Mill City Ventures III, a Minnesota-based specialty finance firm traded on NASDAQ, has announced a $450 million private placement. The funds aim to transform its corporate treasury, making Sui blockchain’s native token, $SUI, the central asset in its reserve strategy.
Mill City Ventures III is now allocating 98% of the private placement proceeds directly to $SUI token acquisitions. The execution is via open-market purchases, private deals, and direct agreements with the Sui Foundation. Only 2% of the raised funds will support the company’s legacy lending activities. This spotlights its substantial pivot toward digital assets, and specifically toward the Sui blockchain.
How Mill City Plans To Execute The Placement
The private offering consists of 83,025,830 common shares at $5.42 apiece. The lead is Karatage Opportunities, a London-based asset manager renowned for its progressive crypto exposure. Major backers include Galaxy Digital and Pantera Capital, two institutional heavyweights in blockchain investment, along with direct involvement from the Sui Foundation.
Following the transaction’s closing on July 31, significant leadership changes will occur. Karatage co-founder Marius Barnett is set to become Chairman of Mill City Ventures III, with Stephen Mackintosh slated as Chief Investment Officer. Meanwhile, A.G.P./Alliance Global Partners is managing the placement. They will ensure transactions are structured to comply with U.S. securities laws via an exemption from the full SEC registration requirement.
Mill City’s move places it among the very first publicly listed U.S. companies to center its treasury around an altcoin, rather than Bitcoin. This diversification beyond the crypto mainstream signals rapidly growing institutional interest in blockchain networks that aim to underpin a new generation of Web3 applications.
The strategy leverages Sui’s technical promise, built to support ultra-fast, secure, and cost-effective decentralized applications. This is possible through its Move programming language, challenging Ethereum and other established smart contract protocols.
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