Mill City Ventures III, Ltd. has announced a $450 million private placement aimed at building a large cryptocurrency treasury focused on the Sui blockchain. In a bold departure from its conventional short-term lending operations, the company plans to allocate 98% of the proceeds to purchase SUI tokens. The remaining 2% will continue to support its core finance business.
Led by Karatage Opportunities, with support from Galaxy Digital, Pantera Capital, and the Sui Foundation, the deal involves issuing over 83 million shares. Following the transaction, Karatage’s Marius Barnett will step in as Chairman, and Stephen Mackintosh will take over as CIO.
Mill City intends to acquire SUI tokens through open-market purchases, private transactions, and direct agreements with the Sui Foundation. This positions the firm among the earliest U.S.-based adopters of a non-Bitcoin blockchain asset for treasury reserves. Sui is a high-speed Layer 1 blockchain built for scalable decentralized applications using the Move programming language.
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