The public finance company is teaming up with top crypto players to hold SUI as its main reserve asset.
Mill City Ventures, a publicly traded U.S.-based specialty finance company, announced on Monday a $450 million private investment deal to accumulate SUI tokens as its main asset.
Most of the money raised (close to 98%) will be used to buy SUI, the native token of the Sui blockchain, which currently boasts a total value locked (TVL) of over $2 billion, per DeFiLlama. The remaining 2% will support Mill City’s existing short-term lending businesses, according to a press release viewed by The Defiant.
Mill City plans to acquire SUI tokens on both the open market and through private transactions, including direct purchases from the Sui Foundation. This initiative makes Mill City the “sole company” holding SUI as a primary treasury asset with support from the Sui Foundation, per the release.
SUI is currently trading at…
