Mill City Ventures Drops $450M SUI Treasury Bomb—Sui Foundation & Galaxy Digital Backing Signals Bullish Crypto Play

Move over, traditional treasuries—crypto just flexed its institutional muscle.

SUI Goes Institutional

Mill City Ventures isn't dipping toes—it's cannonballing into Web3 with a nine-figure treasury bet. The $450M SUI vault, backed by Sui Foundation's tech cred and Galaxy Digital's Wall Street savvy, screams 'mainstream adoption' louder than a Bitcoin ETF approval.

Why This Stings TradFi

While banks still debate blockchain use cases, crypto natives are building Fort Knox 2.0. The treasury move mirrors MicroStrategy's Bitcoin playbook—but with Layer 1 staking rewards sweetening the deal. Guess which asset class actually generates yield these days?

The Punchline

Another 'risky' crypto asset gets the institutional stamp of approval. Meanwhile, your bank's 'high-yield' savings account still pays 0.5%. Priorities.

TLDR

• Mill City Invests $450M in SUI, Becomes First Public Firm with SUI Treasury
• Mill City Builds $277M SUI Reserve, Backed by Sui Foundation & Galaxy
• Mill City Bets Big on SUI, Leads Institutional Crypto Treasury Trend
• Public Firm Mill City Launches Largest SUI Treasury Strategy in History
• SUI Gets Major Boost as Mill City, Investors Back $450M Treasury Move

Mill City Ventures III, Ltd. announced a $450 million private placement to establish a new treasury strategy centered on SUI. The Nasdaq-listed company allocated nearly all proceeds to building a large-scale sui token reserve. This initiative positions the firm as the first public company with a foundation-backed SUI treasury strategy.

JUST IN:

Mill City Ventures has completed a $450 million private placement and acquired 76,271,187 SUI tokens as the first step in launching its treasury strategy.

— WF (@WhaleFUD) August 1, 2025

Exclusive SUI Treasury Strategy

Mill City Ventures confirmed the purchase of 76,271,187 SUI tokens at an average price of $3.6389. The acquisition involved over-the-counter transactions and in-kind contributions coordinated with the Sui Foundation. The firm intends to expand holdings further through open market purchases.

The Sui Foundation matched the investment with an equivalent contribution, creating direct alignment with the treasury plan. This collaboration marked the only disclosed crypto treasury strategy with foundation support. The partnership strengthened confidence in the project’s long-term direction.

Galaxy Asset Management accepted responsibility for managing the treasury assets. Its oversight provided operational expertise and market infrastructure to the program. Galaxy Digital’s leadership emphasized the strategy as a highly liquid and institutional-grade approach to digital assets.

Institutional Backing and Leadership Changes

The placement attracted strong participation from global digital asset firms. Pantera Capital, Electric Capital, Big Brain Holdings, and GSR joined the round, adding further credibility. London-based hedge fund Karatage Opportunities led the transaction.

Following the deal, Mill City restructured leadership to align with its digital asset focus. Karatage co-founders Marius Barnett and Stephen Mackintosh assumed executive roles. Barnett became Chairman, while Mackintosh was named Chief Investment Officer.

The leadership additions strengthened operational execution. Their experience in hedge fund management and digital markets provided strategic depth. The firm positioned itself for continued expansion of its blockchain treasury strategy.

Background on SUI and Market Position

SUI is a high-performance LAYER 1 blockchain developed by Mysten Labs. It uses the Move programming language created originally by Meta’s blockchain division. The network offers strong throughput and a developer-friendly framework.

Mill City Ventures now holds over $277 million worth of SUI in a public wrapper. This structure offers daily liquidity and market access to both retail and institutional participants. The approach created a unique entry point to the SUI ecosystem.

The company’s holdings now exceed those of other public firms with SUI exposure. DeFi Technologies maintains 4.91 million SUI, while Lion Group holds 1.01 million. Mill City’s strategy established the largest disclosed institutional position in SUI.

Industry Context and Treasury Expansion

The adoption of SUI reflected a growing trend in corporate treasury diversification. Enterprises are integrating blockchain assets to hedge inflation and gain exposure to infrastructure growth. This approach aligns digital assets with long-term financial planning.

Sui has begun attracting attention across multiple sectors. Its early applications include stablecoins, gaming, and AI-related use cases. The foundation’s support reinforced momentum for institutional adoption.

Mill City Ventures confirmed regular reporting on its SUI treasury. The firm outlined plans for transparency and continued accumulation. This MOVE may set a new benchmark for public companies adopting blockchain treasury models.