Biopharmaceutical firm MEI Pharma has executed a $100 million private placement to acquire Litecoin (LTC) as a reserve asset, issuing approximately 29.24 million shares at $3.42 each. This strategic allocation marks a significant corporate treasury shift toward blockchain-based assets.
Concurrently, the company appointed Charlie Lee, Litecoin’s creator, to its board of directors. Lee will advise on digital asset strategy and blockchain integration initiatives, leveraging his expertise to guide MEI Pharma’s cryptocurrency adoption roadmap.
Market reactions were immediately positive following the announcement. MEI Pharma’s share price surged from $4.20 to $11.45, while Litecoin demonstrated strengthened trading volume and price momentum. The altcoin had already appreciated approximately 42.90% over the previous quarter.
This move positions MEI Pharma alongside corporations like MicroStrategy and Tesla in diversifying treasury holdings into cryptocurrencies beyond Bitcoin. The decision reflects growing institutional confidence in altcoins as viable reserve assets amid broader crypto adoption trends.