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

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
2024 Revenue €6.5M (+78%)
2024 Net Result −€301K

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
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