Latest news with #RobertLe
Crypto Insight
15-05-2025
- Business
- Crypto Insight
Crypto VC deals drop in Q1, but funding more than doubles: PitchBook
Crypto venture capital deals in the first quarter of 2025 saw deal values jump even as the number of deals sank from the same quarter a year ago, says PitchBook. The venture research firm said in its May 14 Crypto VC Trends report for Q1 that 405 deals were made in the quarter, down 39.5% from the 670 deals made in Q1 2024, but slightly up from the 372 made in Q4 last year. However, the total value of deals in Q1 more than doubled from a year ago, jumping to $6 billion compared to $2.6 billion in the first quarter of 2024 and doubling from $3 billion in Q4 2024. PitchBook's senior crypto research analyst Robert Le said that despite macroeconomic turmoil over the quarter, 'capital continued to seek crypto's core utility rails.' VCs poured nearly $2.55 billion across 16 deals into businesses like crypto asset managers, exchanges, and financial services at a rate that far surpassed any other segment. Crypto infrastructure and development firms saw the next largest venture funding, fetching nearly $955 million across 30 deals. Looking ahead, PitchBook's Le said Circle's pending initial public offering (IPO) 'represents the most important price-discovery event for crypto equity since Coinbase listed in 2021.' If Circle is valued above the rumored $4 billion to $5 billion range, it could show venture investors that business models similar to Circle's are profitable and sustainable while also providing a clearer benchmark for future exits. 'A strong roadshow could therefore crowd in new late-stage capital and reset valuation expectations upward across the payments and infrastructure stack.' Circle has raised $1.18 billion in VC funding to date, according to PitchBook, which estimates a 64% chance that it will go public in the future. 'Dollar-denominated settlement remains crypto's killer application' Le noted that the market value of stablecoins grew 12% over the first quarter, from $202.3 billion to $227.1 billion, even as other cryptocurrencies saw their values fall or stagnate. 'In our view, this divergence underscores a growing consensus: Dollar-denominated settlement remains crypto's killer application, insulated—at least partially— from broader risk-off moves.' Le said PitchBook expected that near-term venture investments could increase, 'especially in payment, remittance, and treasury-management startups that directly monetize stablecoin velocity.' Le added that the $1.4 billion Bybit exploit in February — the largest in crypto history — may accelerate institutional demand for real-time proof-of-reserve tooling, improved custody solutions and middleware that simplifies key management. 'Startups addressing those vectors should find a more receptive funding environment despite the broader valuation reset,' he added. Source:
Globe and Mail
07-04-2025
- Business
- Globe and Mail
iolite Confirms Special Meeting of Dynacor Group Inc. – Meeting to Proceed Despite Attempts by Dynacor to Block It in Court
iolite Capital Management AG, a Switzerland-based investment manager (' iolite '), as representative of iolite Partners Ltd. called a special meeting of the holders (" Shareholders") of common shares of Dynacor Group Inc. (the ' Company ') to elect Robert Leitz to the board of directors of the Company which is scheduled to take place on April 16, 2025 (the " Meeting"). Key Developments On March 24, Dynacor filed for a provisional injunction to prevent the Meeting from proceeding. On March 28, a judge of the Superior Court of Quebec refused to grant the injunction. iolite is pleased with the outcome and looks forward to having the shareholders have their say on April 16. Dynacor is at a critical juncture. Recent actions by the Company have exposed severe governance deficiencies that undermine transparency, accountability, and fiduciary responsibilities, including: Conducting what iolite believes to be an unnecessary, heavily discounted, and unfair capital raise Responding to legitimate questions from the company's largest shareholder with legal proceedings rather than substantive answers Rejecting a valid request for board representation through specious arguments and delay tactics Refusing to convene a properly requisitioned special meeting These governance failures culminated in a last-minute attempt to block the Meeting through the courts in proceedings against iolite and Robert Leitz. This maneuver sought to suppress legitimate shareholder participation by using the judicial system. This attempt has failed to silence iolite, and iolite continues to act the best interest of the Company. The Company's maneuver underscores the current Board's determination to entrench itself and stifle dissent, rather than providing shareholders with their fundamental right to vote. When an entrenched Board aggressively resists a modest and reasonable request from its largest shareholder—merely one board seat out of nine—shareholders must question what this Board fears and whose interests it truly serves. At the Meeting, Shareholders will be asked (i) to vote on an ordinary resolution to set the number of directors of the Company at nine persons, (ii) to vote on the election of Mr. Robert Leitz as director of the Company and (iii) to transact such other business as may properly be brought before the Meeting or any adjournment thereof. Shareholders are encouraged to vote in advance of the proxy cutoff of 10:00 AM (Eastern Time) on April 14, 2025 , in accordance with the instructions accompanying the form of proxy or voting instruction form mailed to Shareholders together with the Circular. Shareholders are also encouraged to attend the Meeting in person at 800 Victoria Square, Suite 3500, Montréal, QC, H3C 0B4 . Shareholders who do not receive a circular and proxy may contact us atproxy@ The circular with respect to the Meeting will be made available at and at About iolite Founded in 2011 by Robert Leitz, iolite Capital is a Switzerland-based investment manager with a focus on hidden champions: good businesses at attractive valuations. iolite serves a select circle of private and institutional clients who share the same entrepreneurial mindset, are willing to invest for the long term, and who would like to have first-hand access to a dedicated portfolio manager with substantial and meaningful skin in the game. Using a private equity approach, iolite conducts deep fundamental research, constructively engages with management, and adopts a long-term investment horizon. For more information on iolite, please visit About Robert Leitz Robert Leitz brings 25 years of experience in finance and commodities. His expertise in international M&A and distressed debt investing equips him to contribute effectively to the Company's success. iolite holds a diverse portfolio of commodity-related investments across Australia, Canada, Switzerland, and Africa. Before founding iolite, Mr. Leitz held positions at Glencore and several financial institutions, including TPG Credit, Goldman Sachs' European Special Situations Group, and KPMG Corporate Restructuring. He holds a Master of Science in Business Administration and Economics from the University of St. Gallen (HSG), Switzerland, and completed his master's thesis under the guidance of Prof. Eli Noam at Columbia University, New York.
