Chiara Bianchi
Mill City Ventures (MCVT), acting as the official SUI digital asset treasury, announced the purchase of over $20 million worth of SUI tokens at prices lower than the open market.
According to the company, 5,600,607 SUI tokens were acquired on Sunday at an average cost of $3.65 per token, slightly below the $3.80โ$3.90 trading range at the time. Following this acquisition, Mill Cityโs total SUI holdings have reached nearly 81.9 million tokens.
As of 10:55 a.m. ET, SUI was trading at $3.74, with a market capitalization exceeding $13 billion.
Exclusive Deal with SUI Foundation
Mill Cityโs exclusive agreement with the SUI Foundation enables the firm to acquire tokens at a discount, while also purchasing from the open market. Chief Investment Officer Stephen Mackintosh confirmed that the company also plans to stake SUI to generate revenue, marking a significant shift from its previous short-term lending focus.
Plans for Aggressive Expansion
Earlier this month, Mill City announced intentions to buy up to $500 million worth of SUI, supported by an equity line agreement allowing the sale of shares to raise capital. This comes after the company closed a $450 million private placement, solidifying its role as the official SUI treasury.
According to Mackintosh, Mill City will use a dynamic acquisition strategy, sourcing tokens from public markets, the foundation, and private investors willing to sell at a discount.
Strong Backing from Strategic Investors
The London-based hedge fund Karatageโco-founded by Mackintosh and Marius Barnettโplayed a leading role in the $450 million deal, alongside the SUI Foundation. SUI, developed by Mysten Labs, operates as a Layer 1 blockchain using the Move programming language.
