Private equity firm, Mill City Ventures III, Limited, unveils a $450 million private placement to kick off the Sui Treasury strategy.
Mill City Ventures III Announces $450 Million Private Placement to Focus on SUI Tokens
Mill City Ventures III, Ltd., a specialty finance company based in London, has announced a significant move in the crypto space with a $450 million private placement aimed at initiating a Sui treasury strategy.
The strategy, set to be executed upon closing of the private placement, will see 98% of the funds allocated towards acquiring SUI tokens, the native asset of the Sui blockchain. This move positions SUI as the central asset in Mill City Ventures III's corporate treasury reserve. The acquisition will be carried out through open-market purchases, private deals, and direct agreements with the Sui Foundation.
The remaining 2% of the funds will support Mill City's existing short-term lending and specialty finance operations, ensuring a degree of diversification and steady income from traditional finance activities.
The private placement issued 83,025,830 common shares at $5.42 each, with Karatage Opportunities, a London-based asset manager with a strong presence in crypto investment, leading the round. Other major backers include Galaxy Digital, Pantera Capital, and the Sui Foundation.
Upon closing, expected around July 31, 2025, subject to customary closing conditions, Marius Barnett and Stephen Mackintosh, co-founders of Karatage, will take on leadership roles within Mill City Ventures III. Barnett will become the Chairman of the board, while Mackintosh will serve as the Chief Investment Officer.
This strategy leverages the Sui blockchain’s advantages such as rapid transaction finality and scalable infrastructure, marking a significant institutional adoption step. Additionally, Mill City's public trading on NASDAQ offers daily liquidity, a rare feature in crypto treasury strategies.
Mill City Ventures III, Ltd., founded in 2007, is not new to the financial world. It is a specialty finance company focused on short-term lending and structured finance solutions. The company has also announced its intention to appoint two new members to its board of directors upon closing of the private placement.
More information about Mill City Ventures III, Ltd. can be found here or here.
[1] Mill City Ventures III Press Release, (Date of Announcement) [2] Coindesk, "Mill City Ventures III Announces $450 Million Private Placement for Sui Treasury Strategy," (Date of Publication) [3] Cointelegraph, "Mill City Ventures III to Focus 98% of Raised Funds on SUI Tokens," (Date of Publication) [4] BusinessWire, "Mill City Ventures III Leadership Changes Announced," (Date of Announcement)
- Mill City Ventures III, which has announced a $450 million private placement, plans to invest 98% of the funds in SUI tokens, the native cryptocurrency of the Sui blockchain, marking a significant move for the company in the cryptocurrency and altcoin investing sphere.
- In addition to its focus on Sui tokens, Mill City Ventures III will allocate 2% of the raised funds to support its existing business, including short-term lending and specialty finance operations that provide a steady flow of income from traditional finance activities.
- Upon closing of the private placement, Mill City Ventures III will leverage the advantages of the Sui blockchain, such as rapid transaction finality and scalable infrastructure, as part of a broader business strategy that includes a strong focus on cryptocurrency and blockchain, contributing to significant institutional adoption steps.
