The short-term lending firm recently raised $450 million in private funding and is channeling almost the entire sum into building a long-term treasury on the Layer 1 blockchain.
As part of the strategy, Mill City secured just over 76 million SUI tokens directly from the Sui Foundation in an over-the-counter arrangement, paying an average of $3.64 per token. The company said the deal marks the beginning of a broader accumulation plan that will continue through open-market purchases, making Mill City the only treasury program formally supported by the foundation.
The fundraising attracted participation from some of the industry’s most recognizable names, including Galaxy Digital, Pantera Capital, Electric Capital, M2, GSR, and Big Brain Holdings.
Commenting on the development, Galaxy’s CEO Mike Novogratz emphasized that anchoring exposure to Sui allows investors to tap into institutional-grade access to digital assets while betting on one of the newest entrants in blockchain infrastructure.
Sui, created by Mysten Labs and built on the Move programming language originally designed by former Meta engineers, has gained traction for its scalable design and developer-friendly architecture.
For Mill City, aligning its balance sheet with Sui signals a long-term bet on the network’s potential to compete with established blockchains.
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