MEI Pharma Makes Litecoin Its Primary Treasury Asset

Nasdaq-listed MEI Pharma has included Litecoin (LTC) in its corporate treasury, thereby bringing some positive attention to the cryptocurrency. Precisely, it made a $100 million private placement in the digital asset, and this amounted to a total of 929,548 Litecoin (LTC) tokens.

MEI Pharma Boasts of $112.54M Worth of Litecoin 

MEI Pharma recently became the first U.S.-listed firm to adopt Litecoin as its primary treasury reserve asset by investing $100 million in the token. The Nasdaq-listed pharmaceutical company secured a total of 929,548 Litecoin (LTC) at an average price of $107.58 between July 30 and August 4. 

According to CoinMarketCap data, 1 unit of LTC currently has a market value of $121.46, corresponding with a 1.93% rally within the last 24 hours. Judging by this price level, MEI Pharma’s LTC treasury is worth approximately $112.54 million. Meanwhile, LTC’s market capitalization has reached $9.25 billion, making it the 18th-largest cryptocurrency by this metric.

Its 24-hour trading is also now at $1.91 billion, following a 90.55% ìncrease. 

Investors Become Stakeholders in MEI Pharma 

Litecoin creator Charlie Lee and crypto trading firm GSR acted as lead investors in the $100 million private placement, which closed in July. 

Lee is now a member of MEI’s board of directors, specifically taking the place of Taheer Datoo, who has been a director at MEI Pharma since October 2023. Also, GSR was appointed as the company’s treasury asset manager. 

Litecoin Foundation, Delta Blockchain, ParaFi, RLH Capital, and Hivemind are other investors in the fund placement. The decision to pick LTC comes from its stellar record of uninterrupted uptime, low fees, and fast settlement. 

GSR Announces $100 million Private Investment in Upexi

In April, GSR announced a $100 million private investment in public equity (PIPE) into Upexi, Inc., a consumer product firm. 

This fund was an avenue for the crypto trading firms to contribute to Upexi’s Solana (SOL) treasury strategy. This was around the time when Upexi announced that it is pivoting toward a cryptocurrency-based treasury strategy. 

This decision underscores its commitment to establishing a Solana treasury strategy. Similarly, GSR has a mission to close the gap between traditional capital markets and the digital asset ecosystem. Interestingly, this stance rightly positioned it for this deal.