Biopharmaceutical company MEI Pharma, Inc. has completed a $100 million equity raise through a PIPE (Private Investment in Public Equity) deal, exclusively designating the funds to purchase Litecoin (LTC).
This move establishes MEI Pharma as the first publicly traded company listed on a national exchange to hold Litecoin as a treasury reserve asset. The announcement triggered a dramatic surge in the company’s stock price, climbing over 111% within five days to reach levels not seen in nearly three years.
The strategic timing corresponds with a significant increase in Litecoin’s market value, which rose 21.9% during the past week. This performance adds credibility to MEI Pharma’s approach towards diversifying its treasury reserves into cryptocurrency.
Reports indicate the company is preparing for a second equity raise expected to gather an additional $100 million, aimed at further increasing its Litecoin holdings and signaling a sustained commitment to cryptocurrency adoption.
This acquisition reflects growing institutional interest in Litecoin, with the transaction receiving backing from entities such as market maker GSR, the Litecoin Foundation, and several undisclosed institutional investors.