Mill City Ventures Secures $450 Million Private Placement for Sui Blockchain Strategy

Mill City Ventures has announced a whopping $450 million private placement to launch a corporate Sui treasury strategy, led by London-based hedge fund Karatage and the Sui Foundation. The massive investment round brings together top crypto players in a move that signals growing confidence in Sui as a blockchain built for real-world scale.

The partnership will see nearly 98% of proceeds going toward buying tokens on the open market or through exclusive deals, with the remaining 2% dedicated to supporting Mill City’s lending unit. This strategic alliance marks the first public markets crypto treasury strategy supported by a foundation and has significant implications for the industry.

Mill City’s CIO-designate, Stephen Mackintosh, sees the timing as right, citing the convergence of AI and crypto infrastructure reaching critical scale. He believes Sui is uniquely positioned to handle this increased demand due to its fast, efficient, and decentralized architecture.

Christian Thompson from the Sui Foundation emphasized that the project aims to support use cases in stablecoins, gaming, and finance at full scale. Meanwhile, Mysten Labs co-founder Adeniyi Abiodun expressed his confidence in the chain’s readiness for broader adoption and integration.

In related news, AlvaApp analytics flagged a potential supply squeeze, which could lead to lower liquidity and more pronounced price swings. This has traders on high alert as TVL (total value locked) continues to rise.

The deal is expected to close by July 31, pending final conditions, after which Mill City’s balance sheet will become one of the most SUI-heavy in public markets.

Source: blockonomi.com