Key Highlight:
- Mill City Ventures has closed a $450 million private investment in public equity (PIPE) to launch the SUI treasury strategy.
- A double-top formation set the SUI price for a bearish breakdown below $3.5 to drive further correction.
- The coin positioned above the daily exponential moving average 100 and 200 accentuates the broader lish trend.
- A.G.P./Alliance Global Partners served as the exclusive placement agent for the offering.
On Thursday, July 31st, the crypto market witnessed a sharp sell-off, which extended the correction trend for the majority of major digital assets, including SUI. With an intraday sell-off of over 4%, the coin price is poised for a bearish breakdown below a key support level at $3.5. Despite the short-term bearish momentum, corporate adoption of SUI strengthens as Mill City Ventures announces a $450 million private investment in public equity to establish a Sui blockchain treasury strategy. Will the SUI price rebound?
Mill City Ventures Closes $450M Private Equity Deal
Mill City Ventures III, Ltd., a non-bank lender and specialty finance company, has announced a successful closing of a $450,000,000 private investment in public equity (PIPE) and an official commencement of an industry-first Sui blockchain treasury strategy.
Karatage Opportunities, a London-based proprietary hedge fund led by Marius Barnett and Stephen Mackintosh, spearheaded the investment along with a commitment from the SUI Foundation. The duo now takes the rein in Mill City, as Barnett joins as Chairman of the Board and as Chief investment
“Our differentiated treasury strategy supporting this innovative blockchain is made possible through access to institutional-grade deal flow and an aligned vision with the Sui Foundation, said Stephen Mackintosh, newly appointed Chief Investment Officer of Mill City. Our Sui strategy is about more than passively holding tokens; it’s about actively partnering with the ecosystem to maximize long-term value creation.”
The investment lineup features some prominent names in Web3, including Galaxy Digital Inc., Dr. Jack Kong, Pantera Capital, ATW Partners, M2, Electric Capital, etc.
Currently, the Mike City holds a total of 76,271,187 SUI in its treasury, which they acquired at an average price of $3.6389 per token through OTC. Market participants can now access the company’s treasury via a publicly traded wrapper with daily liquidity.
“Mill City is breaking new ground by offering public market investors a clean, liquid, and institutional-grade way to access the broader digital asset ecosystem. Anchoring its treasury to SUI and pairing that with seasoned leadership creates a powerful structure for long-term growth and exposure to one of the most promising blockchain platforms out there,” added Mike Novogratz, founder and CEO of Galaxy.
The company tends to utilize 95% of the PIPE proceeds to accumulate more SUI, showcasing their long-term perspective on this asset.
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Double Top Signals Sharp Correction for SUI Price
For the past week, the SUI price has witnessed a brief correction from $4.40 to the currently trading value of $3.58, registering a loss of nearly 20%. This downtrend in the daily chart shows a potential formation of a renowned reversal pattern called Double Bottom.
The M-shaped structure indicates intense overhead resistance from above, which typically drives a sharp correction trend.
With today’s price dump, the coin price teases a bearish breakdown from the pattern neckline support at $3.58. A potential breakdown below this level will accelerate the bearish momentum and push the altcoin 11.3% down to hit $3.1 support.
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