DeFi Guru’s $2.03M US Stock Control Sparks Management Counterattack
Turmoil at LQR House: Robert Leshner’s Bold Move Sparks Control Battle
Author: Shenchao TechFlow
LQR House, a publicly traded liquor retailer based in Miami Beach, Florida, is currently facing significant upheaval.
On July 14, 2025, a filing with the U.S. Securities and Exchange Commission (SEC) disclosed that Robert Leshner, the founder of Compound, had acquired around 600,000 shares of LQR House Inc. (LQR), elevating his ownership to 56.9% and making him the company’s largest shareholder. Leshner’s investment totaled approximately $2.03 million, with shares purchased at $3.77 each through Interactive Brokers.
This announcement triggered a dramatic 45% increase in LQR House’s stock price during trading on Monday, reaching $10 by the close of the market on Wednesday, effectively doubling from Leshner’s purchase price.
However, Leshner’s acquisition has not been without complications, as it has quickly escalated into a struggle for control, leading to clashes with the company’s board of directors.
The Struggle for Control
On the same day as the SEC filing, Leshner stated, “I have acquired a controlling stake in $YHC, a low-market-value liquor company with a somewhat tarnished history. My plan is to replace the board and help the company explore new strategies.” He cautioned retail investors about the risks involved, admitting, “I have not conducted extensive due diligence, and there are signs that the company may be up to no good. But please be especially cautious with any low-market-value company; I could lose all my investment, and so could you.”
According to the SEC documents, Leshner intends to propose the removal of the current board members and nominate a new team through written consent or a special shareholders’ meeting, in compliance with the company’s bylaws and Nevada state law.
Despite his intentions, Leshner’s plans have faced hurdles. On the same day, LQR House filed a supplemental document with the SEC, announcing an increase in shares available for sale through a sales agent to $46 million, excluding shares worth $2,700 sold under the ATM agreement prior to this filing.
While ATM offerings are generally a flexible financing option for public companies, their introduction at this critical juncture suggests deeper implications.
Leshner expressed his disapproval of LQR House’s decision to issue shares through the ATM, stating, “I believe it is ineffective, and I am consulting with lawyers.” The following day, July 15, LQR House’s shareholder Kingbird Ventures LLC initiated a lawsuit in Florida, accusing CEO Sean Dollinger and board members of breaching fiduciary duties, misappropriating assets, and violating corporate bylaws. The lawsuit seeks to freeze certain share changes and suspend board powers to thwart a “hostile takeover.”
If the court grants a temporary restraining order (TRO) or injunction, Leshner’s efforts to convene a special shareholders’ meeting and remove the current board may be temporarily halted.
Additionally, reports suggest that the company may consider employing a “poison pill” strategy as a countermeasure. This tactic involves issuing new shares to existing shareholders at a significant discount once a shareholder’s ownership surpasses a predetermined threshold, thereby diluting the acquirer’s stake and increasing the cost of acquisition.
Nevertheless, Leshner’s supporters are also taking action. On July 16, 2025, Makesy Capital announced its acquisition of 0.1% of LQR House’s shares and pledged to back Leshner’s proposed reforms. The firm also launched an online campaign against CEO Sean Dollinger, warning that this would serve as a message to CEOs of publicly traded companies who treat the public market and investors as private resources.
As of now, the battle for control at LQR House continues, with both factions cautiously navigating the situation, aware that any misstep could lead to adverse consequences.
Why LQR House?
LQR House is a small-cap company listed on Nasdaq, with a market value that previously fell below $3 million; even after recent gains, its market capitalization stands at around $11 million.
At first glance, this may appear to be a speculative venture involving micro-cap stocks, but Robert Leshner’s involvement suggests a different narrative.
As the founder of Compound, Leshner has been a trailblazer in on-chain finance, leading the charge in DeFi lending trends and actively exploring the integration of decentralized autonomous organizations (DAOs) and real-world assets (RWAs) over the past two years. With crypto capital increasingly seeking to merge with traditional markets, and a rise in crypto-related stocks, Leshner’s choice to invest in LQR House may be driven by three key factors:
First, the identity of a publicly listed company. LQR House meets Nasdaq listing requirements, providing a pre-established compliance pathway. For crypto investors looking to enter traditional capital markets, such “lightweight” public companies offer unique strategic advantages. This allows them to bypass the high costs associated with initial public offerings (IPOs) or special purpose acquisition companies (SPACs), leveraging existing capital market channels to create a platform for capital, trust, and influence.
Second, low control thresholds and a flexible equity structure. LQR House’s dispersed equity structure and small float make it easier for external capital to gain control quickly. This is particularly appealing for investors aiming to establish cross-border capital platforms. Leshner’s acquisition of a 56.9% controlling stake for $2.03 million is significantly more cost-effective than most capital operation scenarios.
Finally, the company has already begun to engage in crypto initiatives. Reports indicate that LQR House has injected $1 million in Bitcoin into its treasury and initiated crypto payment services, signaling its intent to bridge digital assets with traditional retail, thereby laying the groundwork for further integration into the crypto capital ecosystem.
Is a Compound Version of MicroStrategy on the Horizon?
Following MicroStrategy’s decision to incorporate Bitcoin into its balance sheet, a trend of “public companies holding crypto” has gained traction in global capital markets.
The pressing question now is: Will Leshner transform LQR House into the MicroStrategy of the DeFi sector? Is there potential for him to integrate $COMP or even crypto lending into LQR House, creating a new asset reserve and capital operation model?
It’s important to note that Leshner is not just the founder of Compound; he is also the founder of Superstate. Established in 2023, Superstate aims to target the on-chain fund and compliant tokenized asset space.
Unlike Compound, which focuses on pure DeFi users, Superstate seeks to provide traditional asset funds based on blockchain technology for institutional investors, with its first product being a tokenized version of a “short-term U.S. Treasury fund,” directly appealing to the traditional financial market.
Superstate emphasizes on-chain compliance, asset tokenization, and institutional friendliness, aiming to bridge the gap between traditional finance and on-chain assets.
This may represent Leshner’s strategic vision for LQR House. As an existing Nasdaq-listed entity, LQR House serves as a “ticket” to the traditional financial market, potentially providing a public capital market showcase for Superstate’s compliant products, RWA business, or on-chain funds.
The synergy between the two could create a “listed platform under Superstate,” utilizing the public market to drive interest in on-chain products and offering a legitimate and compliant secondary market channel for Superstate’s fundraising efforts.
Moreover, LQR House’s previous initiatives in crypto payments and digital assets could act as a “testing ground” for Superstate’s offerings.
This approach differs from MicroStrategy’s mere inclusion of Bitcoin in its financial reports or SharpLink Gaming’s Ethereum holdings; Leshner may aim to embed on-chain funds and tokenized assets into the capital operations of a publicly listed company.
This endeavor seeks to genuinely integrate “on-chain capital” into the traditional financial framework, creating a compliant DeFi-TradFi linkage model.
Ultimately, this represents a deeper experiment—not just a narrative about holding crypto, but a comprehensive story about capital.
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