Mill City Raises $450M, Allocates 98% to Build SUI-Based Treasury

Highlights:

• Mill City raised $450 million to support Sui, which reflects rising trust in crypto treasuries.
• Experts say Sui is built to handle crypto, AI, and stablecoins at a large scale.
• Sui’s DeFi space is booming, and more companies are adding SUI to their holdings.

Minneapolis-based Mill City Ventures III, a Nasdaq-listed non-bank lender and specialty finance firm, announced on Monday that it has secured around $450 million by selling 83 million shares to institutional investors. The investment round included support from well-known venture firms such as Pantera Capital, ParaFi Capital, Arrington Capital, Electric Capital, FalconX, and others. Galaxy Asset Management is set to manage the cryptocurrency treasury for Mill City.

Galaxy is investing and managing the treasury for Mill City Ventures III, Ltd., following a $450M private placement to initiate a $SUI treasury strategy.

Backed by a broad group of institutional investors, including the @SuiFoundation, @Karatage_, and others.

Galaxy Asset…

— Galaxy (@galaxyhq) July 28, 2025

Once the deal is finalized, which is expected around July 31, 2025, Mill City intends to use roughly 98% of the net proceeds to purchase SUI, the native token of the Sui blockchain. The company aims to acquire the tokens using a combination of open market purchases, institutional transactions, and a negotiated deal with the Sui Foundation. The remaining 2% of the funds will be directed toward supporting its existing short-term lending operations. Mill City states that this marks an “industry-first” partnership with the Sui Foundation and represents the first publicly listed company to hold a SUI-based treasury. 

Sui Blockchain Seen as Ideal for Crypto, AI, and Stablecoin Growth

Stephen Mackintosh, who is set to become Chief Investment Officer at Mill City and is also a General Partner at Karatage, shared his thoughts on the move. He said this step comes at an important time when interest in crypto is growing and artificial intelligence is rising fast. He added that the Sui blockchain provides the performance and strong infrastructure needed to support both of these fast-moving sectors. 

“We believe that Sui is well-positioned for mass adoption with the speed and efficiency institutions require for crypto at scale, plus the technical architecture capable of supporting AI workloads while maintaining security and decentralization,” Mackintosh stated. Co-founder of Mysten Labs, Adeniyi Abiodun, shared a similar view. He said Sui is becoming the top choice for powering crypto, artificial intelligence, and stablecoins at a large scale.

Institutions and traditional participants may soon have Nasdaq-listed access to this Sui treasury company, as early as this Thursday. https://t.co/hpJdxQ7sO6

— Sui 「🦑」 (@SuiNetwork) July 28, 2025

Sui DeFi Grows and More Firms Hold the Token

The Sui ecosystem has seen strong growth recently, especially in the decentralized finance (DeFi) space. According to DefiLlama, the total value locked (TVL) on Sui’s DeFi platforms hit a record high of $2.22 billion over the weekend. That’s a jump of nearly 400% since last July.

Top platforms like Suilend, NAVI, and Haedal make up $1.7 billion of that total. Despite the strategic change and strong backing from institutions, market reaction has remained quiet. SUI has fallen by 6% in the last 24 hours, following a wider altcoin decline. The token, which hit a peak of $5.35 in January, is now trading 25% below that high.

Other companies, including DeFi Technologies and Lion Group Holdings, also hold SUI. DeFi Technologies lists it as their second-biggest treasury asset. The company actively manages its SUI holdings through various strategies such as asset management, trading, and staking to generate returns and strengthen its digital asset portfolio.

DeFi Technologies Reports All-Time High in SUI Assets Under Management and Treasury Holdings @ValourFunds $SUI AUM Surpasses US$63.5 Million (C$87.1 Million); DeFi Technologies' SUI Treasury Hits US$20.2 Million (C$27.7 Million) $DEFT $DEFI.NEhttps://t.co/rsvHVVi8b8

— DeFi Technologies (@DeFiTechGlobal) July 16, 2025