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LQR House Inc. (NASDAQ:YHC) shares plummeted 62.10% in after-hours trading on Thursday, closing at $2.49 after the company announced plans to integrate cryptocurrency and blockchain technology into its business model.
What Happened: The Miami Beach-based spirits ecommerce platform dropped 38.77% during regular trading to $6.57 before the after-hours decline. Year-to-date, the stock has lost 87.32% of its value.
Check out how YHC stock is trading here.
The crypto pivot comes after Robert Leshner, a prominent decentralized finance figure, purchased a stake in LQR House and advocated for a crypto-native strategy. Leshner has since abandoned plans to pursue a controlling interest but will provide advisory support to the company.
“We’re not pivoting-we’re expanding,” said CEO Sean Dollinger in a statement. “Our vision is to build a platform that combines the strength of ecommerce with the power of digital assets.”
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Why It Matters: The announcement follows the board’s previous approval to allocate treasury funds to Bitcoin (CRYPTO: BTC) and explore mining infrastructure partnerships with Bitmain and Polaris Capital. The company views digital assets as a foundational element rather than mere diversification.
The company reported 6.8 million shares outstanding as of July 16, with over $20 million raised through at-the-market offerings and zero debt. However, the company cautioned that crypto-related investments remain subject to definitive agreements and regulatory approvals.
Benzinga's Edge Stock Rankings show a solid Value score of 76.17. More performance metrics can be found here.
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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