Mill City Ventures III, Ltd. (NASDAQ: MCVT) has completed a $450 million private investment in public equity (PIPE) to advance a new blockchain strategy centered on the SUI network.
As per the company’s press release, the investment was co-led by Karatage Opportunities, a London-based hedge fund, and the Sui Foundation. Each contributed equal capital. Additional participants included notable institutional investors, such as Galaxy Digital, Inc. (TSX: GLXY ), Pantera Capital, and Electric Capital.
As part of the transaction, Galaxy Asset Management was appointed as asset manager for the SUI-focused treasury strategy, and A.G.P./Alliance Global Partners acted as the sole placement agent.
Following the closure of the deal, Karatage Co-Founder Marius Barnett was named Chairman of the Board at Mill City, while Stephen Mackintosh was appointed as the firm’s new Chief Investment Officer.
Mill City confirmed it now holds 76,271,187 SUI tokens in its treasury, acquired through an over-the-counter (OTC) purchase agreement with the SUI Foundation and via in-kind contributions. The average purchase price per token was $3.6389.
The company plans to allocate approximately 98% of the $450 million toward the acquisition and management of SUI tokens. Its existing business lines in structured finance and lending operations will continue alongside the new strategy.
In a statement, Mackintosh said the initiative reflects a deeper strategic alignment with the Sui Foundation, “Our differentiated treasury strategy supporting this innovative blockchain is made possible through access to institutional-grade deal flow and an aligned vision with the Sui Foundation. Our Sui strategy is about more than passively holding tokens; it’s about actively partnering with the ecosystem to maximize long-term value creation.”
Galaxy Digital CEO Mike Novogratz commented on the deal, calling it a breakthrough for blockchain access via traditional public markets. “Mill City is breaking new ground by offering public market investors a clean, liquid, and institutional-grade way to access the broader digital asset ecosystem.”
Mill City stated it would provide regular disclosure of the status and performance of its SUI treasury holdings. The company also positioned itself as the only publicly traded firm to be officially backed by the Sui Foundation.
This acquisition positions Mill City as a key public gateway to the SUI ecosystem, signaling rising institutional confidence in blockchain infrastructure.
Also Read: Coinbase to Launch Tokenized Stocks, Prediction Markets: CNBC
