Leef Brands Inc.
LEEF🇨🇦Leveraged
Vertically integrated cannabis extraction and manufacturing company based in California, incorporated in British Columbia. Adopted Bitcoin treasury strategy in December 2024, using a US$5M BTC-backed convertible debenture offering to fund BTC purchases.
BTC Holdings
5.44 BTC
Insufficient history
Stock Price
0.23 CAD
180d
Total financing
18.03M CAD
180d
mNAV
119.76x
180d
Leverage
2607.1%
180d
BTC Credit
>9,999 bps0.0x
Sats/Share
2
180d
Mkt capFD
63.75M CAD
SharesFD
277.16M
Total reserve
532.27K CAD
Dilution
4.1%
Coverage
0.7 yr
BTC mix
0%
Analytics
BTC Coverage
Financials
US-GAAPAnnualAs of 2025-12-31
Balance Sheet
Total Assets$36.4M▼15.3%
Total Liabilities$44.7M▼19.4%
Stockholders' Equity$-8.3M▲33.5%
Cash & Equivalents$2.2M▼19.8%
Total Debt—
Digital Assets—
Income Statement
Revenue$34.8M▲22.1%
Operating Income$-7.6M▲4.9%
Net Income$-17.6M▲28.4%
Interest Expense$2.4M▲2855.8%
Cash Flow
Operating Cash Flow$-336.9K▲67.9%
Instruments
Total
0.00 CAD
| Instrument | Term | Coupon | Principal | Outstanding | Conv. price | BTC Rating |
|---|---|---|---|---|---|---|
| Total | 0.00 CAD | |||||
Recent Changes
Wed, Mar 25, 2026
Shares Outstanding
257.9M→266.2M+8.3M(+3.2%)
Increase from private placement (~8.2M common shares issued Mar 12, 2026)
Form 10-K (2025)Thu, Mar 12, 2026
Debt OutstandingIssuanceLEEF-Pref
4.2M
10,934,400 preferred shares at CAD$0.38 face value; initial tranche of up to US$8M financing
US$4.5M Initial Closing of Up to US$8M Financing Led by Mindset CapitalWed, Dec 31, 2025
BTC Holdings
4.58→5.44+0.86 BTC(+18.8%)
Calculated from $480,951 fair value at $88,423.54/BTC
Form 10-K (2025)Shares Outstanding
162.8M→257.9M+95.2M(+58.5%)
Form 10-K (2025)
Debt OutstandingLEEF-RE28A
7.0M→5.8M-1.2M(-16.6%)
Balance includes accrued interest; original principal $7M
Form 10-K (2025)Mon, Dec 29, 2025
Debt OutstandingConversionLEEF-Jan30
5.0M→0-5.0M(-100.0%)
All convertible debentures fully converted
Full Early Conversion of CAD Convertible DebenturesFri, Dec 5, 2025
Debt OutstandingConversionLEEF-Sep27
8.0M→0-8.0M(-100.0%)
~US$10.5M (incl accrued interest) converted at amended C$0.25/unit
Full Early Conversion of ~US$10.5M USD Convertible Debentures