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MEI Pharma (NASDAQ:MEIP) has launched a $100 million Litecoin (CRYPTO: LTC) treasury program, backed by Titan Partners Group and crypto investment firm GSR.
The move includes the appointment of Charlie Lee, the creator of Litecoin, to MEI's Board of Directors.
The Litecoin Foundation has also taken an investment position in MEI as part of the initiative.
The company's stock rose sharply from $4.20 to $11.45 following the announcement, before retracing to $6.00, reflecting market volatility after a significant change in strategic direction.
"For 14 years, Litecoin has consistently delivered a stable, low-cost, and accessible network for millions," said Lee.
"This partnership with GSR and MEI Pharma brings that utility and mission into an institutional setting for the first time."
MEI joins a growing number of public companies allocating capital to cryptocurrencies as part of their treasury management.
Also Read: $67M For More ETH: Bit Digital Expands Its Ethereum Treasury Beyond 120,000 Coins
Notable corporate treasury allocations in crypto:
MEI's Litecoin strategy is notable in that it centers entirely on LTC rather than Bitcoin or Ethereum.
Litecoin, launched in 2011, is often used in payment applications and is supported by processors such as BitPay.
As of today, MEI Pharma becomes the most prominent U.S.-listed company to formally allocate a nine-figure treasury position solely in Litecoin.
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