Company Announcements

With Galaxy as Asset Manager and Investor, Mill City to Scale SUI Treasury for the Long-Term

$450 Million SUI Treasury Marks Largest on the Public Markets Today, Only Foundation-Supported Treasury Strategy

WAYZATA, Minn.--(BUSINESS WIRE)--Aug. 7, 2025-- Mill City Ventures III, Ltd. (“Mill City” or the “Company”) (NASDAQ: MCVT), the only publicly traded SUI treasury, today announced a strategic partnership with leading digital asset firm Galaxy Digital Inc. (NASDAQ/TSX: GLXY).

Galaxy Asset Management , a division of Galaxy Digital, will serve as the asset manager for the $450 million SUI treasury strategy at Mill City, the largest SUI treasury on the public markets today. Galaxy Digital is also a significant investor in Mill City and participated in the recent $450 million private placement that Mill City is using to initiate its SUI treasury strategy. With Galaxy as both asset manager and investor, Mill City is positioned to scale its SUI treasury strategy for the long-term.

“Sui is the infrastructure layer for the next chapter of the internet. That is why Mill City is focused on holding SUI for the long term,” said Stephen Mackintosh, Chief Investment Officer of Mill City and Co-Founder of Karatage, lead investor in the private placement. “Having the support of Galaxy as both asset manager and investor is a major unlock. Their institutional-quality infrastructure will allow us to actively manage our SUI treasury for both today and tomorrow. By working with Galaxy, we are getting closer to realizing the Web3 future that only Sui can make possible.”

As asset manager, Galaxy will provide the treasury management infrastructure, deep market expertise, and end-to-end support Mill City needs to actively manage its industry-first SUI treasury strategy. The partnership will also provide Mill City with access to institutional-quality execution and liquidity, as well as tailored staking strategies as Mill City seeks to grow SUI-per-share for its shareholders.

"Mill City is unlocking a new access point for public market investors to engage with transformative blockchain ecosystems like SUI,” said Steve Kurz, Global Head of Asset Management at Galaxy. "Galaxy is proud to back this model as both asset manager and investor, and we see it as a meaningful step toward integrating digital assets into the core of modern capital markets.”

About Galaxy Digital
Galaxy Digital Inc. (NASDAQ/TSX: GLXY) is a global leader in digital assets and data center infrastructure, delivering solutions that accelerate progress in finance and artificial intelligence. Our digital assets platform offers institutional access to trading, advisory, asset management, staking, self-custody, and tokenization technology. In addition, we invest in and operate cutting-edge data center infrastructure to power AI and high-performance computing, meeting the growing demand for scalable energy and compute solutions in the U.S.The Company is headquartered in New York City, with offices across North America, Europe, the Middle East and Asia.

About Mill City
Mill City Ventures III, Ltd. is the sole publicly-traded company with an official Sui Foundation relationship, providing institutional-grade exposure to the only blockchain built for mass adoption. The Company continues its specialty finance operations while serving as the premier SUI treasury vehicle. For more information about Mill City, please visit www.millcityventures3.com.

About Karatage
Karatage is a London-based proprietary hedge fund specializing in emerging technology investments across digital assets, artificial intelligence, and gaming. Founded by Marius Barnett and Stephen Mackintosh, Karatage focuses on identifying and backing high-growth projects building next-generation technology with mass-market appeal. As a significant early investor in the Sui ecosystem, the Karatage team brings deep operational experience across the blockchain ecosystem. For more information about Karatage, please visit karatage.io.

Forward Looking Statement
Statements in this article about future expectations, plans and prospects, as well as any other statements regarding matters that are not historical facts, may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995, and these forward-looking statements are subject to various risks and uncertainties. Such statements include, but are not limited to, Sui’s capabilities as a blockchain and the opportunities Sui creates, the execution of the company’s treasury strategy, and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, fluctuations in the market price of SUI and any associated impairment charges that the company may incur as a result of a decrease in the market price of SUI below the value at which the company’s SUI are carried on its balance sheet, changes in the accounting treatment relating to the company’s SUI holdings, the company’s ability to achieve profitable operations, government regulation of cryptocurrencies and online betting, changes in securities laws or regulations, customer acceptance of new products and services, the risk that SUI is classified as a security under current or future regulatory frameworks and the risk that the company is deemed an investment company as a result of its ownership of SUI, the demand for its products and its customers’ economic condition, the impact of competitive products and pricing, the lengthy sales cycle, proprietary rights of the company, changes in applicable laws or regulations, and its competitors, general economic conditions and other risk factors detailed in the company’s annual report and other filings with the SEC. Any forward-looking statements contained in this article speak only as of the date hereof, and the company does not undertake any responsibility to update the forward-looking statements in this article.

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Media: millcity@breakwaterstrategy.com
Investor Relations: jg@millcityventures3.com

Source: Mill City Ventures III, Ltd.