MEI Pharma's astonishing gamble: from a near-death pharmaceutical company to the "first ...

This article by bruce examines MEI Pharma's groundbreaking transformation from a struggling oncology company to the world's first publicly traded company with Litecoin as its primary treasury asset.

MEI Pharma completed a stunning corporate makeover in 2025, raising $100 million through private investment to purchase Litecoin and establish itself as a crypto treasury company. The transformation was spearheaded by Litecoin founder Charlie Lee, who joined the board, alongside top-tier crypto investors including GSR, ParaFi, and Hivemind. The company adopted MicroStrategy's proven "money printer" model, using a dual PIPE and ATM structure to continuously accumulate LTC holdings while potentially increasing per-share value through market premiums.

• Charlie Lee's direct involvement as board member and lead investor provides unprecedented legitimacy and strategic guidance for this Litecoin treasury strategy • The company's unique mNAV valuation model shows potential for significant market premiums, with comparable crypto treasury companies trading at 1.5x to 5.5x their digital asset holdings • This transformation creates the first compliant, liquid investment vehicle for traditional stock market investors seeking Litecoin exposure • The financial flywheel structure enables continuous LTC accumulation through strategic share issuance when trading at premium valuations