SUI treasury Mill City Ventures adds $20 million more of the token at slight discount

Mill City Ventures, the SUI digital asset treasury supported by the token’s foundation and other large holders, said Monday it added over $20 million worth of SUI at a discount to market prices.

On Sunday, the Nasdaq-listed DAT officially added 5,600,607 SUI at an average price of $3.65 per token, according to a statement. That was slightly less than the roughly $3.80 to $3.90 SUI was trading at on Sunday, the day Mill City said it added the new tranche of tokens. Mill City now holds nearly 81.9 million SUI tokens.

SUI was trading at $3.74 as of 10:55 a.m. ET, according to The Block Price Page. The token has a market cap of over $13 billion.

Mill City (ticker MCVT) has an arrangement to acquire tokens directly from SUI Foundation at a discount, but also will look to buy some from the public market, according to Mill City Chief Investment Officer Stephen Mackintosh.

“We have a unique relationship to buy tokens from the foundation at a discount,” Mackintosh told The Block last week. Mill City also plans to stake SUI in order to generate revenue for the company. Before the pivot, Mill City worked primarily as a short-term lender.

‘Dynamic’ strategy for buying more SUI

At the beginning of the month, Mill City said it would buy as much as another $500 million worth of SUI after it secured an equity line agreement allowing the firm to sell shares to raise capital for more token purchases. That came after Mill City established itself as the official SUI treasury with the closing of a $450 million private placement. It appears the DAT has access to more capital so it can keep buying SUI.

“We will be acquiring SUI in the market, like in the order book, [but] we’ll also be acquiring it from the foundation at different points in different tranches,” Mackintosh told The Block. “And we’ll even be looking to maybe even purchase tokens from other investors who might want to sell a discount. We’ll be very dynamic in the way we acquire SUI.”

London-based hedge fund Karatage, which previously held SUI tokens and has a long-standing relationship with the developers behind the blockchain, acted as the lead investor alongside SUI Foundation in the $450 million placement. Karatage was founded by Marius Barnett and Mackintosh. When Mill City transformed into a DAT, Mackintosh became the newly-focused firm’s CIO.

Sui is a Layer 1 blockchain developed by Mysten Labs that uses the bespoke Move programming language.

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