Mill City Ventures III, Ltd., a specialty finance company (NASDAQ: MCVT), has announced a $450 million private placement. The funding will be used to support the company’s new strategy of holding the cryptocurrency SUI as its main treasury asset.
As part of the private placement, Mill City will issue over 83 million shares of common stock at $5.42 per share. The funding round is led by Karatage Opportunities, a London-based hedge fund focused on digital assets, along with support from the Sui Foundation. Other participants include several investment firms and digital asset funds. Galaxy Asset Management will manage the assets raised in the offering.
Mill City plans to use about 98% of the net proceeds to acquire SUI tokens, both through open market purchases and negotiated deals with the Sui Foundation. The remaining 2% will support its short-term lending business. The company says this will make it the only publicly listed firm holding SUI as a primary treasury asset.
The offering is expected to close by July 31, 2025. Two new board members will join Mill City following the placement. Marius Barnett, co-founder of Karatage, will become chairman of the board. Dana Wagner, a current board member of Coinbase Custody, will serve as an independent director. Stephen Mackintosh, also from Karatage, will be named Chief Investment Officer.
The private placement is being conducted under exemptions from SEC registration requirements. Mill City will file a registration statement to allow resale of the shares.
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