Mill City Ventures III, Ltd. (NASDAQ:MCVT) saw its stock climb 20% after announcing a $450 million private placement aimed at creating a treasury reserve centered on the Sui blockchain cryptocurrency.
The Minnesota-based specialty finance firm intends to allocate roughly 98% of the net proceeds to purchasing SUI tokens, the native currency of the Sui blockchain, which will form the core of its treasury holdings. The remaining 2% will support Mill City’s short-term lending operations.
This private placement involves offering 83,025,830 common shares at $5.42 each. The investment round is led by London’s Karatage Opportunities, a hedge fund focused on digital assets, in partnership with the Sui Foundation. Additional investors include Galaxy Digital (TSX:GLXY) (NASDAQ:GLXY), Pantera Capital, and other notable firms.
“We’re launching at a pivotal moment when both institutional crypto and AI are reaching critical mass — creating significant opportunities across blockchain infrastructure,” stated Stephen Mackintosh, Mill City’s proposed Chief Investment Officer and General Partner at Karatage.
Following the anticipated closing of the placement around July 31, 2025, Karatage co-founder Marius Barnett will take on the role of Chairman of Mill City’s Board, while Mackintosh will officially become Chief Investment Officer.
Mill City plans to acquire SUI tokens through a combination of open market purchases, institutional-grade deal flow, and a negotiated agreement with the Sui Foundation. As the only SUI treasury backed by the foundation, Mill City will have access to shared insights on technology and ecosystem growth.
The offering is managed solely by A.G.P./Alliance Global Partners (NYSE:GLP) and is being executed under exemptions from SEC registration.
Mill City Ventures III stock price
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