đŁ Mill City Ventures Targets $441M Sui (SUI) Treasury Strategy
Nasdaq-traded Mill City Ventures III has raised roughly $450âŻmillion via private placementâselling 83âŻmillion sharesâand plans to allocate approximately 98% of the funds toward building a corporate treasury in Sui (SUI) tokens, leaving just 2% for its existing lending business .
In doing so, Mill City becomes the first publicly listed U.S. company to hold SUI as its principal treasury reserve asset in collaboration with the Sui Foundation .
Why Sui?
Crypto + AI synergy: Incoming CIO Stephen Mackintosh (Karatage coâfounder) explained that Suiâs scalable architecture is optimized for institutional use and AI workloads .
Institutional ecosystem: Adeniyi Abiodun of Mysten Labs dubbed Sui the infrastructure poised for next-gen use casesâcombining crypto, AI, and stablecoins at scale .
Momentum & Market Response
Suiâs DeFi ecosystem is booming: Total Value Locked reached $2.22âŻbillion in Julyâa nearly 400% surge since midâ2024; leading protocols like Suilend, NAVI, and Haedal account for $1.7 billion TVL .
Still, SUIâs token price fell ~11% in the past 24 hours, reflecting broader altcoin weakness. From its January peak of $5.35, it's now down 27% .
đ What It Means
Mill Cityâs pivot highlights a growing trend: treasury diversification beyond Bitcoin and Ethereum. Public firms are increasingly using digital asset reserves to align with blockchain innovation. With Galaxy Asset Management managing the strategy, the company positions itself at the forefront of corporate crypto adoption .
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