- Mill City Ventures will use 98% of $450M raised to acquire SUI as its primary treasury asset.
- Karatage Opportunities leads the investment and assumes leadership roles within Mill City’s board and strategy.
- Mill City becomes one of the first U.S.-listed firms to implement a blockchain-native treasury model focused on SUI.
Mill City Ventures III, Ltd. has announced a $450 million private placement to fund a large-scale shift into digital assets. Confirmed by a post on X by Altcoin Daily, all proceeds from the offering will support the acquisition of SUI, the native token of the Sui blockchain.
Capital Raise and Structure of the Deal
According to a report by Business Wire , the company entered securities purchase agreements to sell 83,025,830 shares at $5.42 per share. Gross proceeds are expected to total approximately $450 million, excluding fees and expenses. A.G.P./Alliance Global Partners served as the sole placement agent for the transaction. According to the company, 98% of the net proceeds will go toward purchasing SUI tokens.
The remaining 2% will support Mill City’s ongoing short-term lending operations. The firm expects the transaction to close on or around July 31, 2025, pending standard conditions. Karatage Opportunities, a London-based hedge fund specializing in digital assets, led the funding round. Co-founders Marius Barnett and Stephen Mackintosh will assume key leadership roles at Mill City. Barnett will serve as board chairman, while Mackintosh will take the role of chief investment officer.
Other participating investors include Galaxy Digital Inc., Pantera Capital, Electric Capital, and Borderless Capital. Galaxy Asset Management will manage the SUI holdings as part of the treasury strategy. The Sui Foundation also contributed funding and has entered a formal agreement with Mill City for coordinated ecosystem support.
SUI Token Acquisition and Treasury Strategy
Mill City intends to acquire SUI on both public markets and through negotiated agreements with the Sui Foundation. The foundation will also offer insight into ongoing developments within the Sui ecosystem. According to the company, this structure enables institutional-grade access to SUI through a publicly traded vehicle.
The initiative represents one of the largest SUI allocations to date. It makes Mill City among the first U.S.-listed companies to adopt a blockchain-native treasury strategy at this scale. The new model introduces a way for public market investors to gain exposure to SUI with daily liquidity.
In addition to Barnett and Mackintosh, Dana Wagner will join the board as an independent director. Wagner currently serves on the board of Coinbase Custody Trust Company and formerly held senior legal roles at Square. Upon completion, Mill City Ventures will become a public company with a dedicated focus on blockchain-based assets. This treasury transition will tie the firm’s future performance closely to the Sui blockchain.
