Finally understood what Sui's new $500 million financing is all about. It is a bit different from other 'Micro Strategies' that directly finance through the secondary market ATM; it belongs to a 'directed issuance/phased issuance of shares' to exchange for financing funds, rather than a one-time sale or traditional debt financing.

This 'Equity Line Agreement' is not a traditional financing that provides $500 million in one go. Its specific operation method is as follows:

- Financing tool: Equity Line. This can be understood as a flexible 'equity ATM'.

- Core mechanism: Mill City Ventures (the 'Borrower') signs an agreement with the investment institution A.G.P./Alliance Global Partners (the 'Investor'). According to the agreement, Mill City has the right (but not the obligation) to sell its common stock to A.G.P. over a period of time in the future.

- Financing amount: The total limit can reach up to $500 million. But this does not mean that the company immediately receives $500 million. It is just a ceiling; the company can 'withdraw' this amount in batches and at different times according to its own needs.

- Initiative: The initiative of financing is entirely in the hands of Mill City. The company can decide when to sell shares and how many shares to sell to obtain funds based on the stock price, market environment, and funding needs.

- Use of funds: Any proceeds obtained through this method will be used to advance the company's SUI treasury strategy.

In simple terms, this financing method gives Mill City great flexibility, allowing it to quickly and efficiently obtain funds by selling its shares to A.G.P. when it needs funds in the future, with a total not exceeding $500 million, without needing to make a one-time large-scale dilution of equity.

This design looks quite ingenious, solving potential problems that these 'Micro Strategy' companies might have faced, as the available financing amount can be utilized at any time, allowing for targeted share sales to obtain funds for purchasing Sui when necessary, which neither affects the stock price nor corrects it when there is a stock premium. Moreover, the financing amount is more certain; SBET's ATM financing may not be able to achieve sufficient financing due to insufficient market liquidity.