Litecoin Jumps 10% as MEI Pharma Plans $100M Treasury Bet, Adds Charlie Lee to Board
Litecoin (LTC) rallied 10% to $100.05 on Wednesday after MEI Pharma, a Nasdaq-listed biotech firm, revealed plans to raise $100 million through a private placement to fund a Litecoin-based treasury strategy.
The company aims to allocate all proceeds toward acquiring LTC, becoming the first public firm to adopt Litecoin as its primary treasury reserve asset. As part of the announcement, Litecoin founder Charlie Lee will join MEI’s board, while crypto trading firm GSR will manage the company’s planned LTC holdings.
“This marks a major step toward institutional adoption of Litecoin,” said Lee, who also participated in the fundraise alongside investors including the Litecoin Foundation, ParaFi, CoinFund, Hivemind, Primitive, RLH Capital, and MOZAYYX.
The move coincides with a broader altcoin rally sparked by the House’s passage of the GENIUS Act, a bill designed to boost blockchain innovation. It is expected to be signed into law by President Trump on Friday. Market participants are also watching the upcoming CLARITY Act, which could further solidify regulatory frameworks for crypto assets.
MEI, which is developing oncology treatments such as the CDK9 inhibitor voruciclib, said Litecoin’s consistent uptime, low fees, and network stability were key factors in its decision.
Titan Partners Group, a unit of American Capital Partners, is the sole placement agent for the offering. The PIPE deal is structured to comply with Nasdaq’s minimum pricing rules, and MEI plans to register the resale of shares with the SEC post-closing.
While no LTC has yet been purchased, MEI’s crypto allocation will move forward pending completion of the fundraising.
The market responded swiftly: MEI Pharma’s stock surged 46% to $6.58 on Thursday morning, reaching a 52-week high of $9.00 and lifting its market cap past $50 million.
