PANews reported on July 28 that according to Businesswire, non-bank lender and financial company Mill City Ventures III, Ltd. (NASDAQ:MCVT) announced that it has signed a securities purchase agreement to invest in public equity in a private manner, purchasing and selling 83,025,830 shares of common stock at a price of US$5.42 per share, with an estimated total proceeds of approximately US$450 million (excluding placement agent fees and other issuance expenses). Hedge fund Karatage served as the lead investor, and Sui Foundation also provided an equal investment. The issuance is expected to be completed around July 31, 2025. The company plans to use approximately 98% of the net proceeds from the private placement to acquire SUI, the native token of the Sui blockchain, and approximately 2% of the net proceeds from the private placement to support the company's short-term loan business. SUI will serve as the company's main financial reserve asset.