Nasdaq-listed Mill City Ventures announces $450M Sui treasury strategy

Mill City Ventures III, Ltd, a non-bank lender and specialty finance company, has announced a $450 million private placement raise, with the capital used to establish a Sui treasury strategy.

The initiative, announced on July 28, 2025, aims to position Mill City as the leading SUI treasury company.

Prominent investors have backed the move amid a growing trend of institutional interest in digital assets.

Mill City Ventures eyes $450M to buy Sui

SharpLink Gaming has emerged as the largest ETH treasury company, and BNB, XRP and Solana have all seen huge bets across Wall Street. 

With Strategy’s success as a Bitcoin company inspiring countless “micro strategies" it's no surprise SUI has attracted significant attention.

Mill City Ventures III, Ltd., a non-bank lender founded in 2007, has entered into securities purchase agreements to raise $450 million, with the funds targeted at acquiring Sui as its primary treasury asset.

The offering, expected to close by July 31, 2025, subject to customary conditions, will allocate approximately 98% of the net proceeds to acquiring SUI tokens, the company said.

“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,” he added.

London-based hedge fund Karatage led the private placement, with Sui Foundation, Galaxy Digital, Pantera Capital and Electric Capital among the major backers.

Mill City to buy SUI on the open market

According to the announcement, Mill City plans to acquire SUI tokens through various channels.

These include open market purchases, institutional-grade deal flow, and negotiated agreements with the Sui Foundation.

Mill will eye a robust and diversified acquisition strategy, taking into advantage its position as the only Sui Foundation supported treasury company to bolster the SUI ecosystem’s growth. 

In this case, about 60% of the capital is aimed at on-chain infrastructure initiatives.

Meanwhile, 30% will support partnerships with SUI-based startups, and the remaining 10% will bolster SUI liquidity pools.

The SUI token rose to highs of $4.43 amid upside momentum on July 28, before cooling off to change hands around $4.00 at the time of writing. Despite this, the token remains close to its all-time high of $5.35 reached in January.