Finance Stock Explodes 353% As Company Announces New SUI Treasury Strategy
The shares of Mill City Ventures (MCVT) are surging as the Nasdaq-listed specialty finance firm reveals a new treasury strategy using layer-1 protocol Sui (SUI). In an announcement, Minnesota-based Mill City Ventures says it will raise $450 million in a non-public offering, or private placement, and use most of the funds to establish a Sui cryptocurrency treasury strategy. Crypto treasury companies are publicly traded or private companies that hold digital assets on their balance sheets as part of their treasury reserve strategy. Shares of MCTV closed Thursday at $1.85. Trading began to surge on Friday, when the stock closed at $5.90. On Monday, shares reached a high of $7.99 and are trading for $6.80 at time of writing. The private placement involves selling 83,025,830 shares of common stock at $5.42 per share. London-based Karatage Opportunities, a digital assets-focused hedge fund, led the funding round along with the Sui Foundation. Says Stephen Mackintosh...