The sui cryptocurrency conquers the Mill City Treasury

Mill City Ventures, a company specialized in non -bank loans that quotes in Nasdaq, announced that it will raise 450 million dollars through private placement to establish a corporate treasury based on the sui cryptocurrency.

98% of net funds will go to the acquisition of sui, which will become the company’s main reserve asset. The remaining 2% will be used to support the main short -term loan business. The purchase will be made both in open markets and through institutional agreements with the Sui Foundation.

The placement was attended by Galaxy Digital, Panther Capital, Electric Capital, Parafi, Falconx and other investment firms. Karatage Opportunities, a Fund specialized in digital assets based in London, acted as the main investor together with the Sui Foundation, an organization that drives the development of the SUI network. Galaxy Asset Management will assume the role of asset administrator.

Mill City will integrate Marius Barnett, co -founder of Karatage, as president of the Council, already Dana Wagner, former legal director of Square and current member of the Coinbase Custody Trust Directory, as independent director. In addition, Stephen Mackintosh, also co -founder of Karatage, will be the firm’s new investment director, in charge of the treasury strategy in Sui.

The SUI network has experienced significant growth in its developer community, with an increase of 54% in the last two years, What positions it above most layer networks 1according to data shared by Sam Blackshear, member of the founding team.

In parallel, the price of SUI has registered a 38% rise during the last month, reaching $ 3.92. The impulse of the value of this asset is linked, in part, with institutional ads, such as that of Lion Group Holding, which will also integrate Sui into its strategic treasury, as well as other cryptocurrencies, as reported by cryptootics.

After the announcement, Mill City’s shares shot at 42.6%, passing from USD 5.50 to USD 7.83 during the day of Monday, July 28. Then they recorded an intense volatility that made the price drop up to 5.90 dollars, losing 24%, as seen in the following tradingview graph.

This strategy represents another step in the trend of companies that adopt digital assets as value reserves, following models similar to Michael Saylor with Bitcoin (BTC), but now with other digital assets.

For Adeniyi Abiodun, co -founder and Product Director of Mysten Labs and a partner of Mill City, “the future belongs to cryptocurrencies, AI and Stablecoins,” so “all need an infrastructure that can handle a real scale. That is sui.”