Tokenization Agency CEO Buys Majority Stake in ‘Shady’ Liquor Firm With Bitcoin (BTC) Technique
Robert Leshner, CEO and co-founder of tokenization agency Superstate, mentioned he purchased a majority stake in publicly listed e-commerce liquor retailer LQR Home (YHC), planning to overtake the embattled firm.
Leshner bought a 56.9% controlling stake within the agency for $2.03 million, based on a doc filed to the SEC. The transfer despatched shares of LQR up as a lot as 45% throughout Monday buying and selling.
LQR Home runs CWSpirits.com, a web based vendor of a spread of premium liquor merchandise. In November, the agency embraced bitcoin
as a treasury asset, approving an up-to $1 million BTC allocation and enabling crypto funds on its platform.
In a submit on X, Leshner mentioned he hasn’t carried out “intensive diligence” on the corporate, which he described as having a “considerably shady historical past.” The agency’s share worth plummeted over 90% since March.
Nonetheless, his intent is obvious: Clear home and overhaul the enterprise.
In keeping with the SEC submitting, Leshner plans to take away all present administrators and set up a brand new board to pursue “strategic alternate options” and “discover the potential for strategic transactions.”
“There are indicators the corporate is as much as no good,” Leshner mentioned in his submit. “I’ll kind them out, however please be extraordinarily cautious with any low market cap firms.
“I could lose all my funding and also you may too,” he added.
It was not instantly clear whether or not Leshner has any plans for digital belongings in his turnaround plans. Nevertheless, the acquisition suits right into a rising development of outstanding figures in crypto circles taking the helm of publicly traded corporations.
Joseph Lubin, Ethereum
co-founder and CEO of improvement agency Consensys, grew to become chairman of Sharplink Gaming (SBET) when that firm pivoted to an ETH treasury technique. Thomas Lee, head of analysis at Fundstrat and well-known Wall Avenue commentator, joined BitMine Immersion Know-how (BMNR) as chairman to spearhead the agency’s crypto treasury plans.
Leshner was a founding father of early decentralized finance (DeFi) lending protocol Compound
earlier than specializing in asset tokenization with Superstate.
