SUI Joins Bitcoin, Ethereum With Its Own Treasury Company: Look Who’s Building A $450 Million Reserve
Mill City Ventures III, Ltd. (NASDAQ:MCVT), a non-bank lender and specialty finance company, announced a $450 million private placement to adopt a Sui (CRYPTO: SUI) treasury strategy, marking a significant shift toward blockchain investment.
The company will allocate 98% of the net proceeds to acquire SUI tokens, the native cryptocurrency of the Sui blockchain, positioning itself as the sole SUI treasury supported by the Sui Foundation.
The private placement involves the sale of 83,025,830 shares of common stock at $5.42 per share, with the closing expected on or about July 31, subject to customary conditions.
Karatage Opportunities, a London-based hedge fund specializing in digital assets, and the Sui Foundation led the investment, joined by prominent firms like Galaxy Digital Inc. (NASDAQ:GLXY), Pantera Capital, and Electric Capital.
Galaxy Asset Management will serve as the …
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