Overview
Stocks — Bolero Common
| Name ▲ | Type ▲ | Sector ▲ | Geography ▲ | Price ▲ | Shares ▲ | Avg Cost ▲ | Value (€) ▲ | Return ▲ | Weight ▲ |
|---|
Crypto
Private Equity
NGRAVE
Ilium (Cruxpool)
CrypDefi
Company Intelligence
- 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
| Instrument | Amount | Date | Interest | Maturity | Status |
|---|---|---|---|---|---|
| Convertible Loan (CLA) | €150,000 | 24 Dec 2022 | 2% → 7% (May 2024) | 18 months (conv.) | Lost |
| Straight Loan | €25,000 | 17 May 2024 | 10% | Apr 2025 (extended) | Claim Filed |
NGRAVE entered a new chapter following strategic restructuring and acquisition of core assets by a new company backed by long-term investors. The technology (including the ZERO cold wallet) continues as the foundation. Ambition for 2026–2027: grow assets secured from ~$1.5B to $10B while continuing to serve individual and institutional clients.
Xavier detailed the financial pressures: liquidity constraints from inventory tied up during COVID, strain from buying out a former shareholder, and an operational gap where new revenue streams (swapping, on/offramp, lending) weren’t enough to cover the shortfall. A silent bankruptcy was conducted with a formal bidding process supervised by the court.
Ruben Merre forwarded details about HESTARA, a company being created by Quentin Grutman to buy NGRAVE assets out of bankruptcy for €370K. Ralph’s money is invested in this holding company. If the bid fails, money will be returned minus pro-rata company creation costs.
Xavier & Edouard formally notified investors of the bankruptcy filing for NGRAVE.IO. Conducted through a silent bankruptcy procedure with court-supervised bidding. Assets acquired by a new owner, ensuring continuity.
Company Intelligence
- French SAS — Bitcoin mining pool platform
- Revenue trajectory: €3.5M (2023) → €6.5M (2024) → €7.4M (2025), target >€10M (2026)
- Still loss-making but improving: net loss €301K in 2024, profitability improving
- Team reduced from ~9 to 5 (layoffs summer 2024)
- Key clients: Hearst, Ordina Mining, Ymir Hosting
- Bpifrance €400K loan under renegotiation
- €187K R&D tax credit (CIR) — instruction closed, awaiting definitive response
- Platform claimed scalable 5–10x without cost increase
- Ethiopia mining site connected (March 2026) — doubles computing power on Cruxpool
| Instrument | Amount | Date | Interest | Maturity | Status |
|---|---|---|---|---|---|
| Convertible Bonds (116 OC) | €20,068 | 28 Nov 2023 | 10% (20% incl. PNC) | 28 Nov 2027 | Active |
| Capital Increase (Equity) | €5,000 | 23 Dec 2024 | — | — | Active |
Ethiopia site is finally connected! ~40% now on Cruxpool, rest within 2–3 weeks. This will double computing power. Revenue trajectory remains strong: €3.5M (2023) → €6.5M (2024) → €7.4M (2025), targeting >€10M in 2026. Profitability improving thanks to reduced fixed costs (HR and infrastructure) and steadily increasing computing power.
CA: €623K (vs €659K Dec). Net revenue: €20K. BTC at €68,500. BTC flows increased to 9 BTC/month (vs 6.5 a year earlier), but Bitcoin price decline offsets gains in EUR terms. Ethiopia site connection imminent.
Full year 2025: €7.37M revenue (vs €6.5M in 2024). Nov CA €660K (net €11K), Dec CA €659K (net €55K). BTC flows slightly up but heavily impacted by Bitcoin price decline. Ethiopia site still delayed. Commercial margin improving with Ordina onboarding progressing well.
CA: €793K (vs €623K Sep). Net revenue: €0 (payment fluctuation, no concern). BTC at €94,200. Flows increased after first phase of onboardings. Ethiopia site in final stages. CIR tax credit dossier instruction closed, awaiting definitive response.
Company Intelligence
- 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)
- Secured €200K VLAIO grant (approved Jun 2025)
- Clients: Tioga Capital (signed Jun 2025), Coinmerce/Quantfi (>€1B AUM, onboarding May 2025)
- Founders: Matteo Janssen (math engineering) + Jochem Hoes (crypto/cloud)
- Matteo departed the company (goodbye Mar 2026)
- Competitors: Fireblocks, Anchorage, Coinbase, BitGo
- Lead investor (Thomas Pav / FRWD Ventures) controls all voting rights
- Investment restructured via Docusign (Apr 2025) due to 10% taxation changes
- No guarantee of return; total loss risk acknowledged
| Instrument | Amount | Date | Interest | Maturity | Status |
|---|---|---|---|---|---|
| Co-Investment (Shares) | €1,750 | 24 Sep 2024 | — | — | Holding |
Matteo’s farewell message to investors. He thanked all investors and his co-founder Jochem Hoes for the “most incredible 2 years.” Departure signals a transition in company leadership.
New product line launched and first client (Tioga Capital) signed within 2 weeks. €200K VLAIO grant approved after long review. Attended EthCC in Cannes. Updates will now be sent every 2 months to maintain focus. Biggest challenge remains long custody sales cycles.
Onboarding 4th company: Coinmerce/Quantfi (>€1B AUM), a major European trading firm. Attended Token2049 Dubai with strong new connections. Product development: backup system for individual wallet backups, Solana integration, web dashboard improvements.