Nasdaq-listed Mill City Ventures (MCVT) announced the acquisition of over $20 million worth of Sui (SUI) as part of its digital asset treasury. The company made the purchase at slightly below market price.
According to the statement, Mill City added 5,600,607 SUI tokens to its portfolio on Sunday at an average price of $3.65. This price was slightly below the $3.80-$3.90 range where SUI was trading that day. The company's total SUI holdings reached 81.9 million.
At the time of writing, SUI is trading at $3.76.
Mill City Ventures has the opportunity to purchase tokens directly at a discounted price thanks to a special agreement with the SUI Foundation. The company also stated that it can purchase tokens from the market and other investors. Mill City CIO Stephen Mackintosh described their strategy as “dynamic,” saying, “We can acquire SUI at different times, in different amounts, from the foundation, the market, and other investors.”
The company plans to generate income by staking the SUI tokens it purchases. Mill City, which previously held the SUI treasury position with a $450 million private sale earlier this year, announced it could acquire up to $500 million more.
*This is not investment advice.
