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Mill City Ventures Ltd has announced $450,000,000 Private Placement to initiate a Sui Treasury Strategy. This follows the closing of the Private Placement, and Mill City will adopt a Sui Treasury Strategy, intending to continue its short-term, non-bank lending and specialty finance business.
The non-bank lender and specialty finance company says it has entered into securities purchase agreements for a private investment in public equity.
This agreement will involve the purchase and sale of 83,025,830 shares of common stock or its equivalent at $5.42 per share, for expected aggregate gross proceeds of approximately $450,000,000, before deducting placement agent fees and other offering expenses.
Karatage Opportunities, the London-based proprietary hedge fund specializing in digital assets and emerging technology investments, led the investment with an equivalent investment from the Sui Foundation.
Karatage was founded by Marius Barnett and Stephen Mackintosh, who will become Chairman of the Board of Directors of the Company and Chief Investment Officer of the Company, respectively, after the closing of the Private Placement.
Other names included in the offering are Big Brain Holdings, Galaxy Digital Inc (Nasdaq: GLXY) and Dr Jack Kong – NLABS Fund as well as investment from Pantera Capital, M2, Electric Capital, GSR, Selini, Protagonist, ParaFi Capital, Borderless, dao5, Arrington Capital, Comma3 Ventures, FalconX, Paper Ventures and Maven 11 amongst others, with Galaxy Asset Management serving as the Asset Manager.
This partnership is an industry-first Relationship with the Sui Foundation, providing an Institutional-Grade Gateway for Exposure to a Blockchain Built for Mass Adoption, Specifically for Mill City. Sui is recognized as an independent organization dedicated to advancing and adopting the Sui network.
Commenting, Stephen Mackintosh said:
“We’re launching at a pivotal moment when both institutional crypto and AI are reaching critical mass — creating significant opportunities across blockchain infrastructure. The proposed Chief Investment Officer of Mill City and General Partner at Karatage. We believe that Sui is well positioned for mass adoption with the speed and efficiency institutions require for crypto at scale, plus the technical architecture capable of supporting AI workloads while maintaining security and decentralization.”
Also commenting, Christian Thompson, Managing Director at the Sui Foundation, said:
“Sui was built to provide the scalability, speed, and security needed to support the next generation of decentralized applications and real-world crypto use-cases for consumers and institutions alike — from stablecoins to artificial intelligence to gaming and broader finance.”
Subject to satisfying the customary closing conditions, the offering is expected to close on July 31, 2025, after which the company intends to use approximately 98% of the net proceeds to acquire the SUI, the native cryptocurrency of the Sui blockchain, and approximately 2% to fund its short-term lending business.
SUI will serve as the Company’s primary treasury reserve asset, and A.G.P.(Alliance Global Partners) is acting as the sole placement agent in connection with the offering.
