U.S.-based financial firm Mill City Ventures III has launched a corporate treasury strategy focused on Sui (SUI), raising $450 million in a recent private funding round.
The investment round was led by Karatage, a London-based digital asset hedge fund, with equal support from the Sui Foundation. Prominent crypto firms including Galaxy Digital, Big Brain Holdings, Pantera Capital, Electric Capital, and ParaFi Capital also participated in the funding.
Following this strategic investment, Karatage co-founder Marius Barnett became chairman of Mill City Ventures' board, while Stephen Mackintosh was appointed as the company's new investment director. Mill City’s shares surged by 16% after the announcement, whereas Sui experienced a minor price decline, trading around $4.10.
Built on Ethereum and utilizing the Move programming language, Sui’s Layer-1 blockchain is increasingly attracting institutional attention. According to announcements, Sui will provide crucial infrastructure for decentralized applications and AI solutions aimed at both consumers and enterprises.
