Nasdaq-listed firm Mill City Ventures III (MCVT) is looking to raise up to $500 million through a new equity line agreement to further expand its Sui (SUI) token treasury. This announcement came just days after the company raised $450 million from institutional investors to make its first purchase of 76.2 million SUI tokens, worth about $276 million. The remaining capital from the initial raise will be used for its short-term lending business.
Following the news of the new $500 million equity line, Mill City Ventures’ stock price fell by 11.4% on Friday, with further losses in after-hours trading. Despite this immediate negative reaction, the stock is still up 165% since July 24, when the company first announced its SUI treasury initiative.
Mill City Ventures is positioning itself as the only public company with an official relationship with the Sui Foundation. According to the firm’s Chief Investment Officer, Stephen Mackintosh, this new funding will give them the “firepower to scale” their unique position in the market.
This strategy is part of a broader trend of public companies diversifying their crypto holdings beyond just Bitcoin and Ethereum, with some firms also adding BNB, Solana, and XRP to their portfolios. However, this trend is also facing skepticism. A crypto analyst, Ran Neuner, has suggested that many of these “crypto treasury” firms are not buying assets from the open market, but are instead acting as an “exit vehicle for crypto insiders” by swapping crypto for company shares. In addition, other analysts have raised concerns about the long-term sustainability of corporate crypto treasury strategies.
August 2025, Cryptoniteuae
