With the Bitcoin and altcoin treasury movement in full swing, the market is beginning to gain a better understanding of the legitimacy of each announcement and is also able to distinguish between impactful and non-event treasury companies.
Two of the more recent institutional announcements involve SUI and ENA.
Mill City Ventures announced a $450 million private placement for its Sui treasury on Monday. However, rumors began to circulate over the weekend about the potential treasury announcement, and the SUI token swiftly priced in the excitement, leading to a sell-the-news event, with SUI falling 8% over the last 24 hours.
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