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Mill City Ventures announces the addition of 20 million dollars SUI to its treasury.
Mill City Ventures ( ticker MCVT) – a company listed on Nasdaq – officially purchased an additional 5,600,607 SUI tokens on Sunday at an average price of 3.65 USD, lower than the trading price of approximately 3.80–3.90 USD during the day. After this transaction, Mill City now holds nearly 81.9 million SUI. As of 10:55 AM (ET), SUI was trading at 3.74 USD, with a market capitalization of over 13 billion USD.
According to Investment Director Stephen Mackintosh, Mill City has a direct purchase agreement for SUI from the SUI Foundation at a discount price, while still seeking to buy from the public market and will stake SUI to generate revenue. Earlier this month, the company stated that it could purchase up to 500 million USD SUI after signing a capital raising agreement through a stock sale. Previously, Mill City had become the official "treasury" of SUI after the private placement deal of 450 million USD.
The Karatage hedge fund in London – founded by Marius Barnett and Mackintosh – serves as the lead investor alongside the SUI Foundation. Sui is a Layer 1 blockchain developed by Mysten Labs, utilizing the Move programming language.