Robinhood shares gain on Q2 beat, as user and crypto growth accelerate
Mill City Ventures III, Ltd. (MCVT) announced it has entered into securities purchase agreements for a $450 million private placement to fund a cryptocurrency treasury strategy focused on SUI tokens.
The company will sell 83,025,830 shares of common stock at $5.42 per share. The offering is expected to close on or about July 31, 2025, subject to customary closing conditions.
Mill City plans to use approximately 98% of the net proceeds to acquire SUI, the native cryptocurrency of the Sui blockchain, which will serve as the company’s primary treasury reserve asset. The remaining 2% will fund the company’s existing short-term lending business.
Karatage Opportunities, a London-based hedge fund specializing in digital assets, served as the lead investor alongside the Sui Foundation. Other participants included Galaxy Digital Inc (GLXY), Pantera Capital, Electric Capital, and several other investment firms. Galaxy Asset Management will serve as the asset manager.
Upon closing, Marius Barnett and Stephen Mackintosh, co-founders of Karatage, will become chairman of the board and chief investment officer, respectively. Dana Wagner will join as an independent board director.
"We believe that Sui is well positioned for mass adoption with the speed and efficiency institutions require for crypto at scale," said Stephen Mackintosh, the proposed chief investment officer.
Mill City intends to acquire SUI tokens through open market purchases and institutional deal flow, as well as through a negotiated purchase agreement with the Sui Foundation.
A.G.P./Alliance Global Partners is acting as the sole placement agent for the offering. The securities are being offered under an exemption from registration requirements and may not be offered or sold in the United States except pursuant to an effective registration statement or applicable exemption.
Mill City Ventures III, founded in 2007, currently operates as a specialty finance company focused on short-term lending and structured finance solutions.