Mill City Ventures Stock Jumps After $450M Crypto Treasury Deal with Sui

Mill City Ventures III, Ltd. (NASDAQ: MCVT) saw its stock soar by nearly 20% following the announcement of a significant $450 million private placement aimed at establishing a cryptocurrency treasury strategy based on the Sui blockchain.

The Minnesota-based alternative finance company revealed it will allocate approximately 98% of the net proceeds toward purchasing SUI tokens, the native asset of the Sui blockchain. These tokens will become the company’s main treasury reserve, signaling a bold move into the crypto space. The remaining funds will support Mill City’s short-term lending operations.

As part of the private placement, 83,025,830 shares are being sold at $5.42 per share. Leading the investment is London’s Karatage Opportunities, a hedge fund known for its focus on digital assets. They are joined by the Sui Foundation, Galaxy Digital, Pantera Capital, and other major players in the digital finance sector.

“This is a pivotal moment, with both crypto adoption and artificial intelligence accelerating rapidly. Our strategy positions us right at the intersection of these major trends,” said Stephen Mackintosh, who is expected to take on the role of Chief Investment Officer at Mill City and is also a General Partner at Karatage.

Upon the deal’s expected closure on July 31, 2025, Karatage co-founder Marius Barnett will become the Chairman of Mill City’s Board, and Mackintosh will formally step into his CIO role.

Mill City’s SUI acquisition strategy includes purchases via the open market, institutional-level deals, and a negotiated agreement with the Sui Foundation. With direct foundation backing, Mill City will also gain access to exclusive insights into Sui’s technology roadmap and ecosystem developments—making it the only treasury operation of its kind.

A.G.P./Alliance Global Partners is acting as the sole placement agent, with the entire offering being conducted under SEC registration exemptions.