Mill City Vaults $450M into SUI Tokens to Build Blockchain Treasury

Mill City Ventures III Ltd. (NASDAQ: MCVT), a U.S. publicly traded financial services firm, has finalized a $450 million private placement to establish a SUI token reserve, acquiring approximately 76.27 million SUI tokens through an over-the-counter agreement with the Sui Foundation at an average price of $3.6389 per token [1]. The company has disclosed that it will use nearly 98% of the net proceeds to continue buying SUI tokens on the open market, reinforcing its long-term commitment to blockchain-based treasury management [1].

The initiative is led by Karatage Opportunities, a strategic partner of Mill City, with co-founders Marius Barnett and Stephen Mackintosh playing key roles in the implementation of the SUI-based treasury strategy [1]. Stephen Mackintosh highlighted the strategic timing of the move, citing the growing institutional interest in cryptocurrency and the development of AI capabilities within the Sui blockchain ecosystem [1].

Over the past 30 days, the SUI token has seen a 34.16% increase in price, with a recent daily trading volume of approximately $1.58 billion according to CoinMarketCap data [2]. Analysts from Coincu note that such institutional blockchain treasury strategies could encourage broader market participation, but only if transparency and regulatory clarity are maintained [2]. The move aligns with historical trends seen in the actions of firms like MicroStrategy, which have influenced market dynamics through large-scale digital asset acquisitions [2].

While the market has responded with cautious optimism, many observers remain watchful for further signs of institutional adoption of blockchain-based treasury practices [1]. Mill City’s actions underscore a developing trend in corporate finance where blockchain technology is increasingly seen as a viable and strategic asset class [1]. As the financial landscape continues to evolve, this initiative highlights the growing convergence of traditional capital markets and digital assets.

Source:

[1] Capital Markets Fuel Corporate Crypto Adoption, https://arc-group.com/capital-markets-corporate-crypto-adoption/

[2] Mill City Ventures Completes $450M Round for Sui, https://coincu.com/news/mill-city-sui-blockchain-funding/