Nasdaq-listed Mill City Ventures III plans to raise an additional $500 million for the Sui treasury strategy, following a $450 million raise earlier in the week. The move caused Mill City’s share price to drop significantly. The firm aims to scale its position as the only Sui treasury on the market.

The Sui network, designed for AI and gaming applications, has attracted interest from firms like Mill City Ventures III, reflecting a trend towards crypto treasuries beyond Bitcoin and Ethereum. Other public companies have also added BNB, Solana, and XRP to their treasuries recently.

Despite the equity agreement with Alliance Global Partners, Mill City’s share price fell by 11.4% to $4.91 on Friday. The stock has since dropped an additional 4.28% in after-hours trading. However, shares are still up 165% since the unveiling of the SUI treasury strategy in July.

Industry heavyweights like Pantera Capital and Electric Capital are backing Mill City’s SUI strategy, with Galaxy Asset Management managing the treasury assets. Around 98% of the $450 million raised will go towards the SUI treasury strategy, while the remaining 2% will support the existing short-term lending business. SUI is currently trading at $3.50.

Read more at Cointelegraph: Mill City Raises Another $500 Million For SUI Treasury