Mill City Don Secure $500M Equity to Grow SUI Treasury
Nasdaq-listed Mill City Ventures III don agree for $500 million equity line wit Alliance Global Partners to expand im SUI token treasury. Dis na follow for the $450 million institutional raise for August dat fund di purchase of 76.2 million SUI tokens. Di company go put 98% of di new money for im SUI treasury and 2% for im lending operations. Di equity line, wey Sui Foundation back, dey aim to make Mill City di first institutional-grade SUI treasury. Di announcement make MCVT shares drop 11.4% to $4.91, wit more loss for after-hours trading, even as di stock don rise 165% since dem launch di SUI treasury strategy for July. Meanwhile, SUI price drop 2.4% to $3.50 because of market weak. Institutional investors like Pantera Capital, Electric Capital, ParaFi and FalconX support di earlier raise, wit Galaxy Asset Management dey manage assets. Mill City move show say public companies dey diversify their crypto treasuries apart from Bitcoin and Ethereum by adding token dem like BNB, SOL and XRP.
Bullish
Di SUI treasury expansion dey directly increase institutional demand for SUI tokens through big-big buy orders, e dey support mid to long-term price. Even though di equity raise cause some gbege for MCVT shares and di market sef weak small wey fit reduce short-term gains, di strategy wey Sui Foundation back dey show steady demand for token. History don show say when institution buy treasury, e fit raise price floor. So, despite say short-term volatility dey, di overall effect for SUI na positive.