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MEI Pharma Inc. has become the first U.S.-listed public company to adopt litecoin ( $LTC) as a primary reserve asset, deploying $100 million from a recent stock sale to acquire 929,548 tokens of the cryptocurrency.
Litecoin Creator Charlie Lee Joins MEI Pharma’s Board
The clinical-stage biopharmaceutical company (Nasdaq: MEIP) disclosed the $LTC acquisition in an Aug. 5 regulatory filing. MEI Pharma purchased the litecoin ( $LTC) tokens at an average price of $107.58 between July 30 and Aug. 4, 2025. The investment utilized all net proceeds from a private placement of common stock and warrants completed on July 17.
MEI Pharma’s litecoin holdings were valued at approximately $110.4 million as of Aug. 4. The company described the move as launching a “major institutional treasury strategy” built on “digital asset infrastructure and long-term capital innovation.” The plan was first revealed in mid-July.
The strategy was developed with crypto investment firm GSR and includes guidance from Litecoin creator Charlie Lee, who serves on MEI Pharma’s board. Lee stated the initiative recognizes $LTC’s role “as both a reserve asset and an integral part of global financial systems.”
MEI Pharma cited Litecoin’s “proven reliability” with 13 years of operational uptime, low transaction fees, and “broad-based adoption” on platforms including Paypal, Venmo, and Bitpay as key reasons for the selection.
The San Diego-based company, founded in 2000, develops cancer therapies targeting hematologic malignancies and solid tumors. Its drug pipeline includes voruciclib, an oral cyclin-dependent kinase inhibitor. MEI Pharma reported having 28 employees as of July 2025.
The firm indicated plans to formally update its corporate identity in the coming weeks and may commence $LTC mining activities. MEI Pharma emphasized it continues to assess preclinical activities for its oncology candidates alongside the $LTC treasury strategy. Over the last month, MEIP shares have jumped 111% against the U.S. dollar.