Nasdaq-Listed Mill City Ventures Raises $450M to Pivot Into Crypto with Sui Treasury
Main Idea
Nasdaq-listed Mill City Ventures raised $450 million to pivot into cryptocurrency by building the first public Sui token treasury, with 98% of the funds allocated to acquiring SUI tokens.
Key Points
1. Mill City Ventures III raised $450 million to create the first public Sui token treasury, with 98% of the funds dedicated to purchasing SUI tokens.
2. Galaxy Asset Management will manage the newly established treasury.
3. SUI's price dropped 11% amid a broader altcoin market selloff, despite the significant investment.
4. Total value locked (TVL) across Sui protocols reached an all-time high of $2.22 billion, up nearly 400% since July 2024.
5. Leading Sui protocols like Suilend, NAVI, and Haedal account for $1.7 billion of the total TVL.
Description
Mill City Ventures III, a Nasdaq-listed non-bank lender, has raised $450 million in a private placement to overhaul its business model and establish a cryptocurrency treasury centered on Sui, the native token of the Sui blockchain. Key Takeaways: Mill City Ventures raised $450M to build the first public Sui token treasury. 98% of the funds will be used to acquire SUI, with Galaxy managing the treasury. Despite the move, SUI’s price fell 11% amid broader altcoin market weakness. The Minneapolis-b...
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