On Friday, July 18th, the decentralized peer-to-peer cryptocurrency Litecoin displayed heightened volatility as its price reached a 4-month high of $112.39 before immediately reverting to $102.64. The selling pressure likely followed Bitcoin’s breakdown below $120,000 despite the broader bullish sentiment. That said, the institutional interest in LTC gains traction as MEI Pharma announces a $100M private placement to launch the Litecoin Treasury Strategy.
Litecoin Futures Open Interest Declines
MEI Pharma (MEIP) a California-based pharmaceutical company trading on Nasdaq, has recently announced a $100 million private placement to acquire Litecoin (LTC) as its primary treasury reserve.
According to a press release, the firm has entered into a purchase agreement for a private investment in public equity (PIPE) for the purchase and sale of 29,239,767 shares of common stock at a price of $3.42 per share. The expected gross proceeds of $100 million would be utilized to acquire LTC coins after deducting placement agent fees and other estimated offering expenses.
Along with this initiative, MEI also appointed Charlie Lee (creator of Litecoin) to its Board of Directors and GRT as the asset manager for the Litecoin treasury.
“Litecoin was designed to be fast, secure, and decentralized – and it’s exciting to see those principles now being embraced by a public company like MEI,” said Charlie Lee, Creator of Litecoin. “This milestone not only reflects growing institutional confidence in LTC but also sets the stage for broader adoption in traditional capital markets.”
The treasury strategy is supported by a consortium of high-profile crypto backers, including the Litecoin Foundation, MOZAYYX, ParaFi, Hivemind, Primitive, RLH Capital, Delta Blockchain & CoinFund.
The PIPE transaction is expected to close on or around July 22, 2025, pending customary conditions. Titan Partners Group, a division of American Capital Partners, is acting as the sole placement agent
LTC Reverts From Key Resistance
Over the past three weeks, the Litecoin price showcased a steady recovery from a $76.17 low to a recent high of $112.39, registering a 47% gain.
Earlier today, this bullish upswing teased an upside breakout from the multi-month resistance of $107.05. However, the price reverted immediately with a long, swift rejection candle, indicating the intense overhead supply at this barrier. The selling pressure likely followed the Bitcoin price momentum as it reverted below the 120,000 mark.
If the selling pressure persists, the coin price could plunge 8% down to retest the 200-day exponential moving average at the $92 mark.
The reversal would also signal the continuation of its ongoing sideways trend resonating within the two converging trend lines of a symmetrical triangle pattern. The two trendlines serve as major resistance and support levels for LTC that traders must breach to initiate a directional trend.
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