Mill City is currently conducting a $450 million private sale to initiate its SUI reserve strategy.

Techub News reports that the cryptocurrency venture capital firm Mill City announced today that it has signed a securities purchase agreement to invest in public equity through a private investment to purchase and sell 83,025,830 shares of common stock (or equivalent common stock) at a price of $5.42 per share, with an expected total yield of approximately $450 million. The participating parties include Big Brain Holdings, Galaxy Digital Inc (NASDAQ: GLXY), Dr Jack Kong – NLABS Fund, as well as Pantera Capital, M2, Electric Capital, GSR, Selini, Protagonist, ParaFi Capital, Borderless, dao5, Arrington Capital, Comma3 Ventures, FalconX, Paper Ventures, and Maven 11.

The issuance is expected to be completed around July 31, 2025, but is subject to customary closing conditions. The company plans to use approximately 98% of the net proceeds from the private placement to acquire the native crypto assets of the Sui blockchain, and about 2% of the net proceeds will be used to support the company’s short-term lending business. SUI will serve as the company’s primary financial reserve asset.