Mill City Ventures Makes Bold $441M Bet on SUI Blockchain in Major Crypto Pivot

Mill City Ventures III, a Nasdaq-listed finance firm, has shifted nearly its entire treasury strategy to the Sui blockchain after securing $450 million in private funding. This marks one of the largest single-asset crypto allocations by a U.S. public company, with 98% of proceeds earmarked for SUI token purchases.

Galaxy Asset Management will manage the new digital treasury, while Karatage Opportunities led the funding round. Despite this institutional vote of confidence, SUI's price dropped 11% amid broader altcoin market weakness—a discrepancy that has analysts questioning whether such treasury announcements translate to actual market buys.

The sui ecosystem now shows $2.2B in total value locked and $2.6B in open interest, with SUI trading at $3.97. 'Institutions are all in while retail remains on the sidelines,' noted trader Kyle Chassé, underscoring the widening gap between professional and mainstream crypto adoption.