Image generated by CariGold
Key Points
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.
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.
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.
Should You Buy Stock in Litecoin Right Now?
Before you buy stock in Litecoin, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Litecoin wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $652,133! Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,056,790!
Now, it’s worth noting Stock Advisor’s total average return is 1,048% — a market-crushing outperformance compared to 180% for the S&P 500. Don’t miss out on the latest top 10 list, available when you join Stock Advisor.
This article has been published in fool.com via Yahoo News.
