Mill City Ventures III invests $450 million in SUI, stock surges 270% in 5 days

Mill City Ventures III (MCVT), a Nasdaq-listed small business lender, has raised $450 million through a private placement to purchase SUI — the 15th-largest cryptocurrency by market cap. The company stated it will acquire SUI on the open market.

MCVT shares rose 11% on Monday and nearly 270% over the past five days. CIO Stephen Mackintosh said SUI is well-positioned for institutional adoption thanks to its speed, efficiency, and ability to support AI workloads while maintaining security and decentralization.

The investment round was led by Karatage and the SUI Foundation, with participation from major funds such as Galaxy Digital, Big Brain Holdings, FalconX, and Pantera Capital. SUI is the native token of the SUI blockchain, developed by former Facebook engineers to compete directly with Ethereum.