Mill City Ventures Buys $20M in SUI Tokens at Below Market Price

Mill City Ventures (MCVT), the main digital asset treasury for the SUI blockchain, has made another major move to grow its collection. The company announced on August 11 that it purchased over $20 million worth of SUI tokens at a price lower than the current market rate. The SUI Foundation and other big token holders backed the deal, showing strong support for Mill City’s role in managing a large part of SUI’s supply. Mill City’s SUI Stash Grows to Nearly 81.9 Million Tokens On August 10, Mill City bought 5,600,607 SUI tokens for an average price of $3.65 each. This is a bit lower than the $3.80 to $3.90 price range SUI was trading at that day. As of Monday, SUI’s price stood at $3.74, giving the token a market capitalization of more than $13 billion. With this latest acquisition, Mill City now holds nearly 81.9 million SUI tokens. Stephen Mackintosh, the Chief Investment Officer, said Mill City has a deal with the SUI Foundation to buy tokens at a discount. He added that the firm will also purchase SUI from public markets and other investors. Sui, a Layer 1 blockchain created by Mysten Labs, runs on the Move programming language. The network, seen as a potential rival to Solana blockchain , is designed to handle many transactions quickly, with low fees, and to easily grow as more developers build decentralized apps. Mill City Pivots to Digital Assets with $500M SUI Purchase Plan Mill City was previously focused on short-term lending. Earlier this year, the company made a full pivot to becoming a dedicated digital asset treasury, with SUI as its core holding. At the start of the month, Mill City said it plans to buy up to $500 million worth of SUI after securing an equity line agreement. This deal lets the company raise money by selling shares and then use the funds to buy more tokens. The move follows a wider trend in the crypto industry, where public firms are investing in blockchain-based assets to build long-term value. Strong Institutional Support and Market Trust This latest token purchase came after Mill City closed a $450 million private placement , confirming its role as the official SUI treasury. The funding round drew strong institutional backing and was led by London-based hedge fund Karatage, which has close ties to the SUI network. Karatage, co-founded by Marius Barnett and Stephen Mackintosh, has previously held SUI tokens and worked closely with the blockchain’s developers. The partnership with Karatage and the SUI Foundation gives Mill City access to large amounts of SUI at good prices and boosts trust in its long-term plans. Mill City’s access to discounted token and strong institutional backing, puts it in a key position to drive SUI’s growth. The post Mill City Ventures Buys $20M in SUI Tokens at Below Market Price appeared first on TheCoinrise.com .

Source: The Coin Rise