Why Litecoin Soared Over the Weekend

Key Points

• MEI Pharma announced a $100 million private placement to accumulate Litecoin, as well as the addition of Charlie Lee to its board.

• The timing comes as Bitcoin hovers around an all-time high and companies like Trump Media add crypto to their books.

• 10 stocks we like better than Litecoin ›

Litecoin (CRYPTO: LTC) 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.

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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.

Should you invest $1,000 in Litecoin right now?

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Johnny Rice has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Bitcoin. The Motley Fool has a disclosure policy.