Mill City Ventures III has completed a $450 million stock placement as part of its strategic pivot into cryptocurrency, focusing on the Sui blockchain.
Strategic Shift of Mill City Ventures III
Financial firm Mill City Ventures III announced the sale of 83 million shares to institutional investors, including notable names like Pantera Capital and Electric Capital. The company plans to allocate 98% of the proceeds to acquire Sui tokens, making it the first public company to hold SUI as its primary treasury asset. Galaxy Asset Management has been appointed as the asset manager for the treasury, while the remaining 2% of funds will support Mill City’s traditional short-term lending business.
Reasons for Choosing Sui
Stephen Mackintosh, Mill City’s incoming Chief Investment Officer, emphasized that the firm’s pivot comes at a time when crypto and AI are reaching critical mass. "Sui’s technical architecture offers the scalability, speed, and security needed for mass adoption, especially by institutions," he said. Mackintosh also highlighted the blockchain’s ability to support AI workloads while maintaining decentralization—an increasingly important factor as AI agents begin to integrate more deeply into blockchain ecosystems.
Growth of Sui Ecosystem
Mill City’s investment comes at a time of rapid growth in the Sui ecosystem. According to DeFiLlama data, on-chain value on the network recently reached a record $2.22 billion, up nearly 400% since July. Asset manager 21Shares highlighted the network’s leading DeFi protocols—Suilend, NAVI, and Haedal—which collectively hold $1.7 billion in total value locked.
Mill City Ventures III's shift into cryptocurrency highlights growing interest in Web3 and artificial intelligence technologies and underscores Sui's potential as a platform for institutional investors.
