Litecoin surged to $118 today, up 16% in 24 hours and 25% over the past week. This marks the highest price since early March, driven by renewed investor interest following MEI Pharma’s announcement of a Litecoin-focused treasury strategy.
The move adds $100 million worth of LTC to MEI’s reserves and makes the company as the first publicly traded U.S. firm to adopt Litecoin as a primary treasury asset.
Read also: Bitcoin vs Litecoin: Key Differences and Similarities
MEI Pharma Converts to Litecoin Strategy
MEI Pharma, listed on Nasdaq under MEIP, disclosed a $100 million private placement of nearly 30 million shares at $3.42 each. Proceeds will be used to acquire Litecoin. The strategy is supported by Titan Partners Group and digital asset firm GSR, which will manage the treasury.
The Litecoin Foundation and multiple crypto venture capital firms, including CoinFund, ParaFi, and Hivemind, also participated in the deal. Charlie Lee, creator of Litecoin, will join MEI’s board following the transaction’s closing. The Litecoin Foundation has aligned its own treasury strategy with this initiative.
Read also: 3 Reasons Litecoin Might Soon Surprise Everyone
Market Reaction
The partnership brings Litecoin into an institutional setting for the first time. According to the press release, the goal is to integrate LTC into a formal corporate treasury framework. GSR will manage the asset under guidelines similar to traditional financial instruments.
MEI Pharma shares more than doubled following the announcement. Litecoin also saw a sharp increase in volume and price, outperforming most major digital assets this week.
