Mill City Ventures has announced its plan to raise $450 million through a private investment in Sui coin. The funds from the private investment will be used to invest in Sui coins as part of a treasury strategy.
(Source: Stephen Mackintosh on X)
Mill City Ventures is preparing to buy 83 million shares of its stock at $5.42 per share, raising around $450 million before fees.
The private placement is expected to close around July 31, 2025. The company is expected to use around 98% of the net proceeds to acquire Sui coin, the native cryptocurrency of the Sui blockchain, which will become Mill City’s primary treasury reserve asset. The remaining 2% will support the company’s short-term lending operations.
Major Institutions Support Mill City’s as Sui Coin Price Surges
Leading the investment is Karatage Opportunities, a London-based hedge fund specialising in digital assets, alongside an equal commitment from the Sui Foundation. Karatage, an early backer of the Sui ecosystem, has deep connections with Mysten Labs, the original creators of Sui.
“The future belongs to crypto, AI, and stablecoins — and they all need infrastructure that can handle real scale. That’s Sui,” Adeniyi Abiodun, Co-Founder and Chief Product Officer of Mysten Labs, stated in a press release. “We believe that everything has been leading up to the right time to make Sui’s founding vision a reality — and in our view, the moment is now.”
The private placement also attracted major industry players, including Big Brain Holdings, Galaxy Digital, and Pantera Capital, among others. According to the press release, Galaxy Asset Management will oversee the funds as the asset manager.
These top investment firms, along with blockchain infrastructure providers, show strong confidence in Mill City’s strategy to invest in the Sui network.
Alliance Global Partners is serving as the sole placement agent for the offering. With this announcement, Mill City is joining the latest trend of integrating digital assets into its financial reserves while maintaining its core lending business.
Dana Wagner will serve as an independent Board Director, who is a current board member at Coinbase Custody Trust Company and a former general counsel at Square.
Stephen Mackintosh, the proposed Chief Investment Officer of Mill City and General Partner at Karatage, said that “We believe that Sui is well-positioned for mass adoption with the speed and efficiency institutions require for crypto at scale, plus the technical architecture capable of supporting AI workloads while maintaining security and decentralization.”
“Sui was built to provide the scalability, speed, and security needed to support the next generation of decentralized applications and real-world crypto use-cases for consumers and institutions alike — from stablecoins to artificial intelligence to gaming and broader finance,” said Christian Thompson, Managing Director at the Sui Foundation.
The Sui coin price has surged over 49% in a month, climbing from $2.73 to $4.10 with a market capitalization of $14.17 billion. This surge follows favorable developments in the regulatory framework for digital assets like Sui coin. Furthermore, last week, the U.S. Securities and Exchange Commission advanced Canary Capital’s spot SUI exchange-traded fund proposal to the “institution of proceedings” phase.
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