Litecoin Surges 10%; Will $100M Bet by Nasdaq-Listed Company Fuel a Larger Rally?

LTC$83.84 jumped 10% on Wednesday, extending its July rally, as a little-known biotech firm unveiled plans to raise $100 million through a private stock sale to fund a new litecoin-focused treasury strategy.

The move came as part of a broader altcoin rally fueled by the House passage of the GENIUS Act, which aims to expand blockchain innovation incentives and is expected to be signed into law by President Trump at a White House ceremony Friday at 2:30 p.m. ET. Traders are also anticipating further momentum from the expected passage of the CLARITY Act in the coming weeks, which would provide long-sought regulatory guidance for digital asset classification.

MEI Pharma Inc. (MEIP), a Nasdaq-listed drug development company, said in a press release issued on Friday that it intends to sell roughly 29.2 million shares at $3.42 each in a private investment in public equity, or PIPE. This type of fundraising allows a public company to sell stock directly to institutional investors without conducting a public offering. The deal is expected to close on or around July 22, pending customary conditions.

If completed, MEI plans to use 100 percent of the net proceeds to buy LTC, becoming the first publicly traded company to adopt the cryptocurrency as a primary treasury reserve asset.

Charlie Lee, who created litecoin in 2011, is expected to join MEI’s board of directors following the closing of the deal. He also participated as a lead investor in the private placement. Digital asset trading firm GSR, another lead investor, has been appointed to manage MEI’s planned crypto reserves.

Other participants in the raise include the Litecoin Foundation and several prominent digital asset investors, including ParaFi, CoinFund, Hivemind, MOZAYYX, Primitive and RLH Capital.

“This milestone not only reflects growing institutional confidence in LTC but also sets the stage for broader adoption in traditional capital markets,” Lee said in a statement.

MEI, which is developing oncology drug candidates including the oral CDK9 inhibitor voruciclib, said the decision to integrate Litecoin into its treasury was part of a longer-term diversification strategy. The company cited Litecoin’s reliability, low transaction fees and uninterrupted uptime since launch as key factors in its choice.

Titan Partners Group, a division of American Capital Partners, acted as the sole placement agent for the offering. MEI said the PIPE was structured to comply with Nasdaq listing requirements, including its minimum pricing rules. A resale registration statement will be filed with the U.S. Securities and Exchange Commission after the transaction closes.

No Litecoin has yet been purchased, and MEI’s treasury plan remains contingent on the successful completion of the financing.

Shares of MEI Pharma surged 46% to $6.58 in early trading Thursday, following the company’s announcement of its planned $100 million LTC treasury strategy. The stock had closed at $4.50 the previous day and touched an intraday high of $9.00, marking its highest level in 52 weeks. MEI’s market capitalization stood at just over $50 million as of the morning session.