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This Altcoin Just Received Its Biggest Institutional Investment Ever! Here are the Details...
Recently, the treasury strategy towards Bitcoin (BTC), Ethereum (ETH), and altcoins has started to accelerate. As companies announce their million-dollar moves one after another, the latest statement came from a company named Mei Pharma.
At this point, according to BWEnews, MEI Pharma, listed on Nasdaq, has launched a Litecoin (LTC) treasury strategy worth 100 million dollars.
Mei Pharma allocating 100 million dollars for its corporate investment in LTC shows that institutional interest in altcoins is increasing beyond Bitcoin. This raises expectations for more companies to allocate a portion of their treasury reserves to cryptocurrencies and diversify their portfolios.
Mei Pharma's move appears as one of the largest institutional LTC purchases to date.
Additionally, this move follows similar treasury diversification moves by companies like MicroStrategy, Tesla, and Sharplink Gaming, but stands out with MEI Pharma's preference for Litecoin instead of more common institutional options like Bitcoin and Ethereum.
Litecoin, which increased by 10% in the last 24 hours, has risen by 14% in the last week and by 28% in the last month.