$450 Million for the Altcoin Making Waves This Month from a US Investment Giant: They're Establishing a Treasury! - Coin Bulletin

US-based financial company Mill City Ventures III announced that it will launch a corporate treasury strategy focused on Sui (SUI) by completing a total private sale round of 450 million dollars.

Mill City Ventures, which operates in the field of private financing and short-term lending, is making a name for itself among the companies joining the recently popular crypto treasure trend. The financing of the company’s Sui-based treasury project is led by the London-based digital asset-focused hedge fund Karatage, while the Sui Foundation provides support with an equivalent investment.

In addition to Karatage and the Sui Foundation, important companies in the cryptocurrency sector such as Galaxy Digital, Big Brain Holdings, Pantera Capital, Electric Capital, and ParaFi Capital also participated in the investment round. Marius Barnett, one of the founders of Karatage, will take on the role of chairman of the board of Mill City following the investment, while Stephen Mackintosh will become the company's new investment director.

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Institutional interest in SUI is increasing.

The Layer-1 blockchain network Sui, developed with the Move programming language and based on Ethereum, continues to attract attention in the corporate sector. Christian Thompson, the director of the Sui Foundation, emphasized that this project will provide infrastructure for next-generation decentralized applications and artificial intelligence applications for both consumers and large institutions.

Following the announcement, Mill City Ventures shares gained 16% to reach $6.88, while the Sui price is trading at $4.10 after a 3.4% drop in the last 24 hours. With a market capitalization of approximately $14.2 billion, Sui's trading volume reached $2.2 billion in the last 24 hours.