Mill City Ventures Commits $441M To Sui Treasury

Key Takeaways

• Mill City Ventures has raised $450 million, dedicating 98% to a Sui treasury, the first by a Nasdaq‑listed company.

• SUI tokens will serve as their primary treasury reserve asset, acquired via open market, institutional deals, and direct foundation agreement.

• The Sui ecosystem is rapidly expanding, with DeFi TVL around $2.22 billion and protocols like Suilend, NAVI, and Haedal leading the charge.

• Leadership changes include Marius Barnett, Dana Wagner, and Stephen Mackintosh, bringing deep crypto and institutional experience.

• While the SUI price dipped 11%, Mill City is focused on long‑term infrastructure and adoption, not short‑term price speculation.

A Strategic Shift Toward Cryptocurrency

Mill City, a specialty finance company and non‑bank lender previously focused on short‑term lending, sold roughly 83 million shares at $5.42 per share to raise around $450 million.

• 98% of net proceeds will be deployed into acquiring SUI tokens.

• 2% is reserved for its existing lending operations.

This allocation signals a bold pivot: Sui treasury becomes their primary reserve asset, backed by institutional capital and structured for daily liquidity.

Broader Market Reaction

Despite the bold move, the price of SUI fell about 11% in 24 hours, in line with a broader downturn in the altcoin market. The token hit an earlier all‑time high of $5.35 in January, but remains down ~27% since then.

SUI/USD

Source: TradingView

Why Mill City Chose The Sui Treasury Path

Institutional‑Grade Infrastructure

Incoming Chief Investment Officer Stephen Mackintosh emphasized that crypto and AI are converging at a pivotal moment.

He believes SUI stands out for institutional use thanks to its high-speed architecture, scalability, and capability to support AI workloads while maintaining security and decentralization.

Christian Thompson, Managing Director at the Sui Foundation, echoed this view, highlighting SUI’s design for real-world applications ranging from stablecoins to gaming and finance.

First Public Company With A Foundation‑Supported Sui Treasury

Mill City describes its arrangement as an “industry‑first”, backed by a formal relationship with the Sui Foundation. As the only company with such official partnership, they will collaborate on monitoring technology and ecosystem growth.

Galaxy Asset Management has been appointed to manage the deployed capital.

Sui Ecosystem Momentum & The Rise Of DeFi

DeFi TVL Hits All‑Time High

The Sui ecosystem has seen explosive growth lately. Total on‑chain value surged nearly 400% since July 2024, reaching a high of $2.22 billion.

DeFi TVL On Sui Recently Hit A New ATH

Source: DefiLlama

Asset manager 21Shares highlighted top DeFi protocols on Sui, Suilend, NAVI, and Haedal, which now boast over $1.7 billion in TVL between them alone.

New Board & Executive Appointments

Upon closing, which is expected to occur on or about July 31st, 2025, Mill City will realign its leadership:

• Marius Barnett (Co‑Founder of Karatage) will become Board Chairman.

• Dana Wagner, former Square GC and current Coinbase Custody board member, will join as Independent Director.

• Stephen Mackintosh will step in as Chief Investment Officer, leading the Sui treasury strategy with deep expertise in AI and crypto.

Karatage Opportunities of London is the lead investor, alongside the Sui Foundation, Pantera Capital, Electric Capital, Galaxy Digital, and others.

FAQ

What is a Sui treasury?

A Sui treasury is a corporate strategy where the company holds SUI tokens as a core treasury reserve asset, integrating its balance sheet with the Sui blockchain ecosystem for both yield and strategic alignment.

Why allocate capital to SUI instead of traditional assets?

Mill City views SUI tokens as better suited for the convergence of AI, stablecoins, and institutional crypto. The network’s scalability, speed, and blockchain architecture make it appealing for enterprise and developer use at scale.

How will Mill City deploy the Sui treasury capital?

Capital deployment includes infrastructure projects, developer grants, startup partnerships, and liquidity pools, executed over an 18‑month timeline to support adoption and ecosystem health.

Who is managing these SUI investments?

Galaxy Asset Management has been appointed to manage the allocation and oversight of the Sui treasury deployment.

What risks does this strategy carry?

Key risks include token price volatility, regulatory uncertainty, and competition from other emerging blockchain ecosystems. Still, Mill City hopes that network growth and foundation backing will mitigate these risks.