Solana

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 <a href="https://www.businesswire.com/news/home/20250801880618/en/Mill-City-Ventures-Announces-%24500-Million-Equity-Line-Agreement-to-Accelerate-Growth-of-Sui-Treasury-Strategy" rel="noopener noreferrer nofollow">announcement</a> on Friday came shortly after <a href="https://cointelegraph.com/news/mill-city-ventures-announces-450m-sui-treasury-amid-sui-defi-surge" rel="noopener noreferrer nofollow">raising $450 million</a> earlier in the week, which was used to buy its first batch of 76.2 million Sui (<a rel="noopener noreferrer nofollow">SUI</a>) 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:<blockquote> “We are positioned to capitalize on Sui’s possible growth while scaling SUI-per-share through an institutional-grade wrapper. This brings us one step closer to streamlining public market access to a next-generation blockchain.”&nbsp;
</blockquote><figure><img src="https://s3.cointelegraph.com/uploads/2025-08/01986918-843f-7f40-adaf-7186a4c9ea62" title="" alt="Mill City Ventures to load up on more SUI with $500M deal as shares fall 11%"><figcaption>Source: <a href="https://x.com/SuiNetwork/status/1951270686594367653" rel="noopener noreferrer nofollow">Sui</a></figcaption></figure> The Sui network is a layer-1 blockchain built to support scalable, low-latency workloads for AI, gaming, and other next-generation applications.Mill City’s bet on SUI — the token powering the Sui network — reflects a broader industry shift toward building <a href="https://cointelegraph.com/news/crypto-treasuries-100b-ethereum-10th-anniversary-finance-redefined" rel="noopener noreferrer nofollow">crypto treasuries</a> beyond Bitcoin (<a rel="noopener noreferrer nofollow">BTC</a>) and Ether (<a rel="noopener noreferrer nofollow">ETH</a>).&nbsp;Other <a href="https://cointelegraph.com/news/canadian-vape-company-shares-jump-pivot-bnb-treasury" rel="noopener noreferrer nofollow">public firms</a> have adopted BNB (<a rel="noopener noreferrer nofollow">BNB</a>), Solana (<a rel="noopener noreferrer nofollow">SOL</a>) and XRP (<a rel="noopener noreferrer nofollow">XRP</a>) as treasury assets in recent weeks.<h2 id="mill-city-shares-tank">Mill City shares tank</h2>However, the $500 million equity line agreement with Alliance Global Partners contributed to an 11.4% fall in Mill City’s (MCVT) share price to $4.91 on Friday, Google Finance <a href="https://www.google.com/finance/quote/MCVT:NASDAQ" rel="noopener noreferrer nofollow">data</a> shows. MCVT has fallen another 4.28% in after-hours.<figure><img src="https://s3.cointelegraph.com/uploads/2025-08/01986918-892a-776b-940f-b8d1e7a95c06" title="" alt="Mill City Ventures to load up on more SUI with $500M deal as shares fall 11%"><figcaption>MCVT’s change in share price on Friday. Source: <a href="https://www.google.com/finance/quote/MCVT:NASDAQ" rel="noopener noreferrer nofollow">Google Finance</a></figcaption></figure>Despite the drop, MCVT shares are still up 165% since July 24 — four days before Mill City unveiled its SUI treasury strategy.<h2 id="industry-heavyweights-are-behind-mill-city-s-sui-strategy">Industry heavyweights are behind Mill City’s SUI strategy</h2>On July 24, Mill City raised $450 million through the sale of 83 million shares to institutional investorsRelated: <a href="https://cointelegraph.com/news/crypto-token-unlocks-drop-august-2025" rel="noopener noreferrer nofollow">Crypto token unlocks may halve to $3B in August; SUI, FTN top list</a>The offering included investment from <a href="https://cointelegraph.com/news/pantera-capital-founder-tax-investigation-crypto" rel="noopener noreferrer nofollow">Pantera Capital,</a> Electric Capital, ParaFi Capital, and FalconX. Galaxy Asset Management is serving as the treasury asset manager.Mill City said it would allocate around 98% of the proceeds to fund its SUI treasury strategy, while the remaining 2% would be for its existing short-term lending business.SUI, the 15th largest cryptocurrency by <a href="https://cointelegraph.com/learn/articles/the-most-common-crypto-metrics-a-beginners-guide" rel="noopener noreferrer nofollow">market cap,</a> is down 2.4% to $3.50 — in line with the broader market fall, CoinGecko <a href="https://www.coingecko.com/en/coins/sui" rel="noopener noreferrer nofollow">data</a> shows.Magazine: <a href="https://cointelegraph.com/magazine/training-ai-secretly-love-owls-hitler-meta-ai-porn-ai-eye/" rel="noopener noreferrer nofollow">Training AI to secretly love owls… or Hitler. Meta + AI porn? AI Eye</a>

Mill City Ventures to load up on more SUI with $500M deal as shares fall 11%

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