mcvt

Mill City Ventures III Ltd (NASDAQ: MCVT) is a publicly traded specialty finance firm that has gained significant attention after launching a $SUI token-focused treasury strategy. This move marks the company as the first listed firm to officially integrate the SUI blockchain asset into its treasury operations, supported by high-profile institutional investors and the Sui Foundation itself.
This article presents a structured overview of the company’s business model, funding history, token allocation strategy, investor breakdown, and strategic significance.
Company Overview
Mill City Ventures III operates as a non-bank specialty lender offering short-term, collateral-backed loans to private businesses. The company focuses on structured finance, targeting underbanked markets where traditional credit access is limited. Mill City generates revenue through interest income and capital gains from loan investments.
Ticker: MCVTExchange: NASDAQIndustry: Specialty FinanceHeadquarters: Minnesota, United States
Business Model
The company offers short-term loans backed by physical or financial collateral. These loans are typically issued for durations ranging from three to twelve months. Mill City also explores strategic investment opportunities, and its recent treasury strategy pivot reflects a forward-looking approach toward digital assets.
July 2025 PIPE Fundraising Round
In July 2025, Mill City Ventures III completed a Private Investment in Public Equity (PIPE) round, raising a total of $450 million. The company issued approximately 83 million common shares at a price of $5.42 per share.
Key Fundraising Details
Total raised: $450 millionShares issued: Approximately 83 millionPrice per share: $5.42Closing date: July 31, 2025Funding type: PIPE

Fund Allocation
Approximately 98 percent of the total funds, equal to $441 million, were used to acquire 76.27 million #SUI tokens. The average acquisition price was approximately $3.64 per token. The remaining 2 percent was allocated to support Mill City's lending and structured finance operations.
Investor and Backer Breakdown
The PIPE round was co-led by London-based hedge fund Karatage Opportunities and the Sui Foundation. Both took equal strategic stakes. Additional participants included:
Galaxy DigitalPantera CapitalElectric CapitalGSRArrington CapitalParaFi CapitalBorderless CapitalFalconXMaven 11ProtagonistM2Paper Venturesselinidao5Comma3 VenturesBig Brain HoldingsNLABS Fund

Advisory services and legal support were provided by A G P Alliance Global Partners, Sullivan and Worcester, Loeb and Loeb, Akin Gump, and O Melveny and Myers.
Treasury Strategy
Mill City’s treasury strategy focuses on regulated SUI token acquisition as a long-term holding. The tokens were acquired through over-the-counter (OTC) deals and direct contributions from the Sui Foundation. This positions Mill City Ventures III as the first publicly traded company to build an officially supported SUI token treasury.
August 2025 Equity Line Agreement
On August 1, 2025, Mill City Ventures signed an equity line agreement with A G P Alliance Global Partners to raise up to $500 million in additional capital through common stock issuance. There were no commitment fees involved. The proceeds are intended to further expand the SUI treasury position.
Financial Summary

Strategic Importance
Mill City Ventures III offers investors exposure to the Sui blockchain ecosystem through regulated equity. The company’s strategy aligns with the broader trend of integrating digital assets into traditional finance.
The Sui blockchain is a high-performance layer one protocol built using the Move programming language. It supports applications across decentralized finance, gaming, and artificial intelligence. By aligning with the Sui Foundation, Mill City gains early-mover access to one of the fastest-growing networks in the blockchain space.
Leadership Updates
Following the funding round, Marius Barnett from Karatage Opportunities was appointed as Chairman of the Board. Stephen Mackintosh, formerly with Galaxy Asset Management, joined as Chief Investment Officer. Dana Wagner, a former Google and Diem executive, joined as an independent board member.
Conclusion
Mill City Ventures III has redefined its role as a specialty finance firm by adopting a SUI-based treasury model. Backed by leading institutional investors and the Sui Foundation, the company provides a unique entry point for investors seeking exposure to blockchain assets through a regulated equity vehicle. This model may serve as a template for other public firms looking to integrate digital assets into their corporate strategy.
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