BlockBeats news, on July 29, trader Eugene Ng Ah Sio posted in his personal channel expressing that he personally believes the recent strength of SUI's price may be related to insiders' early positioning in the 'SUI Treasury news' trades (though the extent of the impact is hard to quantify). Based on this judgment, although he does not believe this will constitute a significant negative impact, he has chosen to take profits and close long positions since it is impossible to accurately assess how much of the market has already reacted to this news.
BlockBeats previously reported that today non-bank lending institutions and financial company Mill City Ventures III, Ltd. (NASDAQ:MCVT) announced that it has signed a securities purchase agreement to invest in publicly traded equity through a private investment, purchasing and selling 83,025,830 shares of common stock at a price of $5.42 per share, with expected total proceeds of approximately $450 million (net of placement agent fees and other issuance costs). The company plans to use approximately 98% of the net proceeds from the private placement to acquire the native token SUI of the Sui blockchain, and about 2% of the net proceeds from the private placement to support the company's short-term lending business. SUI will serve as the company's primary financial reserve asset.
