Nasdaq-listed Mill City Ventures III is considering raising an additional $500 million through an equity agreement to support its newly launched Sui treasury strategy — a move that led to a sharp decline in its share price, which fell by double digits.
The announcement, made Friday, follows the firm’s recent $450 million raise earlier in the week, which funded the acquisition of 76.2 million Sui tokens valued at $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,” said Stephen Mackintosh, the firm’s chief investment officer.
“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.”
The Sui network is a layer-1 blockchain designed to handle scalable, low-latency workloads, making it ideal for AI, gaming, and other next-generation applications.
Mill City’s investment in SUI — the native token of the Sui network — signals a growing industry trend toward diversifying crypto treasuries beyond Bitcoin and Ether. In recent weeks, several other publicly traded firms have added assets like BNB, Solana, and XRP to their treasury portfolios.
Mill City shares tank
However, the $500 million equity line agreement with Alliance Global Partners weighed heavily on investor sentiment, leading to an 11.4% drop in Mill City’s (MCVT) share price to $4.91 on Friday, according to Google Finance data. The stock continued to slide in after-hours trading, falling an additional 4.28%.
Despite the drop, MCVT shares are still up 165% since July 24 — four days before Mill City unveiled its SUI treasury strategy.
Mill City’s SUI Strategy Backed by Industry Heavyweights
On July 24, Mill City raised $450 million by selling 83 million shares to institutional investors, with participation from major players including Pantera Capital, Electric Capital, ParaFi Capital, and FalconX. Galaxy Asset Management is overseeing the firm’s treasury asset strategy.
Mill City announced that approximately 98% of the funds will be directed toward its SUI treasury initiative, with the remaining 2% allocated to its existing short-term lending operations.
SUI, currently the 15th largest cryptocurrency by market capitalization, is trading at $3.50 — down 2.4%, in line with the broader market decline, according to CoinGecko.
