Litecoin Jumps 10% as Nasdaq-Listed Biotech Firm Unveils $100M Crypto Treasury Plan

Litecoin (LTC) rallied 10% on Wednesday to $100.05, extending its July gains, after a publicly traded biotech firm announced plans to raise $100 million to adopt LTC as a core treasury asset — marking a first among Nasdaq-listed companies.

The company, MEI Pharma, intends to conduct a private stock placement to fund the initiative. Notably, the firm also appointed Litecoin creator Charlie Lee to its board of directors and named digital asset trading firm GSR as its crypto treasury manager. Lee and GSR both participated as lead investors in the raise.

If completed, 100% of the net proceeds will be used to purchase litecoin, making MEI the first U.S. public company to use LTC as its primary treasury reserve.

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

Other investors in the raise include the Litecoin Foundation, ParaFi, CoinFund, Hivemind, Primitive, MOZAYYX, and RLH Capital.

The announcement comes amid renewed strength in the altcoin market following the U.S. House’s passage of the GENIUS Act, a pro-crypto bill that promotes blockchain innovation. President Trump is expected to sign the bill into law during a White House ceremony on Friday at 2:30 p.m. ET. Traders are also optimistic about the upcoming CLARITY Act, which would provide long-awaited regulatory clarity around digital asset classifications.

MEI Pharma, which is focused on developing oncology treatments such as the oral CDK9 inhibitor voruciclib, framed the move as part of a long-term diversification strategy. The company cited Litecoin’s high reliability, low transaction costs, and zero downtime since inception as key reasons for its selection.

Titan Partners Group, a division of American Capital Partners, acted as the sole placement agent for the deal. MEI confirmed that the private investment in public equity (PIPE) transaction complies with Nasdaq’s minimum pricing rules, and a resale registration will be filed with the SEC post-closing.

While no litecoin has been purchased yet, the plan is contingent on successful completion of the capital raise.

Following the announcement, MEI shares surged 46% to $6.58 in early Thursday trading — up from $4.50 the previous day. The stock hit an intraday high of $9.00, marking a new 52-week peak and lifting the firm’s market cap to just over $50 million.