$450M Sui Treasury Strategy: Mill City Ventures Secures Backing From Top Crypto Players
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TLDR: Mill City shifts focus to a $450M Sui crypto treasury strategy. Sui Foundation and Karatage jointly lead the private placement round. Galaxy, Pantera, Electric, and others back the first public SUI-heavy balance sheet. 98% of proceeds will go to SUI token buys, signaling major institutional demand. A new crypto treasury play is taking shape. Mill City Ventures III is launching a $450 million Sui-focused strategy, and it’s not going unnoticed. Big names in crypto are buying in, and the structure could bring institutional-grade access to Sui’s network. The move marks a shift for Mill City from short-term lending to a SUI-backed corporate treasury model. It also signals growing confidence in Sui as a blockchain built for real-world scale. Hedge Fund Karatage and Sui Foundation Lead the Round Mill City announced the deal on July 28. The private placement includes 83 million shares sold at $5.42 apiece. London-based Karatage took the lead, matching its stake with an equal investment from the Sui Foundation. Karatage co-founders Marius Barnett and Stephen Mackintosh are stepping into key leadership roles. Barnett will chair the board, while Mackintosh will direct the treasury strategy. The Sui Foundation also joins as a strategic ally. Their direct investment signals strong alignment. According to Mill City, nearly 98% of proceeds will go toward buying tokens, both on the open market and through exclusive deals. The remaining 2% will support its lending unit. The placement brought in a long list of major firms. Participants include Galaxy Digital, Pantera Capital, Electric Capital, ParaFi, and Big Brain Holdings. Galaxy Asset Management will oversee asset management. Others like FalconX, GSR, and dao5 added to the funding wave. Wu Blockchain noted the institutional weight behind the move. The Sui Foundation’s involvement creates what the company called a “foundation-supported crypto treasury strategy,” a first in…
Filed under: News - @ July 29, 2025 2:27 am