The Nice Declated Mill City Ventures III can raise $ 500 million under the equity agreement to fund its recently announced SUI Treasury Strategy-however, the news has given rise to a double digit shortage in the shares of Mill City.
On Friday, the finance firm was announced shortly after the collection of 50 450 million, which was used to buy $ 276 million for $ 276 million.
“The purpose of this equity line is to give us firepower to measure our position as the only Sui Treasury in the market with the official relations of the SUI Foundation,” said Stephen McCentosh, the chief investment officer of the firm.
“We are in place to take advantage of the potential growth of the SUI, while scaling the needle Pir share through the institutional grade rapper. This brings us a step closer to smooth access to the public market to the next generation blockchain.”
SUI Network is a layer 1 blockchain made to support AI, gaming, and other applications of the next generation, to support the low delay workload.
The Mill City Condition About SUI – SUI Network Power Token – BitCoin (BTC) and Ether (ETH) reflects a wider industry change towards the construction of Crypto Treasury.
Other public firms have adopted the BNB (BNB), Solana (Civil) and the XRP (XRP) in recent weeks as treasury assets.
Mill City shares tank
However, the Million 500 million equity deal with the Alliance Global Partners contributed to the fall of 11.4 percent of the shares of the Mill City (MCVT) on Friday. After MCVT, the hours have fallen 4.28 %.
Despite the decline, MCVT shares are increasing 165 % since July 24 – Mill City unveiled its needle treasury strategy four days before.
The industry is behind the city’s SUI strategy
On July 24, Mill City collected 50 450 million by sale of 83 million shares to institutional investors
Related: In August, the crypto token can be up to half of the unlock. Sui, FTN Top List
This offer includes investment from Pantra Capital, Electric Capital, Parfi Capital, and Falconx. The Galaxy Asset Administration is serving as a Treasury Asset Manager.
Mill City said she would allocate about 98 % of funds for its needle treasury strategy, while the remaining 2 % would be for its current short -term lending business.
Congico’s data shows that the 15th largest cryptocurrency through the market cap is less than 2.4 %.
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