MEI Pharma has announced a strategic pivot to become a Litecoin-focused treasury company after raising $100 million through a private placement. The funding involved issuing 29,239,767 shares at $3.42 per share, marking a decisive shift from its pharmaceutical origins.
Litecoin Foundation founder Charlie Lee will join MEI Pharma’s board of directors, signaling the company’s commitment to integrating Litecoin into its core treasury strategy. The cryptocurrency, ranked as the 23rd-largest digital asset with over $8.5 billion market capitalization, will form the cornerstone of MEI’s restructured operations.
This transition places MEI Pharma among public companies embracing cryptocurrency treasury strategies, following trends set by firms like MicroStrategy and SharpLink Gaming. MEI has partnered with digital asset trading firm GSR to manage its treasury operations, seeking enhanced financial returns and value preservation through digital assets.
The move underscores a growing corporate shift toward adopting cryptocurrencies as treasury reserves, reflecting broader institutional interest in blockchain-based financial solutions beyond traditional investments.