Mill City Ventures Invests $450M in Public Sui Crypto Treasury
Mill City Ventures III, a Nasdaq-listed company, announced Monday it had raised $450 million in a private placement to restructure its business model and build a crypto treasury centered on the Sui token.
The Minneapolis-based firm sold 83 million shares to institutional investors, including Pantera Capital, Electric Capital, ParaFi Capital, and FalconX.
Approximately 98% of the funds will be used to purchase SUI tokens, in what Mill City describes as the first public treasury built on the Sui blockchain. The remaining 2% will support the company’s traditional short-term lending operations.
The crypto treasury will be managed by Galaxy Asset Management. According to Stephen Mackintosh, the firm’s incoming Chief Investment Officer, the strategy reflects the convergence of crypto and artificial intelligence.
