Journalist
Sead Fadilpašić
Journalist
Sead Fadilpašić
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GSR, a crypto market maker and trading firm, has announced an investment in and a strategic partnership with the Nasdaq-listed MEI Pharma, marking the first time a public company is aligning its treasury strategy with Litecoin (LTC) at an institutional level, the team says.
According to the press release, GSR and Litecoin founder Charlie Lee are lead investors in the $100 million private investment in public equity into the pharmaceutical company.
Private investment in public equity (PIPE) is the buying of shares of publicly traded stock at a price below the current market value per share. The purpose is for the stock issuer to raise capital for the public company.
Other participants in this investment include various crypto venture capital firms and infrastructure providers. The Litecoin Foundation, Mozayyx, Parafi, HiveMind, Primitive, RLH Capital, Delta Blockchain, and CoinFund, among others, participated in the investment.
Per the announcement, the PIPE “represents a significant step toward institutionalizing Litecoin as a treasury asset.”
Furthermore, GSR and Lee will be working closely, supported by the Litecoin Foundation. As part of the partnership, GSR will serve as an execution partner, strategic advisor, and digital asset treasury manager. Also, Lee and a GSR appointee will join MEI’s Board of Directors.
“This initiative represents the first time a public company is aligning its treasury strategy with Litecoin at an institutional level,” said Joshua Riezman, US Chief Strategy Officer at GSR. “It reflects rising institutional confidence in LTC’s credibility, resilience, and regulatory clarity.”
Per Quynh Ho, Head of Venture Investment at GSR, there is meaningful institutional interest in Litecoin, but not many mechanisms to access it in a secure and structured way. “This investment is designed to close that gap by enabling access to an asset with remarkable staying power,” Ho said.
‘Partnership Brings LTC Utility into Institutional Setting for First Time’
This collaboration creates “potential momentum” for LTC’s growth in decentralized finance (DeFi).
It also follows MEI’s review of strategic alternatives, reflecting “its new mission in alignment with both the Litecoin Foundation and GSR’s digital asset management platform.” Also, as of 31 December 2024, MEI had $23.7 million in cash and cash equivalents with no outstanding debt, it reported.
Meanwhile, GSR works on supporting rising ecosystems, it says. It highlighted the incubation of the Polygon-based protocol Katana.
Early this year, GSR announced the approval by the UK’s Financial Conduct Authority (FCA) of GSR Markets UK Limited as a registered crypto asset business. In 2024, it received approval from the Monetary Authority of Singapore (MAS).
“Litecoin has consistently delivered a stable, low-cost, and accessible network for over a decade,” said Charlie Lee, creator of Litecoin. “With leading global transaction volume on platforms like BitPay, Litecoin is trusted by users and integrated across retail and payments. This partnership with GSR and MEI brings that utility and mission into an institutional setting for the first time.”
LTC is currently the 26th coin per market cap, with $8.06 billion. It’s up 6.9% in a day, now trading at $106.
Overall, it appreciated 11% in a week, 26% in a month, and 46% in a year. LTC hit its all-time high of $410 in May 2021, decreasing 74.1% since then. Also, it’s up 9,131% from its 2015 all-time low of $1.15.
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