The NASDAQ listed in Mill City Ventures III could raise another $ 500 million under an Equity agreement to fund the recently announced approach to Sui Treasury-However, the news has triggered a double digit collapse in the Mill City sharing price.
The firm firm announcement On Friday came a few moments raising $ 450 million Earlier in the week, used to buy the first batch of 76.2 million SUI (Sui) Tokens cost $ 276 million.
“This equity line is intended to give us a firepower to measure our position as the only SUI treasury on the market with an official relationship with the SUI Foundation,” the company’s chief investment officer Stephen Mackintosh, said:
“We are positioned to achieve possible SUI growth while SUI-Per-Share scaling through a grade-institutional wrap. It brings us a step closer to streaming access to the public market to a next-generation blockchain.”
The SUI Network is a layer-1 blockchain developed to support scalable, low-lattency workload for AI, gaming, and other subsequent generation applications.
The Bet of Mill City in Sui – the token that gives strength to the SUI network – reflects a broader industry move Crypto treasury More than bitcoin (Btc) and ether (Eth).
Something else public companies BNB (Bnb), Solana (Sol) and XRP (XRP) as Treasury owners in recent weeks.
Mill City shares a tank
However, the $ 500 million Equity line agreement with the Alliance Global Partners contributed to an 11.4% fall in the Mill City Sharing price at $ 4.91 on Friday, Google Finance Data Shut up. MCVT has fallen another 4.28% in those after hours.
Despite the collapse, the MCVT shares have been up to 165% since July 24 – four days before Mill City released the approach to Sui Treasury.
Industry’s heavyweights are behind the approach to Mill City’s Sui
On July 24, Mill City raised $ 450 million by selling 83 million shares with institutional investors
Related: Crypto token unlocks could stop $ 3B in August; Sui, ftn list
The offer includes investing from Capital Panther, Electric capital, parafi capital, and falconx. The Galaxy Asset Management serves as the manager of the Treasury Asset.
Mill City said it would allocate nearly 98% of proceeds to fund the approach to Sui Treasury, while the remaining 2% were for the existing short -term lending business.
Sui, the th -15 largest cryptocurrency’s market cap, dropped by 2.4% to $ 3.50 – in accordance with greater market collapse, coingecko Data Shut up.
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