Mill City Ventures III announced a $500 million equity agreement to boost its SUI treasury, which currently sits at 76.2 million units after making its first $276 million purchase this week.
Nasdaq-listed Mill City Ventures III may raise another $500 million under an equity agreement to fund its recently announced Sui treasury strategy — however, the news triggered a double-digit fall in Mill City’s share price.
The finance firm’s announcement on Friday came shortly after raising $450 million earlier in the week, which was used to buy its first batch of 76.2 million Sui (SUI) tokens worth $276 million.
“This equity line is intended to give us the firepower to scale our position as the only Sui treasury on the market with an official Sui Foundation relationship,” the firm’s chief investment officer, Stephen Mackintosh, said:
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