Today we are announcing our investment in Lombardor, a Hamburg-based, Bitcoin-only fintech founded in 2024 by Frank Schlaberg. Lombardor is building regulated infrastructure for euro-denominated loans secured by Bitcoin held in cold storage with a German custodian, with its first loan product planned for Q2 2026. The pitch to long-term Bitcoin holders is simple: access euro liquidity without selling sats, and without trusting an offshore lender with your collateral.

Germany is one of the most thoughtful Bitcoin jurisdictions in the world, with a long capital-gains holding period and a deep base of patient hodlers who would rather borrow than sell. Yet most existing Bitcoin-backed credit products are built outside the EU, denominated in dollars or stablecoins, and rely on custody arrangements that German clients cannot comfortably use. Lombardor is purpose-built for that gap: euro loans, German custody, and a regulatory posture that lets banks, family offices and SMEs participate.

This investment fits Fulgur's thesis that Bitcoin becomes most powerful when it is treated as collateral inside the existing financial system, not as a parallel one. Lombardor's Bitcoin-only focus is also rare and important: no altcoin distractions, no rehypothecation games, no on-chain treasury experiments. Just the cleanest possible product, euros in, Bitcoin pledged, repaid or liquidated, with cold-storage discipline throughout.

Frank brings serious operating depth in regulated German finance, exactly the profile this market needs. As MiCA settles in and Bitcoin holders look for credit products that match their conviction, we expect demand for credible, locally regulated lenders to compound. We are excited to back Lombardor as it builds that institution from Hamburg outward.