Canadian firm Luxxfolio plans to raise $73 million to increase its Litecoin (LTC) holdings

PANews reported on August 29th that Canadian crypto infrastructure company Luxxfolio filed a prospectus on Thursday, seeking to raise up to 100 million Canadian dollars (73 million US dollars) to expand its Litecoin (LTC) treasury strategy. If approved, Luxxfolio's prospectus will allow it to raise capital through the issuance of equity, debt, or other securities within 25 months. The company aims to purchase one million Litecoins by 2026. A few months ago, the company became the first publicly traded company to use Litecoin as its funding anchor after completely abandoning Bitcoin mining.

According to its latest quarterly financial report, key signs of stress at the company include no revenue, a net loss of approximately $197,000 in the second quarter (compared to a net loss of $8,000 in the same period last year), and nine-month losses that more than doubled year-over-year. The company ended the second quarter with just $112,000 in cash and relied on $844,000 in private equity funding to sustain operations, bringing its total losses since its founding in 2017 to nearly $19 million.