Short-term lender Mill City buys 76.3 million SUI after closing $450 million private placement

Mill City Ventures III has officially established its corporate Sui treasury following the closing of a $450 million private placement .

Mill City now has a total of 76,271,187 SUI in its treasury, acquired at an average price of $3.6389 per token after having made its first purchases through an OTC purchase and sale agreement with the Sui Foundation and contributions in kind.

"Mill City intends to continue its SUI accumulation strategy by purchasing additional tokens on the open market," the company said in a release . "By working with the Sui Foundation, Mill City is the only crypto treasury strategy with official foundation backing on the market today."

The short-term non-bank lending and specialty finance business company will continue providing lending and structured finance solutions, and will dedicate approximately 98% of the private placement net proceeds to SUI acquisition and treasury management.

The offering included participation by Big Brain Holdings, Galaxy Digital, as well as investment from Pantera Capital, M2, Electric Capital, and GSR, among others.

"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," said Mike Novogratz, CEO of Galaxy. "Anchoring its treasury to SUI, and pairing that with seasoned leadership, creates a powerful structure for long-term growth and exposure to one of the most promising blockchain platforms out there."

The success of  corporate bitcoin treasuries has led to a surge in BTC, ETH , and altcoin treasuries.

Sui is a Layer 1 blockchain developed by Mysten Labs that uses the bespoke Move programming language originally designed by Meta's defunct blockchain team.

SUI's price was down 1.8% to $3.70 at press time, according to The Block's data .