Nasdaq-listed Mill Metropolis Ventures III has accomplished a serious $450 million non-public placement to pivot its enterprise technique towards cryptocurrency with a Sui treasury.
The non-bank lender and specialty finance firm introduced on Monday that it has raised roughly $450 million by promoting 83 million shares to institutional buyers.
The providing consists of funding from Pantera Capital, Electrical Capital, ParaFi Capital, Arrington Capital, FalconX and different enterprise corporations. Galaxy Asset Administration will function the treasury asset supervisor.
The agency plans to make use of 98% of the proceeds to amass Sui (SUI) tokens, the native cryptocurrency of the layer-1 Sui blockchain, as its major treasury asset, whereas sustaining 2% for its present short-term lending enterprise.
Mill Metropolis claims that that is an “industry-first” relationship with the Sui Basis and the primary public firm SUI treasury.
Why spend money on Sui?
Commenting on why Sui was chosen for the agency’s pivot to crypto, incoming chief funding officer Stephen Waterproof coat mentioned it was at a time when “crypto and AI are reaching vital mass.”
“We consider that Sui is well-positioned for mass adoption with the pace and effectivity establishments require for crypto at scale, plus the technical structure able to supporting AI workloads whereas sustaining safety and decentralization,” he added.
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“The longer term belongs to crypto, AI, and stablecoins — they usually all want infrastructure that may deal with actual scale. That’s Sui,” mentioned Adeniyi Abiodun, co-founder and chief product officer of Mysten Labs, the backers of the Sui blockchain.
In February, Sui Basis managing director Christian Thompson informed Cointelegraph that he noticed alternatives with the convergence of applied sciences, resembling AI brokers built-in into blockchains.
Sui DeFi surges
Along with Sui’s AI focus, the ecosystem has additionally seen a surge in decentralized finance exercise. Onchain worth hit an all-time excessive of $2.22 billion over the weekend, following a rise of just about 400% since July 2024, in response to DefiLlama.
On Sunday, asset supervisor 21Shares highlighted Sui’s high DeFi protocols: Suilend, NAVI, and Haedal, which had $1.7 billion TVL between them after important beneficial properties over the previous month.
SUI value dips
There was no constructive response to the treasury information on spot markets, with the value of SUI tanking 11% over the previous 24 hours, according to a broader crypto market retreat, notably for altcoins.
The blockchain token hit an all-time excessive of $5.35 in January however has retreated 27% since then.
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