In an independent but equally significant initiative, Mill City Ventures announced a strategic alliance with Galaxy Digital to manage a treasury strategy of $450 million in SUI. This is currently the largest SUI treasury publicly traded and the only one with direct support from a foundation.
According to the agreement, Galaxy Asset Management will act as asset manager, offering execution, liquidity solutions, and staking strategies to maximize long-term investments. Galaxy Digital is also a major investor in Mill City, having participated in the $450 million private placement used to fund the treasury.
Stephen Mackintosh, Chief Information Officer of Mill City, described Sui as "the infrastructure layer for the next chapter of the internet." He also emphasized the long-term nature of their investments.
"Having the support of Galaxy, both as an asset manager and investor, is a significant advancement. Their institutional-quality infrastructure will allow us to actively manage our SUI treasury, both today and in the future. By working with Galaxy, we are moving closer to achieving the future of Web3 that only Sui can make possible," he stated.
Steve Kurz, Global Head of Asset Management at Galaxy Digital, stated that the public market structure of Mill City creates "a new access point for investors to interact with transformative blockchain ecosystems." He described the alliance as a step towards integrating digital assets into the heart of capital markets.
