Mill City Ventures III, Ltd. (MCVT) has completed a private investment in public equity of $450 million and launched a treasury strategy focused on SUI blockchain coins, according to the company's statement.

The London hedge fund Karatage Opportunities was the lead investor alongside equivalent investments from Sui Foundation. The placement involved Galaxy Digital Inc (GLXY), Pantera Capital, Electric Capital, and other institutional investors. Galaxy Asset Management will act as the asset manager for this strategy.

After the completion of the transaction, co-founder of Karatage Marius Barnett was appointed chairman of the board of Mill City, while Stephen McIntosh became the chief investment officer. A.G.P./Alliance Global Partners acted as the sole placement agent.

Currently, Mill City owns 76,271,187 SUI coins in its treasury, acquired at an average price of $3.6389 per coin through an over-the-counter purchase agreement with the Sui Foundation and in the form of in-kind contributions. The company plans to allocate approximately 98% of the funds from the placement to acquire SUI and manage the treasury, while continuing its activities in lending and structured finance.

"Our differentiated treasury strategy, supporting this innovative blockchain, has been made possible through access to institutional deals and a shared vision with the Sui Foundation," said Macintosh.

Mike Novogratz, founder and CEO of Galaxy, stated that Mill City "is paving a new way by offering public market investors a clean, liquid, and institutional-level way to access the broader digital asset ecosystem."

The company announced that it will regularly provide updates on its SUI assets and treasury results. Mill City described itself as the only publicly traded company with official support from the Sui Foundation.