The demand for top-tier altcoins – led by Ethereum (ETH), BNB, and Sui (SUI) – as corporates’ treasury management tools has surged in the recent past. Earlier on Monday, July 28, two publicly traded companies announced a strategic fund raise to invest in BNB and SUI coins.
Mill City Ventures III, Ltd. (NASDAQ: MCVT), a non-bank lender and specialty finance company, announced the closure of a $450 million offering to purchase Sui coins primarily. According to the announcement, the offering attracted several fund managers including Galaxy Digital Inc. (Nasdaq: GLXY), Electric Capital, GSR, Selini, Protagonist, ParaFi Capital, Borderless, dao5, Arrington Capital, Comma3 Ventures, FalconX, and Paper Ventures, among others.
“We believe that Sui is well-positioned for mass adoption with the speed and efficiency institutions require for crypto at scale, plus the technical architecture capable of supporting AI workloads while maintaining security and decentralization,” Stephen Mackintosh, the proposed Chief Investment Officer of Mill City and General Partner at Karatage, noted.
Earlier on Monday, CEA Industries Inc. (Nasdaq: VAPE), 10X Capital and YZi Labs announced an offering of $500 million with the potential to be up-scaled to $1.25 billion. The net proceeds from the offering will be used to establish the largest BNB treasury management.
“BNB Chain is one of the most widely used blockchain ecosystems globally, yet institutional access has been limited until now. By creating a U.S.-listed treasury vehicle, we are opening the door for traditional investors to participate in a transparent way,” incoming CEO David Namdar, noted.
The rising demand for top-tier altcoins is a major shift that will heavily influence the 2025 altseason. Furthermore, the wider crypto market has gained bullish sentiment fueled by clear regulatory frameworks in major jurisdictions led by the United States.
The announcement for BNB and SUI as treasury assets coincided with the wider crypto correction, thus their positive impacts were not directly felt in the underlying price action. Moreover, SUI price dropped over 8% to trade at about $3.94 while BNB price dropped 1% to trade around $824 at the time of this writing.
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