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05/08/25 13:53 UTC-04

Pharma Company MEI Pharma Buys Additional 929,548 Litecoin Worth $100M

 

Pharmaceutical company MEI Pharma has purchased 929,548 Litecoin (LTC) worth $100 million, becoming the first publicly traded U.S. company to adopt Litecoin as its primary treasury reserve asset.

The tokens were acquired at an average price of $107.58 between July 30 and August 4. At the current market price of approximately $124, the value of the purchased Litecoin is estimated at around $115 million. Litecoin currently ranks 23rd by market cap on CoinGecko, with a total valuation of about $9.2 billion.

The purchase was fully funded through a $100 million private placement. Leading investors included Litecoin creator Charlie Lee and crypto trading firm GSR. Lee has joined MEI’s board of directors, while GSR has been appointed manager of the company’s treasury assets. Other investors include Litecoin Foundation, ParaFi, Hivemind, Primitive, RLH Capital, and Delta Blockchain.

MEI explained its choice of Litecoin by highlighting its 13-year uptime history, low fees, and fast settlement speeds. The company also emphasized Litecoin’s integration with platforms like BitPay, PayPal (NASDAQ:PYPL), and Robinhood (NASDAQ:HOOD).

With this move, MEI Pharma joins the growing list of public companies adopting crypto treasury strategies. While Strategy (formerly MicroStrategy) remains solely committed to Bitcoin, other firms have recently added Ethereum, Solana, XRP, Dogecoin, SUI, Toncoin, and more to their balance sheets.

See also: "Bitcoin Briefly Drops Below $113,000 After Trump Announces New Tariffs"

#Litecoin (LTC) #Buy #Reserve

Editor: Yulia Krasnaya
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