Mill City Ventures has reported a recent acquisition of over 5.6 million SUI tokens at a price slightly below market value, significantly increasing its holdings.
SUI Token Acquisition
Mill City Ventures disclosed that it recently secured over 5.6 million SUI tokens for approximately $20 million, paying $3.65 each, slightly under the trading price at the time. This pushes their holdings to nearly 81.9 million tokens, representing a substantial portion of SUI's circulating supply.
Acquisition Strategy
Mill City’s ability to acquire SUI below market value stems from a direct agreement with the SUI Foundation, allowing purchases in tranches at discounted rates. Chief Investment Officer Stephen Mackintosh noted that this is just part of the plan. Tokens will also be sourced through public markets and from other large holders willing to sell at favorable terms.
Investment Expansion
Earlier this month, the firm announced it could deploy up to $500 million more into SUI purchases, backed by an equity line arrangement that allows it to raise cash through share sales. This commitment followed the closing of a $450 million private placement led by London-based hedge fund Karatage alongside the SUI Foundation.
Mill City Ventures is actively expanding its investments in SUI tokens, setting ambitious goals, as evidenced by their strategy of completing deals at discounted prices and the intention to generate steady income through staking their reserves.
