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- MEI Pharma has acquired 929k LTC after raising $100 million in a private placement led by investors including GSR and Litecoin creator Charlie Lee.
- An analyst has predicted that LTC could hit $644 this cycle as institutional interest reaches a new high.
A popular Nasdaq-listed pharmaceutical company called MEI Pharma has become the first US-listed firm to embrace Litecoin (LTC) following its recent acquisition of 929,548 LTC. According to reports, the company acquired these tokens between July 30 and August 4 at an average price of $107.58.
At press time, LTC was trading at $116 after declining from its daily high of $128 in an 8% fall. This implies that MEI Pharma’s LTC Treasury is now valued at $107.8 million.
More About MEI Pharma’s Litecoin (LTC) Purchase
MEI Pharma’s LTC purchase was funded with a $100 million private placement that crypto firm GSR and Litecoin creator Charlie Lee led. Per the data available, GSR is currently appointed as the Treasury asset manager of MEI Pharma, while Charlie Lee joins the board of directors.
In the future, MEI Pharma may expand its strategy to include Litecoin mining and others. Until then, it is expected to continue the operation of its drug development pipeline while doubling down on its efforts in investigative research and development. According to the report, its interest in Litecoin was influenced by the low fees, fast settlement, and around 13 years of uninterrupted uptime.
Commenting on this, Charlie Lee highlighted that Litecoin had, over the years, prioritized sound, focused, and decentralized money. Initiating this strategy, therefore, implies that MEI is taking a significant step forward to recognize Litecoin in its role as a reserve asset and a very important component of the global financial system.
According to U.S. Chief Strategy Officer, GSR Joshua Riezman, this initiative set the tone for a shift towards Litecoin Treasury among corporate institutions.
We’re proud to support MEI’s innovative Litecoin treasury initiative. This model sets a new institutional standard for integrating digital assets into the financial operations of public companies.
LTC Price Expectations
With the rising Institutional interest, an analyst identified as Santolita believes that LTC has what it takes to reach $200. According to him, Litecoin is fast, cheap, and secure. Apart from this, it is battle-tested with real adoption. Also, LTC has a bullish historical trend and is “criminally” undervalued compared to Bitcoin (BTC).
Amidst the backdrop of this, the US Securities and Exchange Commission (SEC) is expected to approve Grayscale’s Litecoin ETF application to attract more institutional clients and boost the price, according to our recent update.
As noted in our earlier analysis, analyst Master Ananda argues that LTC could surge by 1,623% since it has consolidated for more than 1,127 days, starting from 2022. In a different report, this analyst disclosed that LTC could reach $644 this cycle.
Anticipating an explosive run, whales have started increasing their positions with wallets holding at least 1 million to 10 million LTC, adding 360,000 LTC to their holdings, as indicated in our previous publication.
