Registered with NASDAQ, Mill City Ventures (MCVT) has announced the acquisition of SUI (SUI) worth more than $20 million as part of the Department of Digital Assets Treasury. The company bought it slightly below market price.
Mill City added 5,600,607 SUI tokens to its portfolio on Sunday, averaged $3.65, according to the statement. This price was slightly below the $3.80-3.90 range that SUI was trading that day. The company's total SUI holdings reached 81.9 million.
At the time of writing, the SUI is trading for $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 said it can purchase tokens from the market and from other investors. Stephen Mackintosh, Mill City CIO, described the strategy as “dynamic,” saying that “you can get SUIs at various times from the foundation, the market and other investors.”
The company plans to generate revenue by dyeing the SUI tokens it purchases. Mill City, which won the SUI Treasury position with $450 million private sales earlier this year, announced it could increase its up to $500 million.
*This is not investment advice.
