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$SUI Treasury Strategy Lands $441M as Mill City Ventures Pivots to Crypto
Mill City Ventures has completed a $450 million private placement to become the first public company with a $SUI treasury.
The Nasdaq-listed firm will allocate 98% of proceeds to acquire $SUI tokens as primary treasury assets.
Investment came from Pantera Capital, Electric Capital, ParaFi Capital, and other major venture firms.
Galaxy Asset Management will serve as treasury asset manager for the crypto pivot strategy.
Sui ecosystem #DeFi activity surged, with total value locked hitting an all-time high of $2.22 billion.
The blockchain's AI capabilities and technical architecture for institutional-scale crypto operations drove the selection.
$SUI price dropped 11% following the announcement amid broader #altcoin market retreat, despite the positive #institutional adoption news.
