🎁 Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. JOIN NOW! 🔥

Luxxfolio Bets Big on Litecoin with $73 Million Treasury Raise Plan

Key Takeaways

  • ​Luxxfolio has filed to raise up to CAD$100 million to support its Litecoin-focused strategy;
  • The firm plans to build a $ 1 million LTC treasury by 2026, with support from Litecoin creator Charlie Lee;
  • Despite its plans, Luxxfolio reported no revenue and a Q2 net loss of about $197,000.

Ace quick missions & earn crypto rewards while gaining real-world Web3 skills. Participate Now! 🔥

Luxxfolio Bets Big on Litecoin with $73 Million Treasury Raise Plan

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 LTC $109.62 , a shift that began this year when it moved away from Bitcoin BTC $108,393.65 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.

How to Learn Crypto The Easy Way? (Trending Beginners' Strategy)

Did you know?

Want to get smarter & wealthier with crypto?

Subscribe - We publish new crypto explainer videos every week!

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.

Recently, the crypto wallet MetaMask announced plans to release its own stablecoin. What is it? Read the full story.

Aaron S. Editor-In-Chief
Having completed a Master’s degree in Economics, Politics, and Cultures of the East Asia region, Aaron has written scientific papers analyzing the differences between Western and Collective forms of capitalism in the post-World War II era.
With close to a decade of experience in the FinTech industry, Aaron understands all of the biggest issues and struggles that crypto enthusiasts face. He’s a passionate analyst who is concerned with data-driven and fact-based content, as well as that which speaks to both Web3 natives and industry newcomers.
Aaron is the go-to person for everything and anything related to digital currencies. With a huge passion for blockchain & Web3 education, Aaron strives to transform the space as we know it, and make it more approachable to complete beginners.
Aaron has been quoted by multiple established outlets, and is a published author himself. Even during his free time, he enjoys researching the market trends, and looking for the next supernova.

Loading...
binance
×
Verified

CLAIM $100 BONUS

Changelly Welcome Reward
Rating
5.0