MEI Pharma, Inc. (NASDAQ:MEIP) saw its stock more than double following the announcement of a $100 million private placement aimed at building a Litecoin treasury reserve. This move makes MEI the first publicly traded company on a major U.S. exchange to hold Litecoin (LTC) as a core treasury asset.
Headquartered in San Diego, MEI Pharma secured commitments to sell 29,239,767 common shares at $3.42 each, raising about $100 million. The company intends to deploy all proceeds to purchase Litecoin, with the private placement expected to finalize around July 22, 2025.
As part of the deal, Litecoin’s creator Charlie Lee, who led the investment round, will join MEI’s board of directors. Additionally, digital asset market maker GSR, also a lead investor, will oversee the management of MEI’s treasury holdings.
“Litecoin was designed to be fast, secure, and decentralized – and it’s exciting to see those principles now being embraced by a public company like MEI,” Lee said. “This milestone not only reflects growing institutional confidence in LTC but also sets the stage for broader adoption in traditional capital markets.”
The private placement drew interest from the Litecoin Foundation and a range of crypto venture capital firms including MOZAYYX, ParaFi, Hivemind, Primitive, RLH Capital, Delta Blockchain, and CoinFund.
Since its launch in 2011, Litecoin has earned the nickname “silver to Bitcoin’s gold” and has maintained uninterrupted network uptime. The transaction complies with Nasdaq regulations and meets the minimum pricing requirements.
Titan Partners Group, a subsidiary of American Capital Partners, acted as the exclusive placement agent for the transaction.
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