Mill City Ventures (MCVT) has announced the acquisition of Sui tokens worth over $20 million as part of its digital asset treasury.
Details of the Sui Token Purchase
According to the company's statement, Mill City acquired 5,600,607 SUI tokens on Sunday at an average price of $3.65, which was slightly below the market price range of $3.80-$3.90 that day.
Strategy of Mill City Ventures
Mill City Ventures had the opportunity to buy the tokens at a discounted price due to a special agreement with the SUI Foundation. The company's Chief Investment Officer, Stephen Mackintosh, described their strategy as 'dynamic,' stating that they can acquire SUI at different times and in different amounts from both the foundation and the market.
Plans for Staking Income
The company plans to generate income by staking the SUI tokens it purchases. Mill City also announced that it could acquire up to $500 million more in SUI after previously holding a treasury position with a $450 million private sale earlier this year.
The acquisition of SUI tokens by Mill City Ventures highlights the company's strategy to increase its assets within the digital sector. The tokens are expected to be used for income generation through staking.
