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Mill City Ventures III, a provider of short-term lending and financial solutions, has officially established its corporate Sui treasury after closing a $450 million private funding round.
Mill City Purchases 76.3 Million SUI Tokens After $450 Million in Private Funding
The company purchased a total of 76,271,187 SUI tokens through over-the-counter (OTC) agreements with the Sui Foundation. The purchase price was announced as $3.6389 on average.
“Mill City will continue its SUI accumulation strategy with new purchases from the open market. Thanks to its collaboration with the Sui Foundation, Mill City is currently the only crypto treasury strategy with official foundation support,” the company said in a statement.
Mill City plans to use approximately 98% of the net proceeds from the private funding round for SUI token acquisition and treasury management. Notable investors including Big Brain Holdings, Galaxy Digital, Pantera Capital, M2, Electric Capital, and GSR also participated in the funding round.
“Mill City differentiates itself by offering public market investors institutional-scale, liquid access to the digital asset ecosystem. Building its treasury on SUI creates a strong foundation for long-term exposure to this next-generation blockchain platform,” said Galaxy CEO Mike Novogratz.
Sui is a Layer 1 blockchain network developed by Mysten Labs and powered by the Move programming language designed by Meta's former blockchain team.
At the time of writing, the SUI token was trading at $3.54, down 3.8%.
*This is not investment advice.