Mill City Ventures III plans to raise $500 million through an equity line agreement to boost its SUI token holdings. The company shared the news on Friday, saying it secured the agreement with A.G.P./Alliance Global Partners to sell company stock and fund its crypto strategy.
The move follows Mill City’s earlier announcement on Thursday that it had already spent about $277 million to purchase more than 76 million SUI tokens. The company is working closely with the Sui Foundation and is calling itself the only SUI treasury company in the market.
According to the press release, the equity line includes no commitment fee and gives Mill City the option to sell shares when needed. “This equity line is intended to give us the firepower to scale our position,” said Stephen Mackintosh, Mill City’s Chief Investment Officer. “With half a billion in potential capital at favorable terms, we are positioned to capitalize on Sui’s possible growth.”
Mill City says all proceeds will go toward expanding its SUI treasury strategy. The company recently closed a $450 million private placement, which helped it launch its initial SUI token purchase and establish its corporate treasury.
Sui is a Layer 1 blockchain developed by Mysten Labs. It uses the Move programming language and is designed for fast and secure blockchain applications. Mill City is positioning itself as the main public market gateway to Sui exposure.
While most companies building crypto treasuries focus on Bitcoin or Ethereum, Mill City is focusing on SUI, claiming it holds a unique position with official backing from the Sui Foundation.
Following the announcement, Mill City’s shares fell more than 10%, trading at 4.9650. The company’s current market cap is about $32 million.
Mill City believes this move will support its growth in the crypto space and give investors easy access to one of the market’s rising blockchain platforms.
Also Read: SEC Launches ‘Project Crypto’ to Tokenize U.S. Markets
