Superstate CEO Robert Leshner Acquires Majority Stake in LQR House for Turnaround Plan

Robert Leshner, CEO and co-founder of tokenization firm Superstate and founder of DeFi protocol Compound, has acquired a controlling 56.9% stake in publicly traded e-commerce liquor retailer LQR House (Nasdaq: YHC) for $2.03 million, according to an SEC filing. Following the news, LQR shares surged as much as 45% during Monday’s trading session.

LQR House operates CWSpirits.com, an online liquor marketplace that began accepting bitcoin payments and added BTC to its treasury last November. Despite the crypto-forward move, the company’s stock has fallen over 90% since March, with Leshner openly describing LQR’s history as “somewhat shady” in a post on X (formerly Twitter). He admitted he hadn’t conducted “extensive diligence” before the purchase, warning investors to be cautious with low-cap stocks.

Leshner’s intentions are to “clean house” and restructure the troubled company. Per the SEC filing, he plans to remove all existing directors and install a new board to evaluate strategic alternatives and potential transactions. While it remains unclear whether Leshner will integrate digital assets into the turnaround strategy, his move reflects a broader trend of crypto leaders entering public markets.

Similar cases include Ethereum co-founder Joseph Lubin becoming chairman of Sharplink Gaming (SBET) amid its pivot to an ETH treasury strategy, and Fundstrat’s Thomas Lee joining BitMine Immersion Technology (BMNR) as chairman to guide its crypto adoption. Leshner’s acquisition could signal further convergence between Web3 and traditional public companies, particularly in undervalued sectors ripe for disruption.

Leshner concluded his post by noting the risk involved: “I may lose all my investment and you might too.” Despite the warning, the crypto community is watching closely for the next chapter in LQR House’s transformation.