Mill City Ventures III has announced a $500 million equity agreement to expand its SUI treasury, which recently acquired 76.2 million SUI tokens for $276 million. Despite this strategic move, the shares of Mill City dropped by 11.4% to $4.91. This partnership with Alliance Global Partners aims to bolster their position as the only publicly recognized Sui treasury, leveraging their official relationship with the Sui Foundation. Mill City previously raised $450 million by selling shares to institutional investors, with plans to allocate about 98% of these funds to their SUI strategy. On the market, SUI is currently priced at $3.50, reflecting a 2.4% drop in line with the industry trend. Mill City’s commitment to enhancing its treasury mirrors a wider shift within the industry towards diversifying assets beyond Bitcoin and Ethereum, as companies like Electric Capital and Galaxy Asset Management support their initiatives.

Source 🔗