Mentioned:
A publicly traded company is going all in on Litecoin. And some of the largest players in crypto are backing them.
What’s happening:
- MEI Pharma (NASDAQ: MEIP) has announced a $100M USD equity financing round for the sole purpose of purchasing Litecoin to hold directly as an asset
By the numbers:
- MEI Pharma will issue 29.2M common shares at $3.42 USD per share
Why it matters:
- Litecoin’s founder Charlie Lee is a lead investor in the new funding round and will also join the board of directors of MEI Pharma
Going deeper:
- Prominent digital asset market maker GSR is also an investor in the new financing round, alongside of the Litecoin Foundation, ParaFi and MOZAYYX
- This is the first time a publicly listed company listed on a major stock exchange in the United States has adopted Litecoin as a reserve asset
