Mill City Ventures III, a finance firm in Minnesota, announced today that it has launched a new $450 million investment focused on the Sui blockchain. With this move, Mill City is shifting its strategy to include cryptocurrency, moving away from traditional banking. The investment is led by the Karatage hedge fund in London, with additional support from the Sui Foundation and firms like Galaxy Digital and Pantera Capital.
$450M Sui Strategy Dive
This change reflects a broader trend where companies are diversifying their investments to include digital assets. For example, in 2024, Strategy increased its Bitcoin investments, spending over $8 billion, while Tesla included Bitcoin in its financial reports, showing confidence in cryptocurrency. Mill City’s focus on SUI, known for its fast transactions and scalability, aligns with this trend.
Launched in 2023 by former Diem developers, the Sui blockchain has gained interest for its secure and high-speed platform, making it popular among institutional investors for decentralized finance (DeFi) and gaming applications.
Mill City’s investment also comes with backing from Electric Capital and ParaFi, indicating Sui’s potential for growth in the market. Marius Barnett from Karatage will become the chairman, and Stephen Mackintosh will serve as the chief investment officer, overseeing this new strategy.
Surging Shift to Crypto Treasury
Mill City’s $450 million investment in the Sui system is a key moment for corporate finance. By making SUI its main treasury asset, the firm is betting on the long-term value of blockchain technology. The involvement of firms like Galaxy Digital adds credibility to this investment.
As other companies observe Mill City’s actions, they may reconsider their financial strategies. Additionally, Sui’s unique “object-centric” data model sets it apart from other blockchains, offering opportunities for future growth.
Meanwhile, other firms have found that their attachment lies with other cryptocurrencies. For example, Bit Origin, a cryptocurrency mining company based in Singapore, recently made headlines by acquiring 40 million Dogecoin (DOGE) for $10 million. This strategic move marks the company’s first venture into a digital asset treasury strategy by holding Dogecoin, a widely recognized meme-based cryptocurrency.
Similarly, Nintendo-listed company SRM Entertainment also finalized a $100 million equity deal aimed at launching a TRON (TRX) treasury strategy. The move seeks to integrate traditional corporate finance with a decentralized yield system, setting a precedent for other publicly listed companies.
