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22h ago

Mill City Ventures III Secures $450 Million for SUI-Focused Treasury Strategy

The Nasdaq-listed firm is set to close the placement by July 31 with Galaxy Asset Management steering its SUI allocation.

Finance firm mill city ventures to buy $441m in sui tokens, pivoting to crypto treasury strategy
Mill City goes all-in on Sui with $450m treasury strategy
Finance company Mill City set to secure $450 million to kickstart Sui treasury strategy

Overview

  • Mill City Ventures III raised $450 million through a private placement led by Karatage Opportunities and the Sui Foundation with participation from Galaxy Digital, Pantera Capital, Electric Capital, GSR, Protagonist, Arrington Capital and dao5.
  • About 98 percent of the proceeds will purchase SUI tokens via open-market activity, institutional deals and a negotiated agreement with the Sui Foundation.
  • Marius Barnett will serve as board chairman and Stephen Mackintosh will become chief investment officer to oversee the new crypto treasury approach.
  • Upon closing, Mill City will rank among the first U.S. public companies to anchor its treasury in a blockchain-native token beyond Bitcoin.
  • Mill City’s share price surged more than 350 percent following the announcement, highlighting investor appetite for corporate blockchain reserve models.