Why LTC is up today (July 18)?
On Friday, Litecoin surged 10% to $111 after NASDAQ-listed pharmaceutical company MEI Pharma (MEIP) announced a $100 million private stock placement as part of a bold move to establish a Litecoin-based corporate treasury strategy.
According to the company's statement, the round was led by Titan Partners Group and crypto trading firm GSR. MEI Pharma aims to raise approximately $100 million through the sale of 29,239,767 common shares (or pre-funded warrants) at $3.42 per share.
As part of the deal, Litecoin creator Charlie Lee will join MEI Pharma's Board of Directors, and GSR will also secure a seat on the board and take on a key role in the company’s Digital Asset and Treasury Advisory Committee.
Earlier this year, MEI Pharma began reviewing strategic business alternatives, ultimately deciding to pivot toward blockchain and decentralized finance (DeFi). The company is partnering with Litecoin Foundation and GSR to build a Litecoin-denominated corporate treasury.
“MEI is proud to be a pioneer of this innovative public company treasury strategy, together with GSR and Charlie Lee, who has brought invaluable insight into the biotech sector,” said Frederick W. Driscoll, MEI’s Chairman of the Board. He added that the move opens up new paths for innovation and value creation.
The transaction is expected to close around July 22, 2025, subject to customary regulatory approvals and closing conditions.
New opportunities for LTC and MEI
Charlie Lee, the creator of Litecoin, emphasized that LTC has always been fast, secure, and decentralized — and now it’s exciting to see those principles being adopted by a public company.
“This milestone reflects growing institutional trust in LTC and sets the stage for broader adoption in traditional capital markets,” said the 48-year-old computer scientist.
In addition to Charlie Lee and the Litecoin Foundation, several crypto-focused investment firms participated in the private placement, including MOZAYYX, ParaFi, Hivemind, Primitive, RLH Capital, Delta Blockchain, and CoinFund.
Following MEI’s announcement, its stock more than doubled to $8.9, before correcting to $5.9.
LTC price dynamics for 7 days. Source: CoinMarketCap
Litecoin spiked to $111, then slightly pulled back. At the time of writing, LTC trades at $104, up around 7% over 24 hours.
As we wrote, BIT Mining claims DOGE and LTC more profitable to mine than Bitcoin
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