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Mill City Ventures III Ltd. (MCVT) announced a partnership with Galaxy Digital Inc. (GLXY) for treasury management of its $450 million SUI token holdings.
Galaxy Asset Management, a division of Galaxy Digital, will serve as asset manager for Mill City’s SUI treasury strategy. Galaxy Digital also participated as an investor in Mill City’s recent $450 million private placement that funded the SUI treasury initiative.
The partnership provides Mill City with treasury management infrastructure, market expertise, and institutional-quality execution services. Galaxy will also support tailored staking strategies as Mill City manages its SUI token holdings.
"Having the support of Galaxy as both asset manager and investor is a major unlock," said Stephen Mackintosh, Chief Investment Officer of Mill City and Co-Founder of Karatage, which led the private placement investment.
Steve Kurz, Global Head of Asset Management at Galaxy, stated that Mill City "is unlocking a new access point for public market investors to engage with transformative blockchain ecosystems like SUI."
According to the press release, Mill City operates what it describes as the largest SUI treasury on public markets and maintains a relationship with the Sui Foundation. The company combines specialty finance operations with its SUI treasury vehicle.
Galaxy Digital operates as a digital assets and data center infrastructure company, providing trading, advisory, asset management, and other services to institutional clients. The company is headquartered in New York City with offices across multiple regions.