirX, the Singapore High Court had scheduled June 4 to deliver its verdict on the exchange’s restructuring petition, given the approaching moratorium deadline of June 6. Jain noted that the decision came shortly after the Singapore government issued a new directive requiring companies offering crypto services to foreign clients to register themselves formally. Jain further reported that Judge Tan questioned WazirX’s counsel on whether Zettai had applied for a license to operate in Singapore. In response, the counsel stated that they had no intention of obtaining such a license and instead planned to relocate to Panama, where a company had already been registered on March 10. The judge expressed displeasure over the fact that WazirX had kept the court uninformed of this development for months, only disclosing it when directly questioned. According to Jain, Judge Tan also remarked that she doubted the management’s willingness to return users’ funds. Meanwhile, on June 5, WazirX emailed its users redacted court documents announcing its rebranding as Zensui and a change in its legal identity. Many WazirX users expressed satisfaction with the court’s verdict, criticizing the exchange management’s handling of the hack crisis over the past 10 months. Numerous users had petitioned India’s high courts and Supreme Court, demanding urgent intervention in restructuring, accusing the management of arbitrary decisions. However, these requests were denied as there was no regulatory framework for crypto in India. Victims hail verdict as a moral win, call for urgent crypto regulation in India This latest ruling of the Singapore Court is a legal victory and a moral reckoning, says Romy Johnson, WazirX hack victim and crusader for crypto justice and regulations in India. The victim described it as a monumental win for every Indian who was cheated, defrauded, and looted by these so-called crypto custodians. Johnson stressed that India has to take note—while courts in other countries deliver justice, the regulatory black hole in the country allows fraud to occur. The advocate added that if there is any test for regulation of cryptocurrency in India, it is not tomorrow but today, and justice should not be outsourced but delivered at home. WazirX issued an official statement on Wednesday evening in response to the Singapore Court’s verdict, asserting that its primary objective is initiating user fund distribution as soon as possible. WazirX said it respects but does not agree with the Singapore High Court’s denial of its proposed restructuring plan, calling the outcome surprising to the exchange. The company affirmed that it aims to meet all legal and regulatory obligations, adding that releasing user funds is the priority. WazirX has also mentioned that they are consulting with all the appropriate advisories about the legal options against the court’s decision and are planning to contest it further. KEY Difference Wire helps crypto brands break through and dominate headlines fast
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