MEI Pharma announced Friday a $100 million private investment in public equity (PIPE) transaction to add Litecoin into its corporate treasury. The announcement is the first known instance of a publicly traded biotech company adopting Litecoin (LTC) as its primary reserve asset.
Per a press statement published at 13:00 BTS, the investment round was led by Titan Partners Group and crypto trading firm GSR. MEI Pharma plans to raise gross proceeds of approximately $100 million through the sale of 29,239,767 shares of common stock, or pre-funded warrants, at $3.42 per share.
The deal is expected to close on or around July 22, 2025, pending customary regulatory and closing conditions.
As part of the transaction, the biotechnology firm will designate Litecoin creator Charlie Lee to its board of directors. GSR will also receive a board seat and take point in the company’s digital asset and treasury management advisory committee.
MEI Pharma chooses LTC for its crypto treasury
MEI previously announced it had done a review of business alternatives, which is now confirmed to have led towards blockchain and decentralized finance. The company has decided to anchor its treasury with LTC in cooperation with the Litecoin Foundation and GSR.
“MEI is pleased to pioneer this innovative public company treasury strategy with GSR and Charlie Lee, the first to share our knowledge in the biotech sector,” said Frederick W. Driscoll, Chairman of the Board at MEI. “We believe this step positions the company well for a new phase of innovation.”
Charlie Lee, who created Litecoin in 2011, said the coin has always been fast, secure, and decentralized, and it was exciting to see those principles embraced by a public company like MEI.
“This milestone not only reflects growing institutional confidence in LTC but also sets the stage for broader adoption in traditional capital markets,” the 48-year-old computer scientist remarked.
Alongside Charlie Lee and the Litecoin Foundation, several crypto investment firms participated in the private placement. Backers include MOZAYYX, ParaFi, Hivemind, Primitive, RLH Capital, Delta Blockchain, and CoinFund, among others.
Titan Partners Group, a division of American Capital Partners, was the sole placement agent for the PIPE transaction. The securities were offered under exemptions from the registration requirements of the Securities Act of 1933, particularly Section 4(a)(2) and Regulation D, and relevant state securities laws.
Because the securities are being offered through a private placement, they cannot be publicly traded in the US without registration or an applicable exemption.
According to the agreement, MEI Pharma intends to use the proceeds to acquire Litecoin (LTC), as the company’s principal treasury reserve asset.
MEI stocks surge after Litecoin treasury news
After the statement on the Litecoin treasury was released, MEI Pharma’s stock (NASDAQ: MEIP) surged 83.37% in pre-market trading on Friday, continuing a 16.58% rally from the previous day. The stock, currently changing hands at $5.99 after retreating from a 24-hour high of $9, has now gained 117% year to date and is up 86.71% over the past 12 months.
The movement was accompanied by a steep increase in trading volume. Over 13 million shares changed hands Friday morning, dwarfing the company’s three-month daily average of around 26,000 shares.
Meanwhile, Litecoin has broken out of a descending channel, forming a bullish flag pattern against the backdrop of a 24-hour 6% price uptick. The price climbed to $106.22 at the time of reporting, nearing its 7-day high of $111.
Some traders believe it could consolidate briefly before another leg up. Technical analysts noted that if the price pulls back to its support zone at $100-$102, it may present a favorable long opportunity for bullish investors who could start profit-taking at around $110.
