Mill City Ventures III has completed a landmark $450 million private placement to acquire 76,271,187 SUI tokens through an over-the-counter (OTC) transaction with the Sui Foundation. The deal, finalized on July 31, 2025, was executed at an average price of $3.6389 per token and marks Mill City's strategic pivot toward cryptocurrency treasury management.
Led by co-founders Marius Barnett and Stephen Mackintosh, the financial firm will allocate approximately 98% of the funding proceeds toward SUI acquisition and treasury operations. Barnett emphasized that this positions Mill City as a "pioneering player in digital assets" with SUI at the core of their strategy. The transaction includes support from institutional heavyweights including Galaxy Digital, Pantera Capital, Big Brain Holdings, and Electric Capital.
Galaxy CEO Mike Novogratz endorsed the move, stating it provides "institutional-scale, liquid access to the digital asset ecosystem" while building long-term exposure to Sui's Layer-1 blockchain. The Sui Foundation collaboration makes Mill City the only entity with official foundation backing for its crypto treasury strategy, with plans for additional open-market SUI purchases.