Litecoin Foundation Founder Charlie Lee to Join MEI Pharma Board as Company Explores Litecoin Treasury Strategy

Key Points

1. MEI Pharma raised $100 million through a private placement, issuing 29,239,767 shares at $3.42 each, to pivot from pharmaceuticals to a Litecoin treasury firm.

2. Charlie Lee, founder of Litecoin Foundation, will join MEI Pharma's board, signaling strategic alignment with Litecoin.

3. MEI Pharma's move is part of a growing trend among public companies, such as MicroStrategy and SharpLink Gaming, to hold cryptocurrencies in their treasuries.

4. Litecoin, with a market cap of over $8.5 billion, is the 23rd largest digital asset, and MEI has partnered with GSR for treasury management.

5. The shift highlights the evolving corporate treasury landscape, with companies exploring crypto assets to enhance returns and safeguard value.