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MEI Pharma Inc . (NASDAQ:MEIP) announced it acquired 929,548 Litecoin tokens at an average price of $107.58, establishing a treasury position valued at approximately $110.4 million as of August 4, 2025.
The pharmaceutical company said it becomes the first U.S.-listed public company to adopt Litecoin as a primary reserve asset. The strategy was developed with guidance from Litecoin creator Charlie Lee, who serves on MEI’s board, and crypto investment firm GSR.
"Litecoin has long embodied sound, scalable, and decentralized money," Lee said in a statement. "By initiating this strategy, MEI is taking a clear, institutional step forward that recognizes Litecoin’s role as both a reserve asset and an integral part of global financial systems."
MEI cited Litecoin’s 13-year operational track record, low transaction fees, and integration with platforms including BitPay, Robinhood, PayPal, and Venmo as factors in its decision. The company said it may consider Litecoin mining activities and plans to update its corporate identity in coming weeks.
Joshua Riezman, U.S. Chief Strategy Officer at GSR, said the firm is supporting MEI’s treasury initiative and called it a new institutional standard for public companies integrating digital assets into financial operations.
MEI said it continues to evaluate its pharmaceutical pipeline, including voruciclib, an oral cyclin-dependent kinase 9 inhibitor, with plans to commence research and development activities in the coming months.
The company noted that fluctuations in Litecoin’s market price could result in impairment charges if the cryptocurrency’s value falls below the carrying value on MEI’s balance sheet, according to the press release.