- Mill City buys massive SUI position following placement of $450M.
- The move is supported by top-tier funds and Sui Foundation.
- Innovation in treasury strategy is aimed at institutional crypto adoption.
Mill City Ventures has shaken the crypto world. The company secured a $450 million private placement and almost immediately obtained 76.3 million SUI tokens. This will be a significant change in digital asset investment practice. The company, which is traded in NASDAQ as MCVT, now has one of the biggest listed treasuries of SUI.
Karatage Opportunities, a hedge fund with headquarters in London, was the entity that was in charge of the investment from the beginning. The contribution was matched by the Sui Foundation, which brought in backing from influential individuals. Marius Barnett, who was one of the co-founders of Karatage, recently assumed the role of Chairman. Stephen Mackintosh is now Chief Investment Officer.
Industry Titans Pour Into SUI Play
Investors included Big Brain Holdings, Galaxy Digital, Dr. Jack Kong of NLABS Fund, and others. The following companies are included in this group: Pantera Capital, ParaFi Capital, and five more. Galaxy Asset Management now manages Mill City’s assets.
The placement agent was A.G.P./Alliance Global Partners. The company acquired SUI at $3.6389 a share by means of OTC transactions and direct donations. The amount of money in Mill City’s Treasury is presently 76.2 million SUI.
The Treasury of Mill City SUI is available to the general public through the free market for investment purposes. A daily supply of liquidity is made available to retail and institutional investors through the structure. Increasing its positions will be accomplished by Mill City through the purchase of more SUI on the open market.
Galaxy Digital CEO Mike Novogratz added, Mill City is blazing a transparent, liquid, institutional-quality trail to exposure to digital assets. He referred to the strategy supported by SUI as the game-changer of conventional finance.
Backing the Next Wave of Blockchain Adoption
The blockchain foundation of Sui, headed by the former engineers of the Meta Diem project, is distinguished by its scalability, security, and speed. The network hosts decentralized finance, decentralized game apps, and AI.
Institutional capital flooding into SUI confirms its rising stature. According to Adeniyi Abiodun, who is also the co-founder of Mysten Labs, the treasury approach demonstrates that Sui is headed in the right direction.
Approximately 98 percent of the net funds are being utilised by Mill City for treasury management and the acquisition of SUI. The creation of the largest publicly-owned and institutionally-run SUI treasury is something that it plans to accomplish.
Stephen Mackintosh stressed that our SUI strategy is not all about possession of tokens. We want to find a long-term value partnership with the SUI ecosystem.”
Mill City continues short-term lending. The firm also pushes boundaries with its SUI-centric focus. It is expected to keep its SUI position and treasury performance updated regularly.
