Mill City Ventures Invests Heavily in Sui Blockchain
Mill City Ventures III, a U.S. finance firm, has announced it secured $450 million in investor commitments to implement its Sui-centric crypto treasury strategy. This private placement aims to establish SUI, the native token of the Sui blockchain, as a primary treasury reserve asset.
Key Investors and Strategy
- The investment round was led by Karatage Opportunities and the Sui Foundation.
- Participants include Galaxy Digital, Pantera Capital, Electric Capital, and others.
- Galaxy Asset Management will manage the crypto treasury.
Mill City plans to allocate approximately 98% of the net proceeds to acquire SUI tokens through open market activity, institutional deals, and agreements with the Sui Foundation. The remaining 2% will support its existing short-term lending business.
Strategic Rationale
According to Stephen Mackintosh, proposed CIO of Mill City and General Partner at Karatage, this move aligns with increasing institutional interest in crypto and the rise of artificial intelligence. He stated that the Sui blockchain offers the performance and infrastructure needed to meet the demands of both sectors.
“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,” Mackintosh stated.
Christian Thompson, Managing Director at the Sui Foundation, expressed confidence that the Sui blockchain delivers the scalability, speed, and security required to power decentralized applications and real-world crypto use cases.
Leadership Transition
- Marius Barnett, co-founder of Karatage, will become Chairman of the Board.
- Dana Wagner, a board member at Coinbase Custody, will join as an independent director.
“The future belongs to crypto, AI, and stablecoins — and they all need infrastructure that can handle real scale. That’s Sui,” said Adeniyi Abiodun, co-founder and product chief of Mysten Labs.
Broader Market Trends
Mill City’s strategy reflects a growing trend of public companies exploring crypto-native treasury models, similar to Bitcoin-treasury firms like Strategy or MARA Holdings. Other companies holding SUI on their balance sheets include DeFi Technologies and Lion Group Holdings.
- DeFi Technologies holds SUI as its second-largest digital asset and monetizes its holdings through asset management and staking.
- Lion Group Holding expanded its crypto treasury to $9.6 million by acquiring over 1 million SUI tokens.
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