Nasdaq-Listed Mill City Eyes $500M Raise for Sui Strategy, Shares Sink
Main Idea
Nasdaq-listed Mill City Ventures III plans to raise $500 million to expand its Sui token treasury, despite a recent stock drop following the announcement.
Key Points
1. Mill City aims to raise $500M to grow its SUI token holdings after an initial $450M investment.
2. The firm's stock fell over 11% post-announcement but remains up 165% since July 24.
3. Mill City's strategy focuses on institutional-grade exposure to Sui, a blockchain targeting AI and gaming applications.
4. The $500M equity line was arranged with Alliance Global Partners to scale its SUI position.
5. SUI's price dropped 2.4% to $3.45, aligning with a broader market downturn.
Description
Nasdaq-listed Mill City Ventures III is looking to raise up to $500 million through a new equity agreement to expand its Sui token treasury. Key Takeaways: Mill City plans to raise $500M to expand its SUI token treasury after a $450M initial investment. The stock dropped over 11% following the announcement, despite being up 165% since July 24. Mill City is positioning itself as the first institutional-grade Sui treasury with official backing. The announcement came just days after Mill City secur...
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