Mill City Secures $500M Equity to Scale SUI Treasury
Nasdaq-listed Mill City Ventures III has agreed a $500 million equity line with Alliance Global Partners to expand its SUI token treasury. This follows a $450 million institutional raise in August, which funded the purchase of 76.2 million SUI tokens. The firm will allocate 98% of the new proceeds to its SUI treasury and 2% to its lending operations. The equity line, backed by the Sui Foundation, aims to establish Mill City as the first institutional-grade SUI treasury. The announcement drove MCVT shares down 11.4% to $4.91, with further losses in after-hours trading, even as the stock is up 165% since unveiling its SUI treasury strategy in July. Meanwhile, SUI price dipped 2.4% to $3.50 amid broader market weakness. Institutional investors including Pantera Capital, Electric Capital, ParaFi and FalconX backed the earlier raise, with Galaxy Asset Management overseeing assets. Mill City’s move reflects a wider trend of public firms diversifying crypto treasuries beyond Bitcoin and Ethereum by adding tokens like BNB, SOL and XRP.
Bullish
The SUI treasury expansion directly increases institutional demand for SUI tokens through large-scale buy orders, underpinning mid- to long-term price support. While the equity raise prompted MCVT share volatility and broader market weakness may dampen short-term gains, the Sui Foundation–backed strategy signals sustained token demand. Historical precedents show that institutional treasury purchases can elevate price floors. Therefore, despite near-term volatility, the net impact on SUI is bullish.