Bitcoin 
Ethereum 
Tether 
BNB 
Solana 
XRP 
USDC 
Lido Staked Ether 
Cardano 
Avalanche 
Mill City shares drop following the company’s aggressive move to expand its SUI token holdings by up to $500 million.
The announcement came after Mill City Ventures III finalized an equity line agreement that allows the company to sell common stock to finance this crypto treasury strategy.
This strategy builds on a previous $277 million investment, through which Mill City acquired over 76 million SUI tokens. That deal came with a $450 million private placement and formalized the company as a corporate SUI treasury. Unlike other companies that target Bitcoin or Ethereum, Mill City is aligning directly with the Sui Foundation and positioning itself as the only official SUI treasury.
In response to this news, Mill City shares initially plunged over 10% before recovering slightly. As of mid-morning Friday, the stock was trading at $5.30, down 4%. This volatility highlights investor uncertainty about the scale and risk of the company’s crypto-heavy pivot.
Bold bet on SUI sends mixed signals to the stock market
The new equity line agreement, provided by A.G.P./Alliance Global Partners, allows Mill City to sell up to $500 million in stock. There was no commitment fee, and all funds will be used to purchase more SUI tokens. This raises questions among investors, given the firm’s modest $32 million market cap.
Stephen Mackintosh, Mill City’s Chief Investment Officer, said the equity line gives the company the power to scale its SUI position. With institutional backing and a direct relationship with the Sui Foundation, the company aims to wrap its crypto holdings in what it calls an “institutional-grade” model.
Sui, the token at the center of this move, is a Layer 1 blockchain created by Mysten Labs. It uses the Move programming language and is pitched as a scalable, developer-friendly alternative to Ethereum. Yet, it remains relatively new and volatile.
ANOTHER MUST-READ ON ICN.LIVE:
Strategy’s Q2 net income surges amid Bitcoin rebound and bold 2025 forecast
Mill City shares drop, sparking investor concern over crypto-heavy focus
Despite the strong partnership with the Sui Foundation, the sharp drop in Mill City shares shows skepticism remains. Traditional investors are wary of firms converting large equity stakes into crypto assets — especially those outside the Bitcoin and Ethereum mainstream.
The scale of Mill City’s ambition, now backed by up to $500 million in potential new capital, makes it one of the largest SUI-focused plays to date. The outcome could define whether niche crypto treasuries are a viable strategy or a risky overreach.
