Mill City Ventures Plans a $500M SUI Feast; Shares Dive in a Cryptic Comedy

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Imagine a Nasdaq darling—Mill City Ventures III—poised on the precipice of a daring $500 million infusion, as if tossing dollar bills into a fire pit to see what sparks. Their latest scheme? To bankroll a Sui treasury saga, all while the market chuckles and shares tumble a lovely 11%—because why not? 🎢💸

In a dizzying twist of irony, just days after scooping up $450 million in fresh cash, Mill City announced it’s the first ‘official’ public company to set sail on the Sui blockchain—a digital frontier that promises to redefine AI, gaming, and all things shiny and new—probably before it becomes obsolete. They purchased a hefty 76.2 million SUI tokens worth $276 million, making them the purported “pioneers” of this shiny new treasure hunt. 🤡🔥

Stephen Mackintosh, the not-so-humble CIO, declared with unbridled enthusiasm, “This equity line is designed to give us the firepower to scale up as the sole Sui treasury on the market with a badge of honor from the Sui Foundation.” Because, naturally, nothing screams security like “official relationship”—that is, until the shares tank. 😎

“We’re positioned to ride Sui’s rollercoaster while amplifying SUI-per-share through an institutional-grade wrapper — the blockchain equivalent of a tuxedo at a rodeo. Next stop: turning public markets into the ‘next major thing,’ probably just before it all implodes.”

The Sui network’s a layer-1 blockchain built like a sleek sports car—low latency, high speed—perfect for AI, gaming, and you-know-the-whats. Mill City’s gamble on SUI—the token powering this shiny new toy— reflects the industry’s latest obsession: building treasuries beyond Bitcoin and Ether, because who needs boring old gold? Now BNB, Solana, and XRP are rubbing elbows too—crypto’s version of a trendy cocktail party. 🍹💥

Share Price Crashes, but Who’s Counting?

Well, the $500 million line with Alliance Global Partners sent Mill City’s shares zooming down 11.4%, from $5.52 to $4.91—because nothing says “confidence” like a nosedive. The after-hours ticker kept the downward spiral going, shedding another 4.28%. 📉

But hold your horses—since July 24, when Mill City first unveiled its daring SUI strategy, the shares are still up a hefty 165%. That’s one way to look at the glass as half full, or just a very turbulent rollercoaster. 🎢

Who’s Really Behind the Curtain?

Back in July, Mill City raised a cool $450 million by selling 83 million shares—oh, the thrill rides of institutional investors! Among them: Pantera Capital, Electric Capital, ParaFi, and FalconX, with Galaxy Asset Management as the trusty treasury guardian. They’re pouring about 98% of that into SUI, leaving a tiny 2% for short-term lending adventures—because why not diversify the chaos?

And the market? SUI’s holding its ground at $3.50, a 2.4% slip—fitting into the broader market’s tumble, like a crow trying to fly south for the winter, but missing the flight.

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2025-08-02 07:54