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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Institutional Confidence in Solana

GSR’s Head of Research, Brian Rudick, commented:

“This investment showcases rising demand for secure access to premium digital assets. Solana’s performance makes it ideal for institutional growth strategies.”

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Jakob Palmstierna, President of GSR, added:

“We support bold, blockchain-first strategies with not just capital, but liquidity, insight, and hands-on support.”

Solana Foundation Applauds the Move

Lily Liu, President of the Solana Foundation, welcomed the development:

“This collaboration reflects growing interest in real-world use cases for Solana and increasing overlap between DeFi and traditional finance.”

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The post GSR Invests $100 Million in Nasdaq Company Upexi! appeared first on Coin Engineer.

With this approval, GSR becomes the first crypto liquidity provider to achieve dual regulatory authorization from both the FCA and the Monetary Authority of Singapore (MAS).

New Services and Rising Demand

The FCA approval will enable GSR to provide services such as over-the-counter (OTC) and programmatic execution trading for clients in the UK.

• This development is particularly significant as demand for regulated crypto trading solutions has risen sharply since Bitcoin surpassed the $100,000 milestone in December 2024.
• Institutional investors entering the market throughout the year have further fueled this demand.

Dual Regulatory Authorization

GSR’s Group CEO, Xin Song, highlighted that dual authorization allows the firm to “confidently expand [its] services to institutional and professional clients globally.”

This dual compliance demonstrates GSR Markets UK’s adherence to the regulatory standards of major global markets in both the UK and Singapore.

Service Expansion

With FCA’s green light, the company is well-positioned to address the growing demand for regulated and reliable trading platforms as industry players increasingly prioritize compliant solutions in crypto markets.

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GSR Markets UK CEO Jakob Palmstierna noted that this milestone will enable the company to better support its clients “as they navigate the dynamic, rapidly growing market.”

The firm’s global operations include over 120 employees in the UK, making it one of the largest crypto-native employers in the region.

MPI License in Singapore

On April 4, 2024, GSR Markets secured its Major Payment Institution (MPI) license from MAS. This license allows the firm to offer multiple payment services and exceed the volume limitations imposed on payment firms.

• With the MPI license, GSR can surpass the SG$3 million ($2.2 million) volume limit for a single payment service and the SG$6 million ($4.4 million) monthly limit for two or more services.

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