NASDAQ-Mill City Ventures III can gather another $ 500 million under an equity agreement to fund its recently announced SUI Treasury Strategy- although the news triggered a double-point decline in the share price of the mill city.
Firm Announcement The first came on Friday immediately after raising $ 450 million a week, which was used to buy its first batch of 76.2 million SUI (SUI) tokens to buy a $ 276 million tokens.
The firm’s Chief Investment Officer, Stephen McIntosh said, “The purpose of this equity line is to give us a firepower to score our position as the only needle treasury on the market with an official needation relationship.”
“We are deployed to capitalize on the potential growth of the Sui by scaling the needle-shayer through an institutional-grade cover. It takes us close to streamlining the access to the public market for the next generation blockchain.”
The SUI network is a layer -1 blockchain designed to support scalable, low -delegation workloads for AI, gaming and other next generation applications.
Mill City bets on SUI – SUI tokens power to network – Bitcoin (BTC) and Ether (Eth) reflects a widespread industry change towards the creation of a crypto treasury.
Other public firms have adopted BNB (BNB), Solana (SOL) and XRP (XRP) in recent weeks as treasury assets.
Mill city share tank
However, the $ 500 million equity line agreement with Alliance Global Partners contributed to $ 4.91, Google Finance on Friday, in the Mill City (MCVT) share fall in the Mill City (MCVT) share. data Show. MCVT has fallen another 4.28% after hours.
Despite the drop, MCVT shares are still 165% up from July 24, four days before Mill City unveiled its needle Treasury strategy.
Industry is behind the needle strategy of heavyweight mill city
On July 24, Mill City gathered $ 450 million to institutional investors through 83 million shares
Connected: Crypto tokens reduced to $ 3B in August; Needle, FTN Top List
The offer included investment from Pantera Capital, Electric Capital, Parafi Capital and Falconx. The Galaxy Asset Management is serving as Treasury Asset Manager.
The Mill City said it would allocate about 98% of the income to fund its needle treasury strategy, while the remaining 2% would be for its current short -term lending business.
The 15th largest cryptocurrency, needle, widespread market decline by market cap is below 2.4% to $ 3.50 – Coingco data Show.
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