- Mill Metropolis Ventures raised $450M—98% going into SUI, shifting away from conventional finance.
- Karatage’s founders be a part of the agency, whereas Galaxy Asset Administration takes over treasury ops.
- Sui community’s TVL hits $2.22B, however SUI’s worth is down 27% from January highs.
In a wild pivot from old-school finance, Mill Metropolis Ventures III — yep, the Nasdaq-listed specialty finance outfit — simply raised a jaw-dropping $450 million in a non-public spherical. And get this: practically all of it (like 98%) is headed straight into SUI, the native token powering the Sui blockchain.
That’s not pocket change. It’s truly one of many largest public strikes ever made by a U.S.-listed firm right into a single blockchain asset. Mill Metropolis’s principally saying goodbye to short-term lending and whats up to crypto — daring transfer in a shaky market.
Per the Monday press launch, hedge fund Karatage Alternatives led the spherical. They’re deep within the digital asset recreation and clearly see one thing in SUI.
New Faces, New Technique
With that funding comes a shake-up on the high. Karatage’s Marius Barnett is stepping in as board chairman, whereas Stephen Waterproof coat’s sliding into the CIO seat. Large titles, huge duties.
Galaxy Asset Administration’s been tapped to supervise the entire SUI treasury state of affairs. Which means shopping for up tokens on the open market, and presumably brokering offers straight with the Sui Basis. So yeah, no half-measures right here.
Mill Metropolis says the entire plan is about long-term alignment with the Sui ecosystem. They’re not simply stacking cash—they wish to embed themselves into the infrastructure of Web3, the place demand’s heating up quick.
Sui Ecosystem Is Booming, However Value? Eh…
Sui’s not simply one other chain. It’s designed to deal with a ton of exercise—funds, video games, AI—you title it. In response to DefiLlama, its whole worth locked (TVL) simply hit a document $2.22 billion. That’s up 400% since final summer time. Fairly wild progress.
Suilend, NAVI, and Haedal are carrying most of that weight, accounting for $1.7 billion of the TVL. Clearly, this isn’t simply hype.
However not all information is sunshine. The worth of SUI tanked 11% up to now day. It’s now sitting 27% beneath its January excessive of $5.35. Altcoin blues, perhaps? Both approach, short-term jitters don’t appear to be scaring off Mill Metropolis.
Critics Are Elevating Eyebrows
Not everybody’s popping champagne. Some analysts are calling BS on the best way crypto treasuries are structured. As an alternative of shopping for tokens outright, companies may simply be swapping shares for early holder contributions. That approach, insiders get to exit whereas retail buys in later at inflated costs.
James Test from Glassnode and VanEck’s Matthew Sigel have each voiced doubts about how sustainable this mannequin actually is. It’s a good query: is that this technique good risk-taking, or simply musical chairs with altcoins?
Nonetheless, if every part closes as deliberate, Mill Metropolis turns into the primary U.S.-listed firm to go all-in on the Sui blockchain. The deal’s anticipated to finalize by the tip of July. Buckle up.