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

Crypto

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Total Crypto Value
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BTC (Cold Wallet)
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Coinbase
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Coins
-
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Allocation by Coin
Top Performers (YTD)
Worst Performers (YTD)
Largest Positions
24h Movers

Private Equity

3 companies
Investments

NGRAVE

Crypto Hardware Wallets
Bankrupt
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
Asset Acquirer HESTARA (Jan 2026)
New Entity Target $1.5B → $10B AUM

Ilium (Cruxpool)

Bitcoin Mining Pool SaaS
At Risk
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
2025 Revenue €7.4M (+14%)
2026 Target >€10M

CrypDefi

Crypto Custody / MPC Signatures
Early Stage
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
VLAIO Grant €200K approved
Co-founder Matteo Departed Mar 2026
NGRAVE Bankrupt

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
Instruments
InstrumentAmountDateInterestMaturityStatus
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
Timeline
Dec 2022
Convertible Loan Agreement
€150,000 CLA at 2% interest. 18-month term with conversion into equity on qualified financing.
May 2024
CLA Amendment + Straight Loan
CLA interest raised to 7%. New €25,000 straight loan at 10% interest, 6-month term.
Oct 2024
Loan Extension
€25,000 straight loan extended 6 months to April 2025. Interest payments deferred to maturity.
Feb 2025
Series A Lead Pulls Out
Series A lead investor backed out, triggering acute bankruptcy risk. Deep restructuring initiated.
Jul 2025
CEO Change
Ruben Merre replaced by Xavier Hendrickx as CEO. Restructuring effort with new fundraise at €30M valuation cap.
Dec 2025
Bankruptcy Declared
NGRAVE.IO NV declared bankrupt by Ondernemingsrechtbank Antwerpen. Curators appointed. €25,000 claim filed for straight loan.
Dec 2025
Asset Takeover by HESTARA
Quentin Grutman creates HESTARA to bid €370K for NGRAVE assets. Ralph’s investment participates in this holding company via Ruben Merre.
Jan 2026
New Chapter — Assets Acquired
NGRAVE assets acquired by new company backed by long-term investors. Mission unchanged. Ambition: grow assets secured from ~$1.5B to $10B by 2026–2027.
Latest Updates (from email)
New Chapter for NGRAVE 14 Jan 2026

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.

Transition Explained (Xavier Hendrickx) 23 Dec 2025

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.

HESTARA Takeover Bid 17 Dec 2025

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.

Bankruptcy Notice 22 Dec 2025

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.

Key Dates
Bankruptcy proceedings Ongoing (monitoring)
HESTARA asset acquisition Completed (Jan 2026)
Ilium (Cruxpool) At Risk

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
Instruments
InstrumentAmountDateInterestMaturityStatus
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
Timeline
Nov 2023
Convertible Bond Subscription
€20,068 for 116 convertible bonds (OC) at €173 each. 10% interest, 20% actuarial yield with non-conversion premium.
Dec 2024
Capital Increase
€5,000 equity investment in Ilium fundraise. Restored positive equity for the company.
Jun 2025
Emergency Fundraise
€196K raise (incl. €112K fresh cash). Revenue doubled to €6.5M but still loss-making. Bpifrance debt renegotiation underway.
Mar 2026
Ethiopia Site Connected
Ethiopia mining site finally connected to Cruxpool. Will double computing power and monthly BTC production volume.
Latest Updates (from email)
Point de situation 31 Mar 2026

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.

Reporting January 2026 3 Mar 2026

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.

Reporting Nov/Dec 2025 21 Jan 2026

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.

Reporting October 2025 30 Nov 2025

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.

Key Dates
OC Partial Repayment (50%) 28 Nov 2026
OC Conversion Window Opens 29 Nov 2026
OC Final Maturity 28 Nov 2027
CrypDefi Early Stage

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
Instruments
InstrumentAmountDateInterestMaturityStatus
Co-Investment (Shares) €1,750 24 Sep 2024 Holding
Timeline
Sep 2024
Co-Investment
€1,750 co-investment (17.5% of pool). 2.1M shares at €4.76/share via lead investor Thomas Pav.
Apr 2025
Investment Restructuring
Co-investments restructured via FRWD Ventures due to upcoming 10% taxation changes. New contract signed via DocuSign.
May 2025
Major Client Onboarding
Coinmerce/Quantfi (>€1B AUM), one of Europe’s largest trading firms, begins onboarding as 4th company on platform.
Jun 2025
VLAIO Grant + New Client
€200K VLAIO grant approved. New product line launched, Tioga Capital signed as first client within 2 weeks.
Mar 2026
Co-founder Departure
Matteo Janssen (co-founder) sends goodbye message to investors, departing the company after 2 years.
Latest Updates (from email)
Co-founder Goodbye (Matteo Janssen) 8 Mar 2026

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.

Investor Update: June 2025 8 Jul 2025

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.

Investor Update: April/May 2025 3 Jun 2025

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.