Nasdaq Lending Company Raises $450 Million to Buy SUI, Stock Soars!

Mill City Ventures III, a Nasdaq-listed lending company, has just announced plans to raise $450 million through a private placement to purchase $SUI , the 15th largest digital asset by market capitalization. This news has caused the company's stock (MCVT) to skyrocket nearly 270% in just the past 5 days.

SUI is Highly Anticipated, Altcoin Buying Trend Increasing

Stephen Mackintosh, Investment Director of #MillCity , stated that they believe SUI is well-positioned to achieve widespread adoption, with the speed and efficiency that institutions require for crypto at scale, along with a technical architecture capable of supporting AI workloads while maintaining security and decentralization. The Karatage investment fund led this round of investment along with the SUI Foundation, with participation from major players in the crypto industry such as Galaxy Digital, Big Brain Holdings, FalconX, and Pantera Capital.

SUI is the native coin of the SUI network, a blockchain developed by former Facebook engineers, aiming to compete with Ethereum.

The trend of public companies accumulating cryptocurrency in their treasury is on the rise. While Strategy (formerly MicroStrategy) pioneered with Bitcoin, now many companies are expanding into altcoins like SUI, $BNB , Solana, Ethereum, and XRP. This indicates that companies not only want to "reinvent themselves" by purchasing crypto but are also being actively approached by token issuers.