Latest news with #MEIP
Yahoo
5 days ago
- Business
- Yahoo
Public Shell Firms Ramping Up Altcoin Buys Draws Skepticism: FT
A number of public companies may be about to build hoards of altcoins in an attempt to pump their share prices. Such companies are attempting to replicate the model mastered by Michael Saylor's Strategy (MSTR) which has now accumulated 2.9% of all the bitcoin (BTC) that will ever exist. Since it embarked on its BTC treasury strategy in 2020, MSTR share price has increased by over 3,000%. The bitcoin treasury strategy has been copied by a string of different companies and in recent months there has been several doing something similar with ether. However, the possibility of this model being used with other altcoins (a general term for any cryptocurrency that isn't bitcoin) has been met with skepticism by some commentators, the Financial Times reported on Friday. Blockchain platform Avalanche is exploring the possibility of selling a batch of its AVAX token to a publicly-listed shell company, which it would then use to earn yield and attract an investor base, according to the report, citing people familiar with the matter. Canadian investment group RSV Capital is looking to raise $200 million of equity using a shell company that will be deployed to buy TON, the FT's reported. This method does appear to have brought some short-term gains where it has been tried. Charlie Lee, co-founder of litecoin, invested $100 million into MEI Pharma (MEIP) for the company to buy LTC on July 18. MEIP shares jumped 17% following the announcement before falling back and are around 4.9% higher in the last week, as of writing. However, such a business plan will not yield any long-term benefits, according to Eric Benoist, tech and data research specialist at Natixis CIB, who described it as "hugely speculative." "That's not going to save them for a very long time," he said. "At the end of the day they'll be worth whatever [crypto] they have on the balance sheet and that's it." Geoff Kendrick, Standard Chartered's global head of digital assets, described a move into smaller altcoin treasuries as a "a flash in the pan." He added that if the prices of the token collapsed, the companies would "have pain in either equity holder or bondholders."
Business Insider
19-07-2025
- Business
- Business Insider
Why Is MEI Pharma Stock (MEIP) Up 85% Today?
MEI Pharma (MEIP) stock surged on Friday after the pharmaceutical company announced a private investment in public equity (PIPE) for 29,239,767 shares of MEIP stock. The company will sell these shares for $3.42 each, resulting in gross proceeds of roughly $100 million. The company will use these funds to purchase Litecoin (LTC), creating a crypto reserve of the digital tokens. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Make smarter investment decisions with TipRanks' Smart Investor Picks, delivered to your inbox every week. In addition to this, Litecoin creator Charlie Lee will join the MEI Pharma Board of Directors. It will also appoint digital asset market maker GSR as the company's digital asset and treasury management advisor. Lee and GSR are lead investors in the PIPE. Frederick W. Driscoll, Chairman of the Board at MEI Pharma, said, 'MEI is pleased to pioneer this innovative public company treasury strategy with GSR and Charlie Lee, the first to our knowledge in the biotech sector.' MEI Pharma Stock Movement Today MEIP stock was up 86.22% in pre-market trading on Friday, extending a 16.58% rally yesterday. The stock has also increased 82.93% year to date and 57.34% over the past 12 months. Today's movement came with heavy trading, as some 13 million shares changed hands, compared to a three-month daily average of about 26,000 shares. Is MEI Pharma Stock a Buy, Sell, or Hold? Turning to Wall Street, coverage of MEI Pharma is lacking. However, TipRanks' AI analyst Spark has it covered. Spark rates MEI stock a Neutral (41) with no price target. It cites 'significant financial performance challenges and poor valuation metrics' as reasons for this stance.
