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La Rosa Holdings holds most crypto in restricted BitGo account
The real estate services company reported $8.14 million in digital assets as of March 31, with withdrawals tied to financing agreement compliance and restricted token access.
La Rosa Holdings, a real estate services company, disclosed that it placed $8.14 million of digital assets on its March 31 balance sheet in a delayed first-quarter filing, while leaving the amount it can actually use blank. The company reported $1.74 million of cash, total liabilities of $28.34 million, and a stockholders' deficit of $7.5 million, with liquidity constrained.
According to the filing, most of the crypto balance is USDC and Frax USD held in a restricted BitGo custodial account. The company said withdrawals, transfers, and other uses depend on compliance with its financing agreements, and it did not provide token quantities, the funding source split, exercise status, delivery history, collateral releases, or a freely withdrawable balance.
The disclosure also describes layered control from its financing structure. A senior secured convertible note issued Jan. 8 for a $9.9 million purchase price has $11 million in principal, carries 10% annual interest payable monthly, and matures 24 months after issuance, and substantially all assets bought with initial closing proceeds are under a first-priority security interest.
La Rosa reported a $13.47 million quarterly net loss and said its loss included $10.50 million tied to issuing the secured note. Management warned that working capital, cash, and operating cash flow would fall short of projected operating expenses for at least 12 months from the financial statements issuance, and it flagged substantial doubt about the company's ability to continue as a going concern, while noting missing filing details make the true usable crypto balance unclear.