Mill City Ventures has expanded its exposure to the Sui blockchain by purchasing an additional 5
Mill City Ventures has expanded its exposure to the Sui blockchain by purchasing an additional 5.6 million SUI tokens for about $20 million at an average price of $3.65 each, according to company disclosures on 11 August.
The latest transaction lifts the Nasdaq-listed firm’s total stake to 81.9 million SUI. At prevailing market prices, the position is valued at roughly $316 million, making Mill City one of the largest corporate holders of the layer-1 network’s native asset.
Roughly 92 percent of the tokens are currently locked in staking contracts, generating an estimated $26,000 in rewards each day. Mill City accumulated the position through open-market purchases and a discounted supply agreement with the Sui Network Foundation.
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Source: https://thedefiant.io/news/blockchains/mill-city-ventures-boosts-sui-token-holdings-to-82-million-a2b08d1d