SUI $Sui on the screen of an exchange. Source: maurice norbert - stock.adobe.com

Key Takeaways:

Mill City Ventures is allocating $441 million of its treasury to SUI, becoming the first public company to hold the token.
The firm raised $450 million in a private placement, signaling a strategic pivot to blockchain and AI synergy.
Sui’s DeFi ecosystem has surged, with TVL hitting a record $2.22 billion, though SUI’s price has recently dropped 11%.

Mill City Ventures III, a Nasdaq-listed specialty finance firm, has announced a major strategic pivot toward blockchain by allocating $441 million – 98% of its recent $450 million capital raise – to acquire SUI, the native token of the Sui blockchain.

This makes Mill City the first publicly traded company to establish a SUI treasury.

We're launching $MCVT's $SUI Treasury Strategy as both institutional #crypto and #AI reach critical mass, creating significant opportunities across blockchain infrastructure.

We believe that @SuiNetwork is well-positioned for mass adoption. pic.twitter.com/U6ai1jL2LP
— stephen mackintosh (@S_A_Mackintosh) July 28, 2025

The capital raise involved the sale of 83 million shares to institutional investors, including Pantera Capital, Electric Capital, and others, with Galaxy Asset Management set to oversee the treasury.

The remaining 2% of funds will support Mill City’s short-term lending business.

Incoming CIO Stephen Mackintosh emphasized Sui’s potential to support both crypto adoption and AI integration, citing its high performance, institutional scalability, and decentralized infrastructure.

Mysten Labs co-founder Adeniyi Abiodun echoed this, calling Sui foundational for crypto, AI, and stablecoins.

Meanwhile, the Sui DeFi ecosystem is gaining traction, with total value locked (TVL) reaching an all-time high of $2.22 billion, led by protocols like Suilend, NAVI, and Haedal.

However, SUI’s price has dipped 11% in the last 24 hours, now trading 27% below its January all-time high of $5.35.