MEI Pharma has announced a private investment of $100 million to acquire Litecoin, marking the first instance of a publicly traded biotech company adopting LTC as its primary reserve asset.
Investment Details
MEI Pharma announced a $100 million private investment to add Litecoin to its corporate treasury. The deal was initiated with Titan Partners Group and crypto trading firm GSR. The company plans to sell 29,239,767 shares of common stock at $3.42 per share. The deal is expected to close on July 22, 2025, subject to customary regulatory conditions.
As part of the transaction, Litecoin creator Charlie Lee will join the board of directors, and GSR will receive a board seat and lead the digital asset and treasury management advisory committee.
Market Reaction
Following the announcement regarding Litecoin, MEI Pharma’s stock surged by 83.37% in pre-market trading. Currently trading at $5.99, the stock has gained 117% year-to-date. Trading volume also saw a significant increase, with over 13 million shares changing hands in the morning, surpassing the company's three-month daily average of around 26,000 shares.
Future of Litecoin
Charlie Lee emphasized that the adoption of Litecoin by public companies highlights growing institutional confidence in LTC. Litecoin reached a price of $106.22, approaching its seven-day high of $111. Analysts predict a brief price consolidation, which may provide opportunities for investors.
MEI Pharma's move to integrate Litecoin into its treasury strategy represents a landmark event in the biotech sector, underscoring the growing interest in cryptocurrencies in traditional capital markets.
