MEI Pharma, a Litecoin reserve company, is here! Investing 100 million to buy LTC, founder Charlie Lee joins the board.

MEI Pharma, a biotech company in the United States, officially announced on 7/22 that it secured financing of 100 million USD and fully purchased Litecoin as its main reserve asset, becoming the first publicly listed company in the US to list LTC as part of its corporate financial reserves. They also invited LTC founder Charlie Lee to join the board, along with the well-known digital asset market maker GSR to manage the LTC reserves.

Raise 100 million to buy LTC, let Charlie Lee join the board, and GSR manage the reserves.

MEI Pharma's financing this time is conducted in the form of a private placement, issuing 29,239,767 common shares at a price of $3.42 per share, or equivalent warrants (, raising a total of approximately $100 million, and all the funds raised will be used to purchase LTC.

With the completion of the private placement, MEI Pharma has also invited LTC founder Charlie Lee to join the board of directors, and the well-known market maker GSR has been hired as MEI's digital asset and reserve management advisor, responsible for the implementation of LTC reserve strategies.

In addition to Charlie Lee and GSR, the investors behind this private placement also include the LTC Foundation, as well as several well-known crypto venture capital firms such as MOZAYYX, ParaFi, Hivemind, Primitive, RLH Capital, and Delta Blockchain.

The image shows Litecoin founder Charlie Lee. What is LTC? It was created to improve the transaction efficiency of BTC.

Litecoin )LTC( was created by former Google engineer Charlie Lee in October 2011, making it one of the earlier cryptocurrencies following the release of Bitcoin )BTC( in 2009. The key technology of LTC modifies the original code of BTC and reduces the block generation time from BTC's 10 minutes to 2.5 minutes, addressing issues of slow transaction speeds and high fees in BTC.

Due to the characteristics of LTC such as fast transaction speed, low cost, and high security, making it suitable for daily small payments, it maintains a certain position in the cryptocurrency market. As of the time of writing, the market capitalization of LTC has reached 9 billion USD.

Companies are continuously imitating MicroStrategy's reserve model, and investors must be cautious.

With MicroStrategy ) Strategy( leading the trend of listed companies accumulating coins, many enterprises have followed suit by using a combination of stocks and crypto assets to attract investors. However, based on past examples, many of these crypto concept stocks have experienced astonishing multiple increases in the early stages, but their prices have sharply risen and fallen with the announcement of news, often triggering circuit breakers and halting trading. Investors need to pay attention to risk control and be cautious in their outlook.

)I issue coins, you provide money, US stock investors take over: Unveiling the underlying risks of cryptocurrency reserve company speculation(

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