MEI Pharma Announces $100M Litecoin Treasury Plan and Partners with Litecoin Foundation

Nasdaq-listed MEI Pharma launches $100M Litecoin treasury plan, stock rockets 50%

MEI Pharma, a biotech company listed on the Nasdaq stock exchange, has announced the launch of a $100 million Litecoin treasury plan in collaboration with the Litecoin Foundation and major crypto partners. The news has sent the company’s stock soaring by 50% at market opening.

As part of this initiative, Charlie Lee, the creator of Litecoin, will be joining MEI Pharma’s Board of Directors to drive the expansion of global Litecoin adoption through institutional channels. The Litecoin Foundation has also invested in the company as it seeks to increase its presence in the cryptocurrency space.

This partnership marks a significant milestone for MEI Pharma, which is seeking to diversify its portfolio and capitalize on the growing demand for digital assets. In a statement, Charlie Lee emphasized the importance of this development, stating that “Litecoin has consistently delivered a stable, low-cost, and accessible network for millions over the past decade.” He also highlighted the potential of bringing this utility and mission into an institutional setting for the first time.

MEI Pharma is not the first company to adopt Litecoin as a corporate asset. Thumzup Media, which counts Donald Trump Jr. among its backers, announced earlier that it had been authorized to hold up to $250 million in seven cryptocurrencies, including Bitcoin, Ethereum, Solana, XRP, Dogecoin, Litecoin, and USDC.

The sudden surge in MEI Pharma’s stock price following this announcement underscores the growing significance of cryptocurrency adoption within the institutional space.

Source: cryptobriefing.com