Mill City Ventures Launches $450 Million $SUI Fund Strategy with Foundation Support. Mill City Ventures III, Ltd., a US-based firm, announced a $450 million private placement to lead a bold new fund strategy centered on the rapidly developing layer 1 blockchain, Sui. The Nasdaq-listed company announced in a press statement that it has completed a $450 million private investment in public equity (PIPE). The company plans to use approximately 98% of the proceeds to build a robust SUI token fund. The company disclosed that it has purchased 76,271,187 SUI tokens at an average cost of $3.6389 per token. The acquisition was completed through a combination of over-the-counter transactions and structured in-kind donations in partnership with the Sui Foundation. Mill City confirmed plans to continue accumulating SUI tokens on the open market. Mill City is unique in that it is exclusively backed by the Sui Foundation, making it the only publicly disclosed cryptocurrency fund management strategy with direct foundation support. The foundation, dedicated to developing the SUI ecosystem, invested an equal amount in the placement, demonstrating the depth of the collaboration between the two parties. The company also emphasized that its SUI-centric strategy extends beyond a simple investment portfolio; it is now a core component of its future fund management approach. The funding round attracted interest from prominent investors, including Galaxy Digital, Pantera Capital, Big Brain Holdings, Electric Capital, and GSR. Karatage Opportunities, a London-based hedge fund focused on the digital asset market, led the placement. Following the transaction, the company's co-founders, Marius Barnett and Stephen Mackintosh, will assume key roles at Mill City. Barnett has been appointed Chairman, while Mackintosh has been appointed Chief Investment Officer. Notably, Galaxy Asset Management will serve as the asset manager for Mill City's SUI treasury arm. Galaxy Digital CEO Mike Novogratz praised the move as a "clean, liquid," and "institutional-grade entry" into the cryptocurrency space. He highlighted the combination of SUI and its experienced leadership as key factors supporting this positioning.