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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