Mill City Ventures has acquired 76.3 million SUI tokens after completing a $450 million private placement, making it the first publicly listed company to launch a crypto treasury strategy supported by the Sui Foundation.
In a press release dated July 31, the company announced a partnership with hedge fund Karatage, alongside a matching investment from the Sui Foundation to initiate the effort.
The SUI tokens, purchased at an average price of $3.6389, are now held in a publicly accessible wrapper that provides daily liquidity to both retail and institutional investors.
Institutional access to Sui begins
Mill City’s treasury now holds over $277 million worth of SUI and intends to expand its position through both over-the-counter and open market purchases. This strategy offers investors direct exposure to the Sui network through a publicly listed vehicle, establishing Mill City as a distinctive entry point for capital markets participants.
The initiative was spearheaded 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, with additional backing from prominent firms including Pantera, Electric Capital, ParaFi, and Big Brain Holdings.
Sui is positioned as a blockchain designed for mainstream adoption, gaining early momentum in sectors such as stablecoins, gaming, and AI. Mill City’s collaboration with the Sui Foundation enables strategic alignment with the network’s long-term vision while building the largest institutionally managed SUI position on the public markets.
“Our Sui strategy goes beyond simply holding tokens—it’s about actively engaging with the ecosystem to drive long-term value,” said Mackintosh.
Strategic Positioning and SUI Growth Momentum
Mill City now holds more SUI than other publicly listed peers, surpassing both DeFi Technologies and Lion Group. DeFi Technologies currently holds 4.91 million SUI—valued at approximately $17 million—while Lion Group’s holdings total 1.01 million SUI, worth around $3.09 million.
This treasury approach capitalizes on the rising interest in Sui as a next-generation Layer 1 blockchain, known for its scalable infrastructure and development roots in Meta’s former Diem project. With strong foundational support and top-tier asset managers involved, Mill City’s strategy may set a new benchmark for institutional SUI treasury adoption.
