Mill City Ventures Launches $450M SUI Treasury Strategy with Foundation Backing

Institutional Support and Leadership Overhaul

The funding round drew interest from a roster of prominent investors, including Galaxy Digital, Pantera Capital, Big Brain Holdings, Electric Capital, and GSR.

Karatage Opportunities, a London-based hedge fund specializing in digital asset markets, led the placement. Following the deal, Marius Barnett and Stephen Mackintosh, the firms co-founders, assumed key roles at Mill City. Barnett was appointed Chairman, while Mackintosh took on the role of Chief Investment Officer.

Notably, Galaxy Asset Management will serve as the Asset Manager for Mill Citys SUI treasury. Galaxy Digital CEO Mike Novogratz lauded the move as a “clean, liquid, and institutional-grade entry” into the crypto space. He specifically highlighted the pairing of SUI with experienced leadership as a key factor supporting that positioning.

What is SUI？

SUI is a next-generation Layer 1 blockchain built by Mysten Labs, leveraging Move, a programming language initially developed by Metas now-defunct blockchain division. Known for its high performance and developer-friendly ecosystem, SUI has attracted increasing interest from institutional and retail players.

As of the latest market update, SUI is trading at $3.50, down 10.33% on the day.

Institutional Crypto Treasury Trend

Mill Citys initiative aligns with the broader trend where forward-looking enterprises are incorporating digital assets into long-term financial planning.

Cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), and emerging platforms like SUI are increasingly being adopted as strategic treasury assets. They offer diversification, inflation hedging, and early exposure to transformative blockchain infrastructure.

As part of its broader treasury mandate, Mill City has committed to providing regular reporting on its SUI holdings and treasury activities, as it advances toward establishing the largest institutionally held and publicly disclosed SUI position in the market.