Mill City Secures $450M to Build First Public Sui Treasury Allocates 98% to Sui Tokens

Nasdaq-listed Mill City Ventures III has secured $450 million through a private placement, signaling a strategic pivot into the cryptocurrency sector with a focus on the Sui blockchain. The firm announced the sale of 83 million shares to institutional investors including Pantera Capital, Electric Capital, ParaFi Capital, Arrington Capital, and FalconX. This move positions Mill City as the first public company to establish a Sui-centric treasury, with 98% of the raised funds allocated to Sui token purchases [1]. The remaining 2% will sustain the firm’s traditional short-term lending operations, while Galaxy Asset Management has been appointed to oversee the new treasury [1].

The decision reflects a broader industry shift toward blockchain infrastructure capable of supporting mass adoption in crypto, Web3, and AI. Stephen Mackintosh, Mill City’s incoming Chief Investment Officer, emphasized that Sui’s architecture offers scalability, speed, and security essential for institutional adoption. He noted Sui’s unique ability to handle AI workloads without compromising decentralization, a critical factor as AI integration into blockchain ecosystems accelerates [1]. Adeniyi Abiodun, co-founder and chief product officer at Mysten Labs (Sui’s development team), added that the blockchain’s infrastructure is uniquely suited to address the scalability demands of crypto, AI, and stablecoins [1].

The timing of the investment aligns with rapid growth in the Sui ecosystem. On-chain value on the network reached $2.22 billion in recent weeks, a 400% increase since July, according to DeFiLlama data. 21Shares highlighted that leading Sui DeFi protocols—Suilend, NAVI, and Haedal—hold $1.7 billion in total value locked (TVL), underscoring the network’s expanding appeal [1]. This momentum validates Mill City’s bet on Sui, which aims to bridge institutional-grade crypto infrastructure with emerging technologies.

The move also signals confidence in Sui’s role as a foundational layer for AI applications. Christian Thompson, managing director of the Sui Foundation, previously highlighted the intersection of AI and blockchain as a key innovation frontier. Mill City’s investment reinforces this vision, allocating capital to a blockchain designed to scale for institutional and enterprise use cases.

By adopting Sui as its primary treasury asset, Mill City ventures into uncharted territory for public markets, blending traditional finance with cutting-edge crypto infrastructure. The firm’s strategy underscores a growing consensus that blockchain networks must evolve beyond speculative trading to support real-world applications in AI, decentralized finance (DeFi), and institutional workflows.

Source: [1]Mill City Ventures Raises $450M to Establish First Public Sui Treasury (https://coinmarketcap.com/community/articles/6888d2aa336d8538b1059d51/)