Litecoin Jumps 10% After Nasdaq-Listed MEI Pharma Unveils $100M LTC Treasury Strategy
Litecoin (LTC) climbed 10% to $100.05 on Wednesday after MEI Pharma, a Nasdaq-listed biotech firm, announced plans to raise $100 million through a private equity placement to fund a Litecoin-based treasury strategy.
If completed, MEI would become the first publicly traded U.S. company to allocate its corporate treasury primarily to Litecoin. The company also revealed that Litecoin creator Charlie Lee will join its board following the raise. GSR, a digital asset market maker and one of the lead investors, will manage MEI’s crypto holdings.
Other backers in the round include the Litecoin Foundation, ParaFi, CoinFund, Hivemind, Primitive Ventures, MOZAYYX, and RLH Capital.
“This milestone reflects rising institutional interest in LTC and broader potential for adoption across public markets,” Lee said in a statement.
The announcement comes amid strong altcoin momentum following the House’s passage of the GENIUS Act, which supports blockchain innovation and is expected to be signed into law by President Trump this Friday. Traders are also watching the CLARITY Act, which could further clarify digital asset regulations.
MEI said its decision to embrace Litecoin was part of a long-term diversification effort, citing the cryptocurrency’s stability, minimal fees, and consistent uptime. The company, which is developing cancer therapies including voruciclib, emphasized that no LTC has been acquired yet and the plan is subject to the successful close of the offering.
Titan Partners Group, a division of American Capital Partners, is serving as the sole placement agent. The offering is structured to comply with Nasdaq’s minimum pricing rules, and MEI plans to file a resale registration statement with the SEC post-transaction.
Following the announcement, MEI shares surged 46% to $6.58 in early trading Thursday, after closing at $4.50 the previous day. The stock touched an intraday high of $9.00—its 52-week peak—pushing the firm’s market cap above $50 million.
