A prominent crypto founder’s unconventional investment highlights growing crossover between digital assets and traditional markets. The high-risk acquisition comes as more blockchain executives take leadership roles in public companies.
Robert Leshner, CEO of tokenization platform Superstate, acquired a 56.9% stake in struggling online liquor retailer LQR House for $2.03 million. The deal triggered a 45% surge in LQR’s stock despite the company’s 90% price decline since March.
LQR House adopted Bitcoin as a treasury asset in November 2024, allocating up to $1 million in BTC and accepting crypto payments. Leshner admitted limited due diligence, calling the company’s history “somewhat shady” in a public warning to investors.
SEC filings reveal plans to replace LQR’s entire board and explore strategic options. The move mirrors similar plays by crypto leaders like Ethereum’s Joseph Lubin, who joined Sharplink Gaming after its ETH treasury pivot.
Leshner previously founded DeFi protocol Compound before launching Superstate. His acquisition continues a trend of crypto executives revitalizing distressed public firms with digital asset strategies.
Disclaimer: CryptoFeedHub Note: This article is a rewritten summary based on external reporting. Original source: CoinDesk