SUI Network Treasury Reserve Unveiled by Mill City: Details - Coinspeaker

Key Notes

• Mill City Ventures has kickstarted the first SUI reserve treasury.
• The move featured an initial $450 million investment, backed by top VCs in crypto.
• SUI network is gaining traction as a top smart contract and development platform.

The SUI Network has taken a big step forward after a major investment deal by Mill City Ventures. The company, which is listed on the Nasdaq under the ticker MCVT, has committed $450 million to hold the tokens as a core part of its balance sheet. This move opens a new path for public investors to access the ecosystem through a regulated and visible platform.

Mill City Ventures Buys Over 76 Million Tokens

According to an official statement, Mill City Ventures is now the first public company focused on holding SUI as a treasury reserve. The firm has added 76,271,187 SUI to its balance sheet, With an average purchase price coming in at $3.6389 per coin.

The assets were acquired through a direct agreement with the Sui Foundation, along with other in-kind contributions.

This marks a shift from the usual way people accessed SUI. Until now, most activity has happened on some of the best crypto wallets and digital platforms. With this move, Mill City has made it easier for traditional investors and traders to get exposure to SUI through the stock market.

According to the official release, support for the deal came from several well-known names in the digital asset world. Galaxy Digital, Big Brain Holdings, NLABS Fund, and Dr Jack Kong were among the investors. Galaxy Asset Management has been named the Asset Manager for Mill City’s SUI holdings.

This development also comes at a time when the coin’s price has been in focus. A recent update from Coinspeaker noted that the price of SUI recorded an 8% increase. This further supports the $5 price target, especially as the network’s Total Value Locked (TVL) hit an all-time high of over $2.2 billion in July.

Public Market Interest Grows Stronger

The SUI Network has continued to attract steady attention from major financial institutions. Interestingly, while alternative cryptocurrencies like XRP have gained traction through potential ETF approvals and regulatory discussions, interest in SUI is also on the rise.

In recent months, firms like Canary Capital and 21Shares have filed for ETFs linked to SUI, signaling growing confidence in its potential. Grayscale, VanEck, and Bitwise have also introduced investment products tied to the network, further reinforcing its appeal among institutional investors.

Meanwhile, Christian Thompson from the Sui Foundation said this step is a way to meet growing demand. By working with Mill City Ventures, the foundation hopes to make SUI more accessible to public market investors who were previously cut off from the ecosystem.

SUI’s speed and infrastructure have made it a strong option for developers building apps in finance, gaming, and storage. The presence of a public trading vehicle could help these developers attract a broader user base. In addition, Coinspeaker noted that SUI Network was working on an update to boost Bitcoin DeFi through its integration with Stacks. This move will enable secure and scalable use of sBTC in decentralized finance applications.

This deal also sends a strong message. The SUI Network is building bridges with traditional finance. It is not just a project for crypto insiders anymore. With this move, the door is now open for more people to take part in its growth.

nextDisclaimer: Coinspeaker is committed to providing unbiased and transparent reporting. This article aims to deliver accurate and timely information but should not be taken as financial or investment advice. Since market conditions can change rapidly, we encourage you to verify information on your own and consult with a professional before making any decisions based on this content.