MEI Pharma Establishes Litecoin Treasury, Adds Charlie Lee to Board
MEI Pharma, a pharmaceutical company, has closed a $100 million private placement, signaling a transformation into a Litecoin treasury-focused enterprise. The common stock was sold at $3.42 per share. Charlie Lee, Litecoin Foundation co-founder, is joining MEI Pharma’s board of directors and served as a key advisor to Digital Asset Market Maker GSR, acting as the lead investors for the deal.
Key Details
- $100 million private placement successfully closed.
- 3.42 USD offered per share.
- Charlie Lee appointed to board and joins as advisor.
- GSR serving as treasury management advisor.
Market Context
Litecoin trading data shows a recent drop, though MEI Pharma’s move represents a strategic allocation of capital.
Growing Trend
MEI Pharma joins several other companies diversifying corporate treasuries into digital assets. Software firm MicroStrategy leads this movement, holding nearly $73 billion in Bitcoin while over 145 public firms own Bitcoin assets totaling over $108 billion. A significant shift is occurring with companies embracing altcoins: SharpLink Gaming for Ethereum ($1.3B+ portfolio), Singapore’s Trident (aiming for XRP), and BitOrigin (securing Dogecoin). MEI Pharma’s planned Litecoin purchases via USD investment through OTC or exchanges continue this trend.
Market Performance
At the time of this reporting, Litecoin (LTC) was trading at $113.35, a decline exceeding 4.6% over the last 24 hours, reflecting current market conditions.
