Mill City Goes All-In on SUI: Snaps Up 76.3M Tokens After $450M Fundraise to Fuel Sui Ecosystem Domination

Move over, corporate treasury plays—Mill City just made a power grab for Sui’s future.

The investment firm dropped a jaw-dropping $450M raise on the table, then immediately funneled it into 76.3M SUI tokens. No timid DCA strategy here—just a full-throttle bet on Sui’s Layer 1 ambitions.

Why the aggression? Insiders whisper this is phase one of a multi-pronged assault to position Sui as the enterprise blockchain of choice. Think tokenized real estate, institutional DeFi rails, and (of course) the obligatory metaverse land grab.

Meanwhile, TradFi analysts are scrambling to update their ‘crypto winter’ PowerPoint decks—nothing says ‘bull market’ like nine-figure bets on obscure smart contract platforms.

Institutional access to Sui begins

Mill City’s treasury now holds over $277 million in SUI and plans to continue accumulation through over-the-counter and open market purchases. The strategy allows investors to gain direct exposure to the Sui network via a listed vehicle, positioning the firm as a unique access point for capital markets participants.

The deal was led by Karatage co-founders Marius Barnett and Stephen Mackintosh, who have joined Mill City as chairman and chief investment officer, respectively. Galaxy Asset Management will oversee the treasury’s operations, while other major participants include Pantera, Electric Capital, ParaFi, and Big Brain Holdings.

Sui is viewed as a blockchain built for mainstream use, with early institutional traction in stablecoins, gaming, and AI applications. Mill City’s collaboration with the foundation allows it to align with the network’s roadmap while building the largest institutionally managed SUI position on public markets.

“Our Sui strategy is about more than passively holding tokens; it’s about actively partnering with the ecosystem to maximize long-term value creation,” said Mackintosh.

Competitive positioning and SUI momentum

Mill City’s SUI holdings now exceed those of DeFi Technologies and Lion Group, two other listed firms with notable Sui allocations. DeFi Technologies holds 4.91 million SUI, valued at about $17 million, while Lion Group’s reserve includes 1.01 million SUI worth $3.09 million.

The treasury model builds on growing interest in Sui as a next-generation LAYER 1 with scalable infrastructure and a developer base originating from Meta’s Diem project. With foundational backing and top-tier asset managers involved, Mill City’s move could establish a standard for future institutional SUI treasuries.