Litecoin (LTC -0.99%) is on the rise. As of 3:19 p.m. ET on Monday, the crypto was up 12.6% from last Friday at 4 p.m. ET.
MEI Pharma announced on Friday that it will initiate a $100 million private placement in order to pursue a Litecoin accumulation strategy. The company also appointed Charlie Lee, the creator of Litecoin, to its board.
Following in the footsteps of companies like Strategy (formerly known as MicroStrategy), Trump Media, and GameStop, MEI Pharma will raise money in order to add a large amount of cryptocurrency to its books, betting that it will appreciate significantly over time. However, MEI’s choice of Litecoin is unique; it will be the first publicly traded company on a major exchange to do so.
The announcement came just ahead of Trump Media’s announcement that it has purchased an additional $2 billion in Bitcoin to add to its books as the original crypto hovers around all-time highs.
Bitcoin set a new record last week, topping the $120,000 mark for the first time. There is a wave of enthusiasm in the market as Congress considers major legislation that would create a regulatory framework for the adoption of crypto in traditional banking and finance.
Litecoin, like most altcoins, generally follows the movement of Bitcoin. Frankly, I don’t see much of a reason to invest in it compared to Bitcoin.
