MEI Pharma, an American biotechnology company listed on Nasdaq (MEIP), announced it has raised $100 million through a private placement of shares to integrate Litecoin ($LTC ) as a primary reserve asset. This deal, led by investors Charlie Lee, the founder of Litecoin, and GSR, will make MEI the first public company to officially hold LTC in its portfolio. The funds raised from the sale of 29.2 million shares at $3.42 each will be used to purchase Litecoin. The deal is expected to be completed by July 22, 2025.
This step reflects the growing institutional interest in cryptocurrencies, particularly in Litecoin, known for its speed and low fees. Charlie Lee will join the board of directors of MEI, and GSR will become a consultant on digital asset management. The investment is also supported by the Litecoin Foundation and venture funds such as MOZAYYX and ParaFi. After the announcement, MEI's shares rose by 50% in pre-trading hours, indicating investor optimism.
Experts believe this decision could stimulate broader adoption of cryptocurrencies in corporate strategies. Litecoin, often referred to as the 'silver to Bitcoin's gold', demonstrates stability and practicality, attracting institutions. Keep an eye on crypto market news from #MiningUpdates
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