Mill City Ventures, the main treasury of digital assets for the SUI blockchain, reported a significant purchase of SUI tokens worth over $20 million, backed by SUI Foundation and other major token holders.
Purchase of SUI Tokens
On August 10, Mill City acquired 5,600,607 SUI tokens at an average price of $3.65 each, which is lower than the trading range of $3.80 to $3.90 at that time. As of now, the price of SUI stands at $3.74, giving it a market capitalization of over $13 billion.
Mill City's Digital Asset Strategy
The company previously focused on short-term lending but fully pivoted to managing digital assets with SUI as its core holding early this year. It plans to acquire up to $500 million worth of SUI tokens after securing an equity line agreement.
Support from Institutional Investors
Recently, Mill City closed a $450 million private placement, solidifying its role as the official SUI treasury. The funding round had strong institutional backing, led by the London-based hedge fund Karatage, co-founded by Marius Barnett and Stephen Mackintosh, which enhances trust in its long-term plans.
In conclusion, Mill City Ventures strengthens its position in the SUI market by expanding its token holdings and gaining institutional support, potentially creating favorable conditions for the growth of this cryptocurrency.
