The official treasury manager for SUI has just taken another step to expand its influence over the token’s market.
Mill City Ventures disclosed, that it recently secured more than 5.6 million SUI tokens for roughly $20 million — paying $3.65 each, slightly under the trading price at the time.
This latest acquisition pushes the firm’s holdings to nearly 81.9 million tokens, a substantial portion of SUI’s circulating supply. The Layer 1 blockchain, developed by Mysten Labs and powered by the Move programming language, currently commands a market value of more than $13 billion. As of Monday morning, SUI was trading close to $3.74.
Buying Power From Multiple Channels
Mill City’s ability to acquire SUI below market value stems from a direct agreement with the SUI Foundation, allowing purchases in tranches at discounted rates. But Chief Investment Officer Stephen Mackintosh says that’s only part of the plan. Tokens will also be sourced through public markets and even from other large holders willing to sell at favorable terms.
The strategy goes beyond accumulation. By staking a portion of its reserves, Mill City aims to create a steady income stream that feeds back into its broader digital asset operations.
Fuel for an Expansion Drive
Earlier this month, the firm announced it could deploy up to $500 million more into SUI purchases, backed by an equity line arrangement that allows it to raise cash through share sales. That commitment followed the closing of a $450 million private placement, led by London-based hedge fund Karatage alongside the SUI Foundation. Karatage, co-founded by Marius Barnett and Mackintosh, has maintained long-standing ties to SUI’s development team.
From its early days as a short-term lender to its transformation into a dedicated digital asset treasury, Mill City has positioned itself at the heart of SUI’s token economy — with both the capital and the connections to keep expanding its stake.
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Source: https://coindoo.com/sui-treasury-manager-buys-millions-more-tokens-at-discount/