The landscape of corporate treasury management is evolving, with a notable surge in demand for top-tier altcoins like Ethereum (ETH), BNB, and Sui (SUI). This trend was underscored on Monday, July 28, when two publicly traded companies announced significant fundraising initiatives specifically to invest in BNB and SUI.
Mill City Ventures III, Ltd. (NASDAQ: MCVT), a specialty finance company, successfully closed a $450 million offering primarily aimed at acquiring Sui (SUI) coins. This offering attracted significant interest from various fund managers, including prominent names like Galaxy Digital Inc., Electric Capital, GSR, Selini, and others.
Stephen Mackintosh, the proposed Chief Investment Officer of Mill City and General Partner at Karatage, expressed strong confidence in Sui's potential, stating, "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."
On the same day, CEA Industries Inc. (Nasdaq: VAPE), 10X Capital, and YZi Labs announced a $500 million offering, with the potential to scale up to $1.25 billion. The proceeds from this offering are earmarked for establishing what will be the largest BNB treasury management initiative.
David Namdar, the incoming CEO, highlighted the significance of this move: "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."
This increasing corporate demand for altcoins signals a significant shift that is expected to heavily influence the 2025 altcoin season. The broader crypto market is also experiencing a bullish sentiment, partly fueled by the development of clearer regulatory frameworks in major jurisdictions, particularly the United States.
However, despite these bullish corporate announcements, the immediate price action for both SUI and BNB did not directly reflect the positive news, as their announcements coincided with a wider crypto market correction. At the time of writing, SUI's price had dropped over 8% to approximately $3.94, while BNB's price saw a 1% drop, trading around $824.
July 2025, Cryptoniteuae