SUI Group Holdings Surpasses $300 Million in Tokens

SUI Group Holdings, listed on Nasdaq, announced on Wednesday that its holdings of SUI tokens have exceeded $300 million after acquiring approximately 20 million additional tokens. Currently, the company holds 101,795,656 SUI tokens valued at $344 million. As of 12:36 p.m. ET, SUI tokens experienced nearly a 5% increase, trading at $3.38. Stephen Mackintosh, the Chief Investment Officer of SUI Group, stated, "We plan to continue seeking accretive capital raises to further purchase discounted locked SUI, which will enhance our SUI per share and generate more value for our shareholders." Publicly-traded digital asset treasuries (DATs) are actively adding cryptocurrencies, as supporters of specific tokens explore methods to generate stock market returns while actively promoting ecosystems like Solana and Toncoin. Previously known as Mill City Ventures, SUI Group has established a deal to directly procure tokens from the Sui Foundation at discounted rates. Upon closing a $450 million private placement, Mill City positioned itself as the official SUI treasury. The company has reported approximately $58 million in cash readily available for further SUI token acquisitions. Disclaimer: The Block is an independent media entity that provides news, research, and data. As of November 2023, Foresight Ventures is the majority investor of The Block, which independently aims to deliver timely and objective information about the cryptocurrency industry. All rights reserved.