MEI Pharma has taken a major leap into crypto, acquiring $100 million worth of Litecoin (LTC) as part of a new treasury strategy. The pharmaceutical firm is the first U.S.-listed company to adopt Litecoin as its primary reserve asset.
Between July 30 and August 4, MEI purchased 929,548 LTC at an average price of $107.58. With Litecoin now trading around $124, the value of its holdings has climbed to roughly $115 million.
The purchase was backed by a $100 million private placement that closed last month. Charlie Lee, the creator of Litecoin, and trading firm GSR led the round. Lee has joined MEI’s board, replacing Taheer Datoo, while GSR will manage the company’s crypto treasury. Other backers include the Litecoin Foundation, ParaFi, Hivemind, Primitive, RLH Capital, and Delta Blockchain.
MEI said it chose Litecoin for its long-standing 13-year uptime, low fees, and fast settlement. It also cited the token’s adoption across platforms like BitPay, PayPal, and Robinhood as a sign of growing utility.
The company hinted it may expand into Litecoin mining or related ventures. However, it confirmed that its drug development programs, including work on voruciclib, an experimental cancer treatment, will continue as planned.
Titan Partners Group, a division of American Capital Partners, served as the sole placement agent. Legal counsel came from Morgan, Lewis & Bockius LLP for MEI and Lucosky Brookman LLP for the agent.
MEI joins a growing list of public firms exploring crypto treasury strategies, but unlike others, it’s betting not on Bitcoin or Ethereum, but on Litecoin.
