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Investing.com -- Mill City Ventures III , Ltd. (NASDAQ:MCVT) stock surged 20% after the non-bank lender announced a $450 million private placement to establish a Sui blockchain cryptocurrency treasury strategy.
The Minnesota-based specialty finance company plans to use approximately 98% of the net proceeds to acquire SUI tokens, the native cryptocurrency of the Sui blockchain, which will serve as the company’s primary treasury reserve asset. The remaining 2% will fund Mill City’s short-term lending business.
The private placement involves selling 83,025,830 shares of common stock at $5.42 per share. London-based Karatage Opportunities, a hedge fund specializing in digital assets, is leading the investment alongside the Sui Foundation. Other participants include Galaxy Digital (TSX:GLXY) (NASDAQ:GLXY), Pantera Capital, and several other prominent firms.
"We’re launching at a pivotal moment when both institutional crypto and AI are reaching critical mass — creating significant opportunities across blockchain infrastructure," said Stephen Mackintosh, the proposed Chief Investment Officer of Mill City and General Partner at Karatage.
Upon closing of the offering, expected around July 31, 2025, Karatage co-founder Marius Barnett will become Chairman of Mill City’s Board of Directors, while Stephen Mackintosh will assume the role of Chief Investment Officer.
Mill City plans to acquire SUI tokens through the open market, institutional-grade deal flow, and a negotiated purchase agreement with the Sui Foundation. As the only SUI treasury with foundation support, the company will receive shared information about technology and ecosystem growth.
A.G.P./Alliance Global Partners (NYSE:GLP) is acting as the sole placement agent for the offering, which is being conducted under exemptions from SEC registration requirements.
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