Mill City Ventures Allocates 98% of $450M Raise to Buy 76M SUI Tokens

Mill City Ventures, a Nasdaq-listed firm, has completed a $450 million private placement to transition into the crypto space by acquiring a significant amount of SUI tokens. The capital, raised through the sale of approximately 83 million shares to institutional investors at $5.42 each, has been allocated 98 percent toward the acquisition of over 76 million SUI tokens, positioning the firm as the largest institutional holder of SUI in the public market [1][3]. The SUI tokens were acquired at an average price of $3.6389, primarily through over-the-counter transactions and in-kind contributions [5].

The initiative marks the first time a publicly traded company has launched an official SUI treasury backed by the Sui Foundation and supported by major institutional players such as Pantera Capital and Galaxy Digital [2][4]. Galaxy Asset Management is set to manage the new crypto treasury strategy, with SUI designated as the primary reserve asset. The firm has also outlined plans for ongoing token acquisition through open-market purchases and continued collaboration with the Sui Foundation [5].

Strategic leadership changes have reinforced the company’s commitment to its new direction. Marius Barnett of Karatage was appointed chairman, Stephen Mackintosh was named chief investment officer, and Dana Wagner, a former Square executive, joined the board as an independent director. The company emphasized that the decision was driven by Sui’s performance in speed, security, and its architecture tailored for AI and DeFi applications [3].

This move reflects a broader trend among publicly traded firms to adopt blockchain assets as part of their treasury strategies. Mill City’s approach introduces a public structure with daily liquidity, offering indirect exposure to SUI for both institutional and retail investors. The firm has not disclosed specific performance targets or buyback metrics, focusing instead on a long-term vision for integrating SUI into its balance sheet [4][6].

Analysts have noted that the acquisition could influence market dynamics for SUI, particularly in terms of liquidity and price stability, although no specific forecasts for the token’s future price have been made [7]. The company’s strategy aligns with a growing institutional interest in blockchain infrastructure, signaling a shift toward Web3 assets and scalable solutions [2].

Source:

[1] https://coincentral.com/mill-city-ventures-launches-450m-sui-treasury-backed-by-sui-foundation-and-galaxy-digital/

[2] https://thecryptobasic.com/2025/08/01/mill-city-ventures-launches-450m-sui-treasury-strategy-with-foundation-backing/

[3] https://www.ainvest.com/news/mill-city-ventures-secures-450m-buy-76m-sui-tokens-blockchain-treasury-shift-2508/

[4] https://www.mexc.com/es/news/mill-city-acquires-76-3m-sui-following-450m-raise-amid-push-for-sui-corporate-strategy/63271

[5] https://www.ainvest.com/news/mill-city-ventures-buys-450m-sui-otc-deal-signaling-institutional-blockchain-shift-2508/

[6] https://bitzuma.com/news/mill-city-ventures-raises-450m-cryptosui/

[7] https://www.kucoin.com/news/articles/one-min-market-brief20250801