Pharmaceutical Company MEI Pharma Acquires Over 929,000 Litecoins as Reserves, Supported by Charlie Lee and GSR

MEI Pharma Becomes First U.S. Public Company to Use Litecoin as Primary Financial Reserve Asset

On Tuesday, MEI Pharma (NASDAQ: MEIP), a pharmaceutical company listed on the Nasdaq, announced that it has initiated its institutional financial strategy by purchasing 929,548 Litecoins (LTC) at an average price of $107.58, becoming the first publicly traded company in the United States to use Litecoin as its primary financial reserve asset.

This acquisition is fully supported by the $100 million private placement completed last month, which was co-led by Litecoin founder Charlie Lee and cryptocurrency trading firm GSR. Charlie Lee has joined the MEI board, succeeding Taheer Datoo; GSR has been appointed as the company’s financial asset manager.

Other participating investors include the Litecoin Foundation, ParaFi, Hivemind, Primitive, RLH Capital, and Delta Blockchain.

MEI stated that its financial strategy focuses on Litecoin due to its 13-year history of uninterrupted stability, low transaction fees, and fast settlement efficiency. The company also noted that Litecoin has been integrated into platforms such as BitPay, PayPal, and Robinhood, further proving its practical application value.

The company also revealed that it may expand its strategy to include Litecoin mining and other related projects in the future. MEI will continue to advance its drug development programs, including the experimental cancer therapy voruciclib, and anticipates launching more R&D projects in the coming months.

According to data from CoinMarketCap, Litecoin has performed strongly over the past week, with a price increase of 10%, making it one of the top-gaining tokens among the top 100 cryptocurrencies by market capitalization. As of press time, Litecoin’s trading price stood at $119.

MEI joins a growing number of publicly traded companies incorporating cryptocurrencies into their financial reserves. This trend was first initiated by the U.S. software company Strategy (formerly MicroStrategy), which adopted Bitcoin (BTC) as its primary financial asset and has accumulated as much as 628,791 BTC, valued at over $71.4 billion.

Recently, several companies have also begun to include other cryptocurrencies in their balance sheets, including Ethereum (ETH), SOL, XRP, Dogecoin (DOGE), SUI, and TON.