Mill City Ventures has announced the completion of a $450 million private placement and the acquisition of 76.3 million SUI tokens, launching its crypto treasury strategy.
Closing of Private Placement and Strategic Partnership
According to a press release dated July 31, Mill City Ventures partnered with hedge fund Karatage, receiving equivalent investment from the Sui Foundation to initiate its new strategy. The acquired tokens were purchased at an average price of $3.6389, and they are now held in a public wrapper providing liquidity.
New Institutional Access to SUI
Mill City's treasury now holds over $277 million in SUI and plans to continue accumulation through over-the-counter and open market purchases. The strategy offers investors direct exposure to the Sui network via a listed vehicle, positioning the firm as a unique access point for capital markets participants.
Mill City's Competitive Position and SUI Dynamics
Mill City Ventures' SUI holdings now exceed those of DeFi Technologies and Lion Group, who hold 4.91 million and 1.01 million SUI, respectively. The treasury model established by Mill City could set a standard for future institutional SUI treasuries.
The launch of Mill City Ventures' treasury strategy is a significant step for institutional investors in the cryptocurrency space, highlighting the growing interest in the Sui blockchain and its potential.
