- Mill City will invest 98% of its $450M funding to acquire SUI tokens as its core treasury reserve asset.
- The private placement was led by Karatage and the Sui Foundation, with support from major institutional crypto investors.
- New leadership appointments will guide the SUI-focused strategy through a publicly traded and liquid investment structure.
Mill City Ventures III, Ltd. (NASDAQ: MCVT) has announced a strategic move to adopt a Sui Treasury Strategy through a $450 million private placement. The Company will pivot towards blockchain integration while continuing its short-term lending business.
Sui Treasury Strategy Anchors Mill City’s Blockchain Direction
Mill City is set to use 98% of proceeds from the offering to acquire SUI, the native token of the Sui blockchain. This marks a shift in treasury management as SUI will become the Company’s primary reserve asset.
The Company aims to secure tokens via open market purchases, institutional-grade deal flows, and a negotiated agreement with the Sui Foundation. This approach establishes Mill City as the first publicly traded entity managing a SUI-based treasury.
Karatage and Sui Foundation Lead Strategic Investment Round
The private placement includes 83,025,830 shares priced at $5.42 each, generating gross proceeds of approximately $450 million. Karatage Opportunities, a London-based hedge fund, and the Sui Foundation acted as lead investors.
The round also included participation from Galaxy Digital, Big Brain Holdings, Pantera Capital, and others. Galaxy Asset Management will manage the Company’s crypto treasury as part of this new financial model.
Leadership Realignment Supports Sui Treasury Strategy
Upon closing, Mill City will appoint new board members to drive the SUI-focused strategy. Marius Barnett will serve as Chairman of the Board, and Stephen Mackintosh will take the role of Chief Investment Officer.
Dana Wagner, board member at Coinbase Custody Trust Company, will join as an independent director. These appointments add crypto-native leadership with deep ties to blockchain and institutional investment.
Stephen Mackintosh commented, “We’re launching at a time when institutional crypto and AI are gaining scale. Sui fits both worlds seamlessly.” Adeniyi Abiodun of Mysten Labs added, “Sui was built for real-world crypto use cases requiring scalability and security.”
