San Diego-based MEI Pharma (NASDAQ:MEIP) has acquired 929,548 Litecoin (CRYPTO: LTC) tokens, becoming the first U.S.-listed public company to adopt Litecoin as its primary treasury reserve asset.
What Happened: The acquisition, valued at approximately $110.4 million as of Aug. 4, marks the launch of a $100 million institutional treasury strategy in collaboration with crypto market maker GSR and Litecoin creator Charlie Lee.
The company said it purchased the LTC tokens at an average price of $107.58, positioning the crypto asset as a strategic alternative to traditional reserve holdings.
The move follows a broader trend of public firms exploring digital assets as part of long-term capital diversification.
“Litecoin has long embodied sound, scalable, and decentralized money,” said Charlie Lee, who also sits on MEI’s board. “By initiating this strategy, MEI is taking a clear, institutional step …