Mill City acquires 76.3M SUI following $450M raise amid push for Sui corporate strategy
Mill City Ventures has acquired 76.3 million SUI tokens following the close of a $450 million private placement, becoming the first publicly listed company to launch a crypto treasury strategy backed by the Sui Foundation.
Mill City partnered with hedge fund Karatage and received an equivalent investment from the Sui Sui
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Sui Foundation to kick off the initiative.
The firm’s new SUI holdings, acquired at an average price of $3.6389, are now held in a public wrapper offering retail and institutional investors daily liquidity.
Institutional access to Sui begins
Mill City’s treasury now holds over $277 million in SUI and plans to continue accumulation through over-the-counter and open market purchases. The strategy allows investors to gain direct exposure to the Sui network via a listed vehicle, positioning the firm as a unique access point for capital markets participants.
The deal was led by Karatage co-founders Marius Barnett and Stephen Mackintosh, who have joined Mill City as chairman and chief investment officer, respectively. Galaxy Asset Management will oversee the treasury’s operations, while other major participants include Pantera, Electric Capital, ParaFi, and Big Brain Holdings.$SUI
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