TL;DR
- MEI Pharma purchased 929,548 Litecoin units for $100 million, becoming the first publicly listed U.S. company to adopt LTC.
- The acquisition was funded through a private placement led by Charlie Lee and GSR; Lee joined the board, and GSR assumed management of the assets.
- The company selected Litecoin for its technical reliability, low fees, and adoption across platforms like PayPal and Robinhood.
MEI Pharma, a Nasdaq-listed pharmaceutical company, has acquired 929,548 units of Litecoin for a total of $100 million.
The purchase took place between July 30 and August 4 at an average price of $107.58 per token. With the current price near $124, the value of their Litecoin holdings now stands at approximately $115 million. This marks the first time a publicly listed U.S. company has chosen Litecoin as its primary treasury reserve asset.
The acquisition was financed through a $100 million private placement led by Charlie Lee, the creator of Litecoin, and crypto trading firm GSR. Lee joined MEI’s board of directors, replacing Taheer Datoo. GSR was appointed as the company’s digital asset manager. Other participants in the round included the LTC Foundation, ParaFi, Hivemind, Primitive, RLH Capital, and Delta Blockchain.
MEI Backs Litecoin’s Strengths
MEI chose Litecoin for its technical and operational strengths. It emphasized the network’s thirteen years of uninterrupted uptime, low transaction fees, and fast settlement times. The company also highlighted Litecoin’s integration with platforms like PayPal, BitPay, and Robinhood, which allow users to use LTC seamlessly. According to the company, these features provide the stability, utility, and trust needed to build a long-term financial strategy.
Additional Initiatives
MEI is considering expanding its Litecoin exposure through complementary initiatives such as mining. At the same time, it continues to operate its core pharmaceutical research activities. Current projects include voruciclib, an experimental cancer treatment. Over the coming months, MEI plans to continue its clinical trials and push forward with new research efforts.
Titan Partners Group served as the sole placement agent. The pharmaceutical received legal counsel from Morgan, Lewis & Bockius LLP, while the agent was advised by Lucosky Brookman LLP.
With this acquisition, MEI joins a growing list of public companies incorporating cryptocurrencies into their balance sheets. While others have chosen assets like Bitcoin, Ethereum, or Solana, MEI opted for a different path—backing a token with a strong technical record and wide industry recognition
