Mill City Ventures III, listed in Nasdaq, could raise an $ 500 million additional dollars under a capital agreement to finance its recently announced Suis Treasury strategy – however, the news started a two -digit drop in the course of Mill City.
The announcement of the financial company on Friday occurred shortly after the collection of $ 450 million earlier in the week, which was used to buy its first batch of 76.2 million SUP (SUI) chips worth $ 276 million.
“This line of equity is intended to give us the power of fire to develop our position as the only treasure in the suis on the market with an official relationship of the Foundation Su,” said the director of investments of the company, Stephen Mackintosh.
“We are placed to capitalize on the possible growth of Sui while evolving follow-up through an institutional quality wrapper.
The SUP network is a layer 1 blockchain designed to support scalable and low latency workloads for AI, games and other new generation applications.
The bet of Mill City Sur Suit – The token supplying the SUP network – reflects a broader change from the industry to the construction of cryptographic treasure vouchers beyond Bitcoin (BTC) and ether (ETH).
Other public enterprises have adopted BNB (BNB), Solana (Sol) and XRP (XRP) as treasury assets in recent weeks.
Mill City Share Tank
However, the cord of $ 500 million on the equity line with Alliance Global Partners contributed to a drop of 11.4% in the course of Mill City action (MCVT) to $ 4.91 Friday, according to Google financing data. MCVT fell 4.28% additional after opening hours.
Despite the decline, MCVT shares have been up 165% since July 24 – four days before Mill City unveiled its Suis Treasury strategy.
Industry heavyweights are behind Mill City’s SUP strategy
On July 24, Mill City raised $ 450 million thanks to the sale of 83 million shares to institutional investors
In relation: Unlocking crypto token can be half $ 3 billion in August; SUI, FTN TOP LIST
The offer included the investment of Pantera Capital, Electric Capital, Parafi Capital and Falconx. Galaxy Asset Management is the asset manager of the Treasury.
Mill City said that it would allocate around 98% of the product to finance its Suis Treasury strategy, while the remaining 2% would be for its existing short -term loan activity.
SU, the 15th largest cryptocurrency by market capitalization, is down 2.4% to $ 3.50 – in accordance with the larger market drop, according to Coindecko data.
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