Mill City Ventures Bets Big on SUI with $441M Crypto Strategy Shift

Mill City Ventures III, a publicly traded specialty finance firm, is pivoting to cryptocurrency with a $450 million private placement. Nearly 98% of the capital will be allocated to purchasing SUI, the native token of the Sui blockchain, through open market acquisitions and direct agreements with the Sui Foundation. This strategic move establishes SUI as Mill City's primary treasury reserve asset, while the remaining 2% will continue supporting existing short-term lending operations.

The investment represents one of the largest sui allocations to date, aligning Mill City's future with the performance of Sui's high-throughput blockchain designed for payments, gaming, and AI infrastructure. Karatage Opportunities, a digital asset-focused hedge fund, co-led the funding round alongside the Sui Foundation. The company also announced key leadership appointments, including Marius Barnett as board chairman and Stephen Mackintosh as chief investment officer.

This pivot uniquely positions Mill City as a publicly traded vehicle for institutional exposure to SUI—a rare approach among traditional finance firms. The partnership includes collaboration with the SUI Foundation for shared ecosystem insights. The transaction is scheduled to close by late July 2025.