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Mill City Ventures III, Ltd. (MCVT) completed a $450 million private investment in public equity and launched a treasury strategy focused on SUI blockchain tokens, according to a company statement.
Karatage Opportunities, a London-based hedge fund, served as lead investor alongside an equivalent investment from the Sui Foundation. The placement included investments from Galaxy Digital Inc (GLXY), Pantera Capital, Electric Capital, and other institutional investors. Galaxy Asset Management will serve as asset manager for the strategy.
Following the transaction, Karatage co-founder Marius Barnett was appointed chairman of Mill City’s board, while Stephen Mackintosh became chief investment officer. A.G.P./Alliance Global Partners acted as sole placement agent.
Mill City now holds 76,271,187 SUI tokens in its treasury, acquired at an average price of $3.6389 per token through an over-the-counter purchase agreement with the Sui Foundation and in-kind contributions. The company plans to allocate approximately 98% of the placement proceeds to SUI acquisition and treasury management while continuing its lending and structured finance operations.
"Our differentiated treasury strategy supporting this innovative blockchain is made possible through access to institutional-grade deal flow and an aligned vision with the Sui Foundation," said Mackintosh.
Mike Novogratz, founder and CEO of Galaxy, stated that Mill City "is breaking new ground by offering public market investors a clean, liquid, and institutional-grade way to access the broader digital asset ecosystem."
The company said it will provide regular updates on its SUI holdings and treasury performance. Mill City described itself as the only publicly-traded company with official Sui Foundation backing.