Nasdaq-listed Mill City Ventures (MCVT) acquired 5,600,607 SUI tokens worth over $20 million on August 10, 2025, at an average price of $3.65 per token – slightly below the market rate of $3.80-$3.90. This transaction, executed through a special agreement with the Sui Foundation, brings the company's total SUI holdings to 81.9 million tokens.
Chief Investment Officer Stephen Mackintosh described the strategy as "dynamic," emphasizing flexibility to acquire tokens "at different times, in different amounts, from the foundation, the market, and other investors." The firm plans to stake its SUI holdings to generate passive income and revealed potential for up to $500 million in additional purchases, building on a $450 million private sale earlier in 2025.
As a non-bank lender and specialty finance company, Mill City's substantial investment signals growing institutional confidence in the Sui ecosystem. The move highlights a strategic pivot toward altcoins beyond Bitcoin and Ethereum, reflecting broader cryptocurrency market trends of traditional finance firms diversifying into emerging blockchain projects.