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Luxxfolio, a Canadian company focused on crypto infrastructure, has filed paperwork to raise up to CAD$100 million (around US$73 million).
The firm plans to use the funds to support its growing focus on Litecoin
$110.99
, a shift that began this year when it moved away from Bitcoin
$108,064.60
mining.
The company has made Litecoin the center of its financial strategy. CEO Tomek Antoniak described Litecoin as “hard currency”, and said that building a larger treasury, expanding infrastructure, and growing its presence in the market will help the company gain more influence and reach.
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He added that the new funding plan gives Luxxfolio more flexibility to grow and adjust as needed.
If approved by regulators, the filing will allow Luxxfolio to raise funds over a 25-month period. It will have the option to issue shares, debt, or other securities, depending on market conditions.
In July, Luxxfolio began sharing updates on its Litecoin purchases. A strategic advisor confirmed this month that the company is aiming to accumulate 1 million LTC by 2026.
Litecoin’s founder, Charlie Lee, joined Luxxfolio’s advisory board in June.
Despite this ambitious plan, Luxxfolio reported zero revenue and a net loss of about $197,000 for the second quarter of the year. That is an increase from its $8,000 net loss in the same period last year.
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