San Diego-based pharmaceutical firm MEI Pharma has announced a $100 million private placement to establish Litecoin as its primary treasury reserve asset.
The company has agreed to sell shares of common stock at $3.42 per share, with the transaction set to close around 22 July 2025, subject to normal conditions.
All proceeds will be used to acquire Litecoin, making MEI Pharma the first publicly traded company on a national exchange to adopt LTC as a treasury reserve asset.
Litecoin founder Charlie Lee, an investor alongside digital asset market maker GSR, will join MEI Pharma’s board of directors upon the deal’s completion. GSR will also serve as the company’s treasury asset manager. Other investors include the Litecoin Foundation, MOZAYYX, ParaFi, Hivemind, Primitive, RLH Capital, Delta Blockchain, and CoinFund.
“Litecoin was designed to be fast, secure, and decentralized—and it’s thrilling to see a public company like MEI Pharma embrace these principles,” said Charlie Lee in a statement. Josh Riezman, GSR’s US Chief Strategy Officer, added, “We’re excited to help institutions like MEI Pharma access digital assets while managing risk and maintaining flexibility.”
Titan Partners Group, a division of American Capital Partners, acted as the sole placement agent for the transaction, conducted under a private placement exemption under the Securities Act of 1933. Current board member Taheer Datoo will step down when the deal closes.
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