MEI Pharma Buys $110M Litecoin Tokens for Treasury

MEI Pharma, a Nasdaq-listed clinical-stage pharmaceutical company, has made a pioneering move by acquiring 929,548 Litecoin tokens, valued at approximately $100 million, marking it as the first U.S.-listed public company to adopt Litecoin as a primary reserve asset. This strategic initiative, developed with crypto investment firm GSR and advised by Litecoin creator and MEI board member Charlie Lee, aims to leverage Litecoin's scalability, reliability, and operational efficiency as part of a long-term institutional treasury strategy. Litecoin’s advantages, including faster transaction times, lower fees, and broad adoption across platforms like PayPal and Venmo, underpin MEI Pharma’s choice over more commonly adopted cryptocurrencies. The company also hinted at potential future expansions into Litecoin mining and plans to update its corporate identity to reflect its growing crypto-focused strategy. Despite this innovative treasury move, MEI Pharma’s stock remains under pressure due to financial challenges such as weak revenue, poor valuation metrics, and negative cash flow, resulting in a neutral analyst rating. This development signals a broader trend of non-tech companies integrating digital assets into their financial operations for diversification and innovation.