Mill City Ventures III has announced its rebranding as Sui Group Holdings after successfully raising $450 million to create a Sui treasury strategy.
Rebranding and New Direction
The name change was officially confirmed in a press release on August 25, 2023. The new brand reflects the company's strategic direction aimed at establishing a treasury linked to the Sui blockchain. A change in stock symbol from "MCVT" to "SUIG" will also take place.
Plans and Partnership with Sui Foundation
Sui Group Chairman Marius Barnett discussed a new partnership with Sui Foundation, plans to activate the treasury through staking, lending, liquidity, and insurance. 'This collaboration provides us with unique insights and opportunities within the Sui ecosystem,' he noted.
Long-term Goals of Sui Group
The company's main objective over the next five years is to create a 'Sui Bank' that will serve as the central liquidity hub for the network. Barnett emphasized the need for active engagement with the ecosystem to maximize long-term value for shareholders.
The rebranding of Mill City Ventures III to Sui Group Holdings highlights the company's ambition to take a leading role in treasury strategy based on the Sui blockchain and to build strong partnerships with key players in this field.
