Overview
Data snapshot: 25 Jan 2025
Total Portfolio Value
€392,941
Stocks €191,123 · Private Equity €201,818
Stocks (Bolero Common)
€191,123
41 positions · €389 cash
Private Equity
€201,818
3 companies · €175K at risk
Portfolio Status
Mixed
Stocks performing · PE stressed
Stocks — Bolero Common
Account 0974977
Portfolio Value
€190,733
Cash Balance
€389
Total Cost Basis
€84,814
Unrealized P&L
+€105,919
Positions
41
Account
0974977
| Name ▲ | Type ▲ | Sector ▲ | Geography ▲ | Price ▲ | Shares ▲ | Avg Cost ▲ | Value (€) ▲ | Return ▲ | Weight ▲ |
|---|
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Allocation by Sector
Allocation by Geography
Private Equity
3 companies
Investments
NGRAVE
Crypto Hardware Wallets
Total Invested
€175,000
Est. Recovery
TBD
Instruments
2
First Investment
Dec 2022
Convertible Loan (CLA)
€150,000
Straight Loan
€25,000
Bankruptcy Date
12 Dec 2025
Claim Filed
€25,000 (loan only)
Enterprise Nr.
0700.252.896
Ilium (Cruxpool)
Bitcoin Mining Pool SaaS
Total Invested
€25,068
Interest Rate
10% p.a.
Instruments
2
First Investment
Nov 2023
Convertible Bonds (116 OC)
€20,068
Capital Increase (Dec 2024)
€5,000
OC Maturity
28 Nov 2027
Target Yield (incl. PNC)
20% actuarial
2024 Revenue
€6.5M (+78%)
2024 Net Result
−€301K
CrypDefi
Crypto Custody / MPC Signatures
Total Invested
€1,750
Ownership Share
17.5%
Instruments
1
Investment Date
Sep 2024
Shares Acquired (collective)
2,100,000
Price per Share
€4.76
Lead Investor
Thomas Pav
Your % of Pool
17.50%
Enterprise Nr.
1009.859.872
All Instruments
| Company | Instrument | Amount | Date | Interest | Maturity | Status |
|---|---|---|---|---|---|---|
| NGRAVE | Convertible Loan (CLA) | €150,000 | 24 Dec 2022 | 2% → 7% (May 2024) | 18 months (conv.) | Lost |
| NGRAVE | Straight Loan | €25,000 | 17 May 2024 | 10% | Apr 2025 (extended) | Claim Filed |
| Ilium | Convertible Bonds (116 OC) | €20,068 | 28 Nov 2023 | 10% (20% incl. PNC) | 28 Nov 2027 | Active |
| Ilium | Capital Increase (Equity) | €5,000 | 23 Dec 2024 | — | — | Active |
| CrypDefi | Co-Investment (Shares) | €1,750 | 24 Sep 2024 | — | — | Holding |
Capital Allocation
NGRAVE €175,000 (86.7%)
Ilium €25,068 (12.4%)
CrypDefi €1,750 (0.9%)
Investment Timeline
Dec 2022
NGRAVE — Convertible Loan Agreement
€150,000 CLA at 2% interest. 18-month term with conversion into equity on qualified financing.
Nov 2023
Ilium — Convertible Bond Subscription
€20,068 for 116 convertible bonds (OC) at €173 each. 10% interest, 20% actuarial yield with non-conversion premium.
May 2024
NGRAVE — CLA Amendment + Straight Loan
CLA interest raised to 7%. New €25,000 straight loan at 10% interest, 6-month term.
Sep 2024
CrypDefi — Co-Investment
€1,750 co-investment (17.5% of pool). 2.1M shares at €4.76/share via lead investor Thomas Pav.
Oct 2024
NGRAVE — Loan Extension
€25,000 straight loan extended 6 months to April 2025. Interest payments deferred to maturity.
Dec 2024
Ilium — Capital Increase
€5,000 equity investment in Ilium fundraise. Restored positive equity for the company.
Feb 2025
NGRAVE — Series A Lead Pulls Out
Series A lead investor backed out, triggering acute bankruptcy risk. Deep restructuring initiated.
Jul 2025
NGRAVE — CEO Change
Ruben Merre replaced by Xavier Hendrickx as CEO. Restructuring effort with new fundraise at €30M valuation cap.
Dec 2025
NGRAVE — Bankruptcy Declared
NGRAVE.IO NV declared bankrupt by Ondernemingsrechtbank Antwerpen. Curators appointed. €25,000 claim filed for straight loan.
Jun 2025
Ilium — Emergency Fundraise
€196K raise (incl. €112K fresh cash). Revenue doubled to €6.5M but still loss-making. Bpifrance debt renegotiation underway.
Company Intelligence
NGRAVE
- Crypto hardware wallet maker (ZERO, GRAPHENE, LIQUID)
- EAL7 certified — shipped to 90 countries
- 16,000 wallets sold; €1.5B+ assets secured
- Binance Labs was Series A lead, later bought out
- Fidelity relationship: shipped 200 devices, potential acquirer
- Xavier Hendrickx bid €360K for assets out of bankruptcy
- Curators: Ruysschaert, Bernaerts, Grosemans (Tongeren)
- CLA likely converted to equity (not filed as debt claim)
- Only €25K straight loan filed as creditor claim
Ilium (Cruxpool)
- French SAS — Bitcoin mining pool platform
- Revenue: €3.7M (2023) → €6.5M (2024), +78%
- Still loss-making: net loss €301K in 2024
- Team reduced from ~9 to 5 (layoffs summer 2024)
- Commercial margin growing: ~6% by end 2023
- Key clients: Hearst, Ordina Mining, Ymir Hosting
- Bpifrance €400K loan under renegotiation
- €187K R&D tax credit (CIR) pending from French tax
- OC partial repayment due: 28 Nov 2026
- Conversion window: Nov 2026 – Nov 2027
- Platform claimed scalable 5-10x without cost increase
CrypDefi
- Belgian SRL — crypto custody / MPC signatures
- Fundraising: €1M target for 1.5 year runway
- TAM: €1B by 2027 (23.65% CAGR)
- Revenue target: €6M ARR within 3 years
- Pricing: free tier + €0.10/signature (Pro)
- 2 LOIs from target customers at pitch time
- Founders: Matteo (math engineering) + Jochem (crypto/cloud)
- Competitors: Fireblocks, Anchorage, Coinbase, BitGo
- Lead investor (Thomas Pav) controls all voting rights
- No guarantee of return; total loss risk acknowledged
Upcoming Key Dates
Ilium — OC Partial Repayment (50%)
28 Nov 2026
Ilium — OC Conversion Window Opens
29 Nov 2026
Ilium — OC Final Maturity
28 Nov 2027
NGRAVE — Bankruptcy proceedings (monitoring)
Ongoing