Mill City Ventures Begins Implementing Sui Blockchain Treasury Strategy

Emre Yumlu — Fri, 01 Aug 2025 15:00:10 +0000

One of the financial institutions listed on NASDAQ, Mill City Ventures III, Ltd. (MCVT), has successfully completed a $450 million private equity investment round. With this major development, the company becomes the first in its sector to adopt the Sui blockchain as a core treasury strategy. Now holding a total of 76,271,187 SUI tokens, the company marks a bold step forward in the digital asset space.

A Strategic Entry into the Sui Ecosystem

As part of this investment round, Mill City Ventures acquired 83,025,830 shares of common stock (or equivalents) at a price of $5.42 per share. The total gross proceeds amount to approximately $450 million, excluding placement agent fees and other associated offering costs.

The investment was led by Karatage Opportunities, a London-based hedge fund focused on digital assets and emerging technologies, alongside the Sui Foundation, an independent entity dedicated to advancing the Sui network. Both organizations have played key roles as early backers of the Sui ecosystem.

Major Industry Players Join the Round

The round also attracted participation from notable firms such as Galaxy Digital (Nasdaq: GLXY), Pantera Capital, Electric Capital, GSR, FalconX, and Paper Ventures — all recognized names in the digital asset industry. Galaxy Asset Management will act as the designated asset manager for this initiative.

Treasury Strategy Focused on SUI

Approximately 98% of the net proceeds from the investment will be used to acquire SUI tokens, the native cryptocurrency of the Sui blockchain. The remaining 2% will support Mill City Ventures’s short-term lending operations. With this move, SUI becomes the company’s primary treasury reserve asset.

Sui’s Vision: Scalability, Speed, and Security

Stephen Mackintosh, a partner at Karatage, highlighted the intersection of blockchain infrastructure and AI as a space full of opportunity. He emphasized that Sui’s secure and scalable architecture makes it an ideal platform for institutional-level crypto integration and AI-based applications.

Christian Thompson from the Sui Foundation added that the network is specifically built to support real-world crypto use cases — from stablecoins and gaming to decentralized finance and AI — offering both speed and reliability.

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The post Mill City Ventures Begins Implementing Sui Blockchain Treasury Strategy appeared first on Coin Engineer.

Solana Surpasses Ethereum in Developer Acquisition!

Orhan — Fri, 13 Dec 2024 10:00:32 +0000

Solana has dethroned Ethereum as the top ecosystem for new developers. According to Electric Capital’s December 12 report, Solana has, for the first time since 2016, attracted more new developers than Ethereum.

The Rise of Solana

In 2024, 7,625 new developers joined the Solana ecosystem, surpassing Ethereum’s 6,456. Bolstered by growth in Asia, Solana recorded an 83% increase in developer activity.

Ethereum’s Strengths Remain

While Ethereum fell behind in attracting new developers, it remains the leader in overall developer activity. Electric Capital’s data highlights that Ethereum still boasts the most active developer ecosystem globally. Its strong presence in Asia, Europe, North America, and other regions continues to secure its dominance.

Additionally, Ethereum’s 64% growth in layer 2 networks and innovative projects like Eigenlayer reinforce the platform’s long-term strength in the developer community.

Crypto’s Global Expansion

The report also underscored the rapid global expansion of crypto developer activity. Asia, Europe, and North America emerged as the top crypto hubs in 2024, with significant growth seen in Africa and South America. Notably, India has become the leading country for new developer acquisition.