While corporate treasuries have been increasingly popular in the crypto markets recently, Mill City Ventures III has emerged with a noteworthy strategy. The company announced the establishment of an official SUI treasury with a $450 million private equity raise. This move marks a first in the market as the only treasury strategy directly supported by the Sui Foundation.
Mill City has currently added a total of 76,271,187 SUI tokens to its portfolio at an average cost of $3.6389. Initial purchases were made through over-the-counter (OTC) agreements and in-kind contributions with the Sui Foundation. The company announced that further SUI acquisitions will be made on the open market and that this accumulation strategy will continue.
"In partnership with the Sui Foundation, Mill City is operating the only crypto treasury strategy in the market with official foundation support."
98% of private capital deployed
Mill City operates as a company offering short-term non-bank lending services and specialized financing solutions. However, the company's latest move brings it directly into the digital asset ecosystem. Approximately 98% of the private capital raised will be used for the acquisition of SUI and the management of this treasury.
Investors participating in this private equity round include prominent names in the crypto world: Big Brain Holdings, Galaxy Digital, Pantera Capital, M2, Electric Capital, and GSR have become part of this structure. Statements from Galaxy CEO Mike Novogratz, in particular, highlight the strategic vision behind this move:
“Mill City offers public investors clean, liquid, and institutional-grade access to the digital asset ecosystem. Backing the treasury with SUI and combining it with experienced management creates a strong foundation for long-term growth.”
As a result, not only BTC and ETH but also next-generation Layer-1 blockchains are now on the radar of institutional investors. Sui stands out as a Layer-1 chain developed by Mysten Labs and powered by the proprietary Move programming language derived from Meta's (formerly Facebook) blockchain initiative. Standing out with its high scalability and transaction efficiency, Sui could herald a new era with its integration into enterprise-level treasury structures.
At press time, the SUI price was $3.4 and has fallen 3% in the last 24 hours.
