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Benzinga
Benzinga
Business
Murtuza J Merchant

MEI Pharma Chooses Not Bitcoin, Not Ethereum, But Litecoin As Treasury Asset

Closeup,Of,Litecoin,Cryptocurrency,With,Blurred,Background,And,Copy,Space

San Diego-based MEI Pharma (NASDAQ:MEIP) has acquired 929,548 Litecoin (CRYPTO: LTC) tokens, becoming the first U.S.-listed public company to adopt Litecoin as its primary treasury reserve asset.

What Happened: The acquisition, valued at approximately $110.4 million as of Aug. 4, marks the launch of a $100 million institutional treasury strategy in collaboration with crypto market maker GSR and Litecoin creator Charlie Lee.

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