Mill City Ventures III, Ltd. has announced a major strategic move with a $450 million private placement aimed at transforming its treasury strategy using the Sui blockchain ecosystem. This initiative, revealed on July 28, 2025, represents a significant evolution for the company as it integrates digital assets into its financial framework while continuing its core operations in non-bank lending and specialty finance.
$450 Million Raise to Support SUI Token Reserves
The private placement involves the sale of 83,025,830 shares at $5.42 each, generating gross proceeds of $450 million. The raise is anchored by key strategic investors, including Karatage, an investment firm focused on emerging technologies, and the Sui Foundation, known for its commitment to decentralized infrastructure.
The capital raised will primarily be used to acquire SUI tokens, which Mill City will adopt as its primary treasury reserve asset. The company aims to leverage the scalability, security, and developer-focused ecosystem of the Sui blockchain to strengthen its treasury management and support broader DeFi innovation.
This approach positions Mill City as one of the first publicly traded firms to adopt a token-based treasury reserve strategy, signaling confidence in blockchain’s role in modern corporate finance.
New Leadership to Guide Blockchain Integration
To support this transition, Mill City Ventures is bringing in new leadership from Karatage. Marius Barnett will assume the role of Chairman, while Stephen Mackintosh will serve as Chief Investment Officer. Both are co-founders of Karatage and bring deep expertise in blockchain investments and financial innovation.
Despite this strategic pivot, Mill City will continue its short-term lending and structured finance operations, maintaining the foundation that has defined the firm since its inception in 2007.
The private placement is expected to close on or around July 31, 2025, pending customary closing conditions.
