- MEI Pharma buys 929,548 LTC ($110.4M), a US corporate first for Litecoin reserves.
- Experts see higher chances for LTC ETF approval.
- Polymarket odds at 81%. Litecoin's price rose 6% after news; analysts predict stronger rallies soon.
MEI Pharma has become the first publicly traded US company to establish a Litecoin reserve, purchasing 929,548 LTC for $110.4 million, according to a press release. The initiative was carried out in partnership with GSR and included the involvement of Litecoin creator and MEI board member Charlie Lee. The company regards Litecoin as a long-term store of value.
“Litecoin has long embodied sound, scalable, and decentralized money," said Mr. Lee. "By initiating this strategy, MEI is taking a clear, institutional step forward that recognizes Litecoin's role as both a reserve asset and an integral part of global financial systems,” said Lee.
Growing Prospects for a Litecoin ETF
On July 30, Bloomberg analyst Eric Balchunas published a list of cryptocurrencies likely to underpin upcoming ETFs—Litecoin was included.
According to Balchunas, any token with more than six months of futures trading on Coinbase’s derivatives exchange has an 85%+ chance of ETF approval, with timing as the only question remaining. Balchunas and fellow analyst James Seyffart emphasized that Litecoin is viewed as a commodity rather than a security, offering it further advantages.
On Polymarket, the odds of Litecoin ETF approval by year-end 2025 have risen to 81%.
Market Reaction and Analyst Forecasts
Litecoin has responded strongly: its price climbed 6% in the last 24 hours, reaching $123.69 at the time of writing. Chart analysts see more room for upside. Crypto analyst Rain targets $150, stating that a return to all-time highs is “near.”
Another expert, Crypto Dias, observes chart patterns similar to those prior to Litecoin’s fivefold rally in 2020 and predicts a new all-time high is imminent. The asset last peaked at $410.26 on May 10, 2021, but is still about 70% below that mark.
