Mill City Ventures has become the first public company to invest in a Sui treasury after a $450 million raise, betting on blockchain’s AI and DeFi capabilities.

Nasdaq-listed Mill City Ventures III has completed a major $450 million private placement to pivot its business strategy toward cryptocurrency with a Sui treasury.

The non-bank lender and specialty finance company announced on Monday that it has raised approximately $450 million by selling 83 million shares to institutional investors.

The offering includes investment from Pantera Capital, Electric Capital, ParaFi Capital, Arrington Capital, FalconX and other venture firms. Galaxy Asset Management will serve as the treasury asset manager.

The firm plans to use 98% of the proceeds to acquire Sui 

 tokens, the native cryptocurrency of the layer-1 Sui blockchain, as its primary treasury asset, while maintaining 2% for its existing short-term lending business.

Mill City claims that this is an “industry-first” relationship with the Sui Foundation and the first public company SUI treasury