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San Diego-based MEI Pharma (NASDAQ:MEIP) has acquired 929,548 Litecoin (CRYPTO: LTC) tokens, becoming the first U.S.-listed public company to adopt Litecoin as its primary treasury reserve asset.
What Happened: The acquisition, valued at approximately $110.4 million as of Aug. 4, marks the launch of a $100 million institutional treasury strategy in collaboration with crypto market maker GSR and Litecoin creator Charlie Lee.
The company said it purchased the LTC tokens at an average price of $107.58, positioning the crypto asset as a strategic alternative to traditional reserve holdings.
The move follows a broader trend of public firms exploring digital assets as part of long-term capital diversification.
“Litecoin has long embodied sound, scalable, and decentralized money,” said Charlie Lee, who also sits on MEI’s board. "By initiating this strategy, MEI is taking a clear, institutional step forward that recognizes Litecoin's role as both a reserve asset and an integral part of global financial systems."
MEI's treasury model is being guided by GSR, a leading crypto investment and trading firm, which will advise on market structure, governance, and execution.
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The firm cited several reasons behind its decision:
MEI Pharma's move follows in the footsteps of other publicly traded firms holding crypto in treasury, though this is the first such bet on Litecoin.
Unlike these companies, MEI is the first to exclusively adopt LTC as a primary reserve asset, a notable move given Litecoin's reputation for reliability but generally lower profile in corporate circles compared to BTC or (CRYPTO: ETH).
MEI indicated that further changes to its corporate identity are forthcoming, signaling a broader pivot towards fintech and possibly even Litecoin mining.
Despite this, the company emphasized its continued focus on its drug candidate pipeline, including voruciclib, a CDK9 inhibitor currently in pre-clinical stages.
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