The Canadian cryptocurrency infrastructure company Luxxfolio has just submitted a prospectus to raise a maximum of 100 million CAD (73 million USD), after becoming the first listed company to incorporate Litecoin into its treasury instead of Bitcoin. CEO Tomek Antoniak stated that Litecoin is considered “hard money” and that the fundraising will help the company scale up to meet market demand.
Luxxfolio aims to hold 1 million LTC by 2026, with the participation of Litecoin founder Charlie Lee on the advisory board. However, the company is facing financial difficulties: no revenue in Q2, a net loss of nearly 197,000 USD, bringing the total cumulative loss to nearly 19 million USD since 2017.
Despite the unstable financial situation, experts believe that the treasury based on Litecoin can still attract institutional capital if it is linked to real infrastructure and practical utility rather than just hoarding in anticipation of price increases.
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