Mill City Ventures III, Ltd. from United States has unveiled a $450 million private placement to spearhead a bold new treasury strategy centered on SUI, a fast-growing Layer 1 blockchain.
In a press statement, the Nasdaq-listed company announced it has completed a $450 million private investment in public equity (PIPE). It intends to allocate approximately 98% of the proceeds to building a robust SUI token treasury.
The company disclosed that it has bought 76,271,187 SUI tokens at an average cost of $3.6389 per token. This acquisition was accomplished through a combination of over-the-counter purchases and structured in-kind contributions in collaboration with the Sui Foundation. Mill City confirmed plans to continue accumulating SUI tokens on the open market.
Exclusive Partnership with Sui Foundation
What sets Mill City apart is its exclusive backing by the Sui Foundation, making it the only publicly disclosed crypto treasury strategy with direct foundation support. The foundation, dedicated to growing the SUI ecosystem, made an equivalent investment in the placement, signaling deep alignment.
Meanwhile, the company highlighted that its SUI-focused strategy goes beyond a simple portfolio investment. It now serves as a central component of its treasury management approach going forward.
Institutional Support and Leadership Overhaul
The funding round drew interest from a roster of prominent investors, including Galaxy Digital, Pantera Capital, Big Brain Holdings, Electric Capital, and GSR.
Karatage Opportunities, a London-based hedge fund specializing in digital asset markets, led the placement. Following the deal, Marius Barnett and Stephen Mackintosh, the firm’s co-founders, assumed key roles at Mill City. Barnett was appointed Chairman, while Mackintosh took on the role of Chief Investment Officer.
Notably, Galaxy Asset Management will serve as the Asset Manager for Mill City’s SUI treasury. Galaxy Digital CEO Mike Novogratz lauded the move as a “clean, liquid, and institutional-grade entry” into the crypto space. He specifically highlighted the pairing of SUI with experienced leadership as a key factor supporting that positioning.
What is SUI?
SUI is a next-generation Layer 1 blockchain built by Mysten Labs, leveraging Move, a programming language initially developed by Meta’s now-defunct blockchain division. Known for its high performance and developer-friendly ecosystem, SUI has attracted increasing interest from institutional and retail players.
As of the latest market update, SUI is trading at $3.50, down 10.33% on the day.
Institutional Crypto Treasury Trend
Mill City’s initiative aligns with the broader trend where forward-looking enterprises are incorporating digital assets into long-term financial planning.
Cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and emerging platforms like SUI are increasingly being adopted as strategic treasury assets. They offer diversification, inflation hedging, and early exposure to transformative blockchain infrastructure.
As part of its broader treasury mandate, Mill City has committed to providing regular reporting on its SUI holdings and treasury activities, as it advances toward establishing the largest institutionally held and publicly disclosed SUI position in the market.
DisClamier: This content is informational and should not be considered financial advice. The views expressed in this article may include the author's personal opinions and do not reflect The Crypto Basic opinion. Readers are encouraged to do thorough research before making any investment decisions. The Crypto Basic is not responsible for any financial losses.
