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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A Major Pivot Into Digital Assets

The firm is initiating a $450 million private funding round, with approximately 98% of the capital earmarked for SUI acquisition. This investment will be split between open market purchases and a direct strategic agreement with the Sui Foundation. The remaining 2% of the funds will support Mill City’s existing short-term lending operations.

By transitioning to a blockchain-native treasury, Mill City Ventures positions itself as one of the first U.S. financial institutions to fully embrace crypto infrastructure on this scale. With SUI as its primary reserve asset, the company signals a long-term belief in the transformative power of decentralized networks.

Why SUI?

The decision to focus on the Sui blockchain is tied to its robust performance in high-throughput sectors, including payments, gaming, and artificial intelligence applications. Mill City’s move represents one of the largest institutional allocations to SUI ever recorded — aligning the firm’s future with the growth of this Layer 1 altcoin ecosystem.

Leadership Overhaul to Support Crypto Vision

The funding round is being led by Karatage Opportunities, a hedge fund known for its involvement in digital assets. As part of the shift, Karatage co-founders Marius Barnett and Stephen Mackintosh will take on leadership roles within Mill City Ventures, becoming board chairman and chief investment officer, respectively. The Sui Foundation is also playing an active role in the process, further solidifying the partnership.

This organizational shake-up aims to ensure that Mill City is equipped to navigate the crypto-native landscape with experience and foresight.

Completion Expected by End of July

The firm anticipates completing the transition by the end of July 2025. Once finalized, Mill City Ventures will become a rare example of a publicly traded U.S. firm offering direct exposure to a blockchain-native treasury model — potentially paving the way for others to follow.

By aligning itself with the Sui ecosystem, Mill City is not just betting on a token — it’s investing in a decentralized financial future.

SUI Price Outlook

SUI is currently trading at $4.20, having recorded a daily loss of approximately 2.70%. Despite short-term pressure, its price action remains in line with overall market conditions.

Technical indicators suggest that investors are acting cautiously, while the medium-term outlook continues to be shaped by the project’s fundamental developments. Despite major investment announcements, SUI’s limited price reaction is also being linked to the market’s overall risk appetite.

This content does not constitute investment advice. Markets carry high risks, and it is important to conduct your own research before making any investment decisions.

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The new direction? Open-source development, stronger security, and a commitment to compensate users.

Vulnerability Patched, Open-Source Future Unveiled

On May 22, attackers took advantage of a flaw in Cetus‘ pricing mechanism, draining major liquidity pools. Fortunately, $162 million worth of stolen assets were frozen shortly after.

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In a June 7 statement, the team revealed that they’ve not only patched the vulnerability but are also transitioning to an open-source model. A new white hat bounty program is launching to crowdsource contributions to security and stability.

Liquidity Restored Through Multiple Channels

To resume operations, Cetus replenished its liquidity using $7 million in cash reserves, a $30 million USDC loan from the Sui Foundation, and partial recovery of the stolen funds. Recovery rates for affected pools range from 85% to 99%, depending on the drain severity.

As part of a user compensation strategy, 15% of CETUS token supply has been allocated. While 5% will be distributed immediately, the remaining 10% will unlock linearly over 12 months, starting June 10.

Legal Action Underway As Security Tightens

Though a $6 million white hat bounty was initially offered, the attacker has started laundering funds, prompting Cetus to pursue legal action across multiple jurisdictions. Law enforcement agencies are actively involved, and the team remains confident about asset recovery.

Security audits are being ramped up again as Cetus aims to win back user trust through transparency and resilience.

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Sui Validators Approve Major Recovery Plan

After Cetus, a decentralized exchange, was exploited for over $220 million on May 22, Sui validators acted quickly to freeze $162 million in digital assets. The fate of these funds was determined through a governance vote concluded on May 29.

With 90.9% of validators voting in favor, the recovery proposal passed. The frozen assets will now be transferred to a multisignature wallet and held in trust until distributed to affected users, according to Sui’s official announcement.

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This move signals a pivotal step toward financial restitution for those impacted by the exploit.

Validator Intervention Sparks Governance Debate

The swift validator action reignited debate within the crypto world. While decentralization purists voiced concern over the ability to freeze onchain assets, others praised the move as an effective counter to escalating security threats in DeFi.

The recovery initiative extends beyond the frozen funds. It will also leverage Cetus’ own treasury and an emergency loan from the Sui Foundation to fully restore protocol operations.

Cetus Targets Full Recovery Within One Week

Cetus expressed appreciation for the rapid community support and outlined a full roadmap for protocol recovery. The first phase involves upgrading validator nodes to transfer the funds to a multisig wallet, followed by system restoration.

The team expects a full restart within one week. All liquidity providers will regain access to their assets, while remaining losses will be compensated via a dedicated smart contract currently undergoing auditor review.

Cetus emphasized that this compensation mechanism will ensure fair restitution for all affected users.

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