Litecoin (LTC -0.80%) 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.
A bold new strategy
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.
Image source: Getty Images.
Crypto is having a moment
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.
