Mill City Ventures III invests $450 million to purchase SUI, stock price skyrockets 270% in 5 days

The Nasdaq-listed small business loan company Mill City Ventures III (MCVT) has successfully raised $450 million through private financing to purchase SUI—the cryptocurrency currently ranked 15th by market capitalization. The company stated that it will acquire SUI through the open market.

MCVT's stock price rose 11% on Monday, with a total increase of nearly 270% over the past 5 days. Chief Investment Officer Stephen Mackintosh stated that SUI has the potential for widespread adoption by institutions due to its speed, high efficiency, and ability to support AI workloads while maintaining security and decentralization.

This financing was co-led by Karatage and the SUI Foundation, with participation from major institutions such as Galaxy Digital, Big Brain Holdings, FalconX, and Pantera Capital. SUI is the native token of the SUI blockchain, which was developed by former Facebook engineers and aims to compete directly with Ethereum.