MEI Pharma Purchases Another 929,548 Litecoins Worth $100 Million

Pharmaceutical company MEI Pharma acquired 929,548 Litecoin worth $100 million, becoming the first company listed on a U.S. stock exchange to use Litecoin as the main reserve asset of the Treasury.

The tokens were purchased at an average price of $107,58 from July 30 to August 4. With the current market price of about $124, the cost of the purchased Litecoin is valued at approximately $115 million. Currently Litecoin is ranked 23rd by market cap on CoinGecko with a market cap of $9,2 billion.

The acquisition was fully financed through a $100 million private placement led by the founders Litecoin Charlie Lee and crypto trading company GSR. Lee joined MEI’s board of directors, while GSR was appointed as the company’s treasury manager. Other investors include Litecoin Foundation, ParaFi, Hivemind, Primitive, RLH Capital and Delta Blockchain.

Sultan chose Litecoin MEI explained this by its 13-year history of uninterrupted operation, low fees and fast payments. The company also noted the importance of integration Litecoin to platforms such as BitPay, PayPal and Robinhood.

Pharmaceutical company MEI has joined a growing number of publicly traded institutions adopting crypto asset management strategies. While Strategy (formerly MicroStrategy) is committed exclusively to Bitcoin, other firms have recently added crypto to their balance sheets. Ethereum, Solana, XRP, Dogecoin, SUI, Toncoin, etc.

Source