MEI Pharma announces a commitment of over $100 million to a Litecoin fund, attracting Litecoin creator Charlie Lee to its board.
MEI Pharma's Investment in Litecoin
MEI Pharma, a publicly traded company, has committed over $100 million to a Litecoin fund through a private placement with GSR acting as a strategic advisor. This move is a significant development in the biopharmaceutical sector, positioning Litecoin as a critical reserve asset. Charlie Lee's involvement on the board reinforces confidence in Litecoin’s potential in institutional settings, establishing it as a viable option for reserve strategies.
Market Reaction to the Announcement
Following the announcement of significant investments in Litecoin, MEI Pharma's stock exhibited volatility, initially soaring by 83% before stabilizing. Litecoin experienced a gain of approximately 12% in price.
Litecoin as a Corporate Reserve
MEI Pharma is the first public company in the biopharmaceutical sector to adopt Litecoin as its reserve, paving the way for other businesses exploring digital assets. As per CoinMarketCap, Litecoin (LTC) is currently priced at $117.10 with a market cap of $8.91 billion, with a trading volume of $1.91 billion over the last 24 hours.
MEI Pharma's investment in Litecoin highlights growing interest in digital assets among corporate treasury strategies, indicating Litecoin's emerging role as a significant player in this market.
