Mill City Ventures III is rebranding its SUI Group Holdings, which reflects a “new strategic direction” after shutting down a $450,000,000 private investment in late July to create a SUI blockchain financial strategy.
summary
- Mill City Rebrands to Sui Group (Suig) launched its Sui-Anchored Treasury strategy with a $450 million salary increase.
- Chair Marius Burnett will elaborate on the exclusive SUI Foundation partnership and “vitalize” the Treasury Department through staking, lending, liquidity and insurance.
- Long-term goal: Build “SUI Bank” as a central liquidity hub for networks with 5-10% ownership.
The SUI Group name change confirmed in an August 25 press release coincides with the company's vision to become the “The Premier” SUI-Facued (SUI) finance company. The move also confirms its commitment to “unlocking differentiated long-term value for shareholders by securing the Treasury to tomorrow's blockchain infrastructure.”
The brand consists of a change in the stock symbol from “MCVT” to “Suig.” The changes will be made on Tuesday.
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In one of the first post-brand interviews, SUI Group Chairman Marius Barnett discusses with Crypto.News why the pivot happened. He also explains the catalyst that justifies its large SUI stock and why it was a better option compared to a diverse digital asset basket. He also addresses concerns about the maturity and size of the platform, and outlines governance safeguards to maintain independence despite its close relationship with the SUI Foundation, and discusses “vitalizing” what the Treasury means beyond staking.
Burnett has clarified the company's plans to pursue yields through lending, liquidity provision, insurance and other strategies. He points to SUI users and Defi's growth as a core recruitment signal, arguing that the company's “Treasury arms race” could be emerging throughout the network, setting a five-year target to build a “SUI bank” that serves as a central liquidity hub for the ecosystem.
You can see the entire interview below.
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Crypto.News: Mill City Ventures has transformed from essentially a lending company to Crypto Holding Company, now named SUI Group. You were quoted I'm saying This movement is “the point where cryptography and AI reach critical mass” and SUI “is properly positioned for mass adoption.” Why are you making this dramatic pivot now? What market outlook and strategy in recent months have led you to adopt SUI as your major Treasury asset?
Marius Barnett: Mill City Ventures' transformation into SUI Group (SUI holding company) represents a deliberate evolution driven by a perceived convergence in technology and finance.
Both crypto and AI maturation offers unprecedented opportunities. The inflection point comes from several important developments. A surge in institutional adoption of digital assets proven by the success of ETFs. Expanding AI integration in blockchain applications. A more constructive US regulatory environment. These tailbones, combined with proven preparation and accelerated growth of SUI, have become the perfect time to turn Mill City into a SUI group and launch a dedicated SUI Treasury strategy.
By assigning the Ministry of Finance to SUI, we not only adapt, but rather have the SUI group strategically located to acquire this moment, but also set up more than a financing company and create a “SUI bank” with long-term value for all stakeholders through a unique founder-led approach of close cooperation with the SUI Foundation.
CN:SUI Group described SUI as “one of the only blockchains built for mass adoption” with exceptional scalability, speed and security. Does SUI have a unique edge that you are sure to bet on the company's Treasury? Have you considered betting on a diverse portfolio of multiple assets, or other established cryptocurrencies?
MB: SUI is distinguished by a world-class team who served as a central contributor to Facebook's DIEM project. While working on DIEM, the team spent billions of dollars studying how to build a generation of blockchain that could serve billions of dollars of users. Based on these core principles, they created SUIs to embody scalability, ease of use and an unparalleled developer experience. We consider this a generational opportunity and an opportunity to align with strategies for the future.
We carefully evaluated our diversified portfolio, but ultimately determined that SUI represented the highest current conviction opportunity. Bitcoin excels as a valuable store and Ethereum as a programmable payment layer. SUI focuses on ease of use, scalability, and ecosystem cohesion, making it uniquely suitable for mass adoption of Defi, AI, and consumer applications as a whole. Our unique partnership with the SUI Foundation, coupled with our unique yield strategy in lending and liquidity delivery, gives us a differentiated position to maximize shareholder value creation. SUI BTC is the most priority within the ecosystem and we intend to be very active during this time of year
CN: SUI's mainnet wasn't even two years ago, so some critics have betted over $450 million on such a young platform. How do you respond to this?
MB: SUI may be young, but you can't overlook its strong foundation and rapid maturation. In less than two years, SUI has already become the top five blockchain by some important metrics. It handles billions of transactions, exceeds $2 billion in TVL, and is consistently surpassing the major chains in user growth. The SUI is far from being untested, proving real-world traction and is ready for exceptional adoption.
Early in the lifecycle, SUI offers the advantage of asymmetrical. Just as early adopters of Transformative Technologies have historically earned rewards, we believe there is a similar opportunity to lead in blockchains built for the future. Over the next five to seven years, SUI has 100 times the potential from its current level, and the SUI group is determined to be at the epicenter of this journey. It is a construction, creation and lead as an ecosystem scale.
The scale of our commitment reflects the scale of our ambitions. We own 5-10% of our network over time and aim to play the role of an instrument in its success.
CN: The SUI Foundation's involvement in your transaction is interesting and as long as I know the only thing they have matched with your investment. Your company also has a foundation and exclusive arrangement for direct token purchases and “individual ecosystem insights.” Can you provide background on how you secured this level of partnership with SUI core stakeholders?
MB: Our partnership with the SUI Foundation is the product of a long-term relationship that has been built over the years. We were SUI's early investors and have since supported seven projects within the SUI ecosystem, building strong, mutually respected relationships with our core teams. Through this, we have developed a common vision for building SUI groups to advance the SUI groups more broadly and across the crypto sector as the main conductor within the SUI ecosystem.
We believe in active, practical engagement, and that approach laid the foundation for what has become a pioneering collaboration in the space. The Foundation's decision to consistently match our investments and expand exclusive partnerships for direct token purchases and ecosystem insights reflects the depth of this arrangement.
This partnership is unprecedented in scope and structure. Not only will we place SUI groups as strategic allies in promoting SUI adoption, we will also ensure that relationships are built on transparency, regulatory compliance, and long-term value creation of all stakeholders.
CN: As a follow-up to previous questions, would you somehow compromise the network foundation as an investor or advisor to the independence of the SUI group? How do you ensure that decisions are made in the best interests of shareholders and that they are not affected by the interests of the foundation that may differ from yours as a public company?
MB: The role of the SUI Foundation as an investor, a combination of Mysten Labs president Kevin Boon serving as board advisor, and the OTC token purchase agreement will enhance the strategic capabilities of the SUI Group without compromising the independence. A governance framework based on NASDAQ compliance and independent board oversight ensures that all decisions are made in the best interests of shareholders.
We are not charity, but capitalist companies, and that is reflected in the important capital we invested. The foundation's involvement provides valuable ecosystem intelligence, but when profits are divided, our duty is to prioritize shareholder value above all else. In that sense, this partnership is symbiotic and maintains the autonomy essential to our mission as a reliable financial vehicle, while strengthening our ability to innovate.
CN: Your strategy is “more than holding tokens passively” and involves “actively partnering with the (SUI) ecosystem to maximize long-term value creation.” Does SUI Group invest in SUI-based startups and DAPPS, incubate projects, or work with developers in any way?
MB: Our strategy goes far beyond passively holding tokens. We are actively involved in the SUI ecosystem to create valuable compound interest flywheels. Activating SUI Holdings means deploying a differentiated financial strategy led by executive teams and Defi experts with backgrounds in capital markets, engineering and infrastructure.
An important example is our partnership with Galaxy Asset Management. It has made a significant investment in the SUI Group and is currently serving as an asset manager. Through this partnership, we pursue strategies such as lending, insurance, liquidity delivery, and yield generation through TVL optimization across the protocol. By combining these strategies with ecosystem partnerships, we aim to drive adoption, enhance SUI network effects, and increase the intrinsic value of our holdings. In doing so, we position the SUI Group as a dynamic “SUI Bank.” This provides sustainable growth and excellent returns for shareholders.
CN: What are the signs of actual adoption in SUI that gives you confidence in long-term value? Sui's Defi TVL is impressive, reaching around $2.2 billion, but that's still part of what the established chain can claim. So, what metrics and milestones are you looking at the best to determine if the SUI is actually gaining the traction you expect?
MB: SUI adoption trajectories provide a strong belief in the long-term value supported by tangible indicators and milestones. Monthly active users exceeded 40 million earlier this year, ranking second on the smart contract platform. Applications like FANTV onboard more than 5 million wallets, while RECRD attracts nearly 500,000 users every day.
On the Defi side, SUI's TVL is already over $2 billion, and the volume of transactions is rapidly increasing. For chains under two years, this represents amazing growth and a clear verification of their design.
Beyond raw numbers, we also track institutional influx, ecosystem partnerships and developer activity. All of these indicate the accelerated network effects. Together, these metrics reinforce our belief that SUI is not just another blockchain, but a fundamental platform poised to become AWS for next-generation financial and consumer applications.
CN: Have we witnessed the beginning of the “Treasury Arms Race” where businesses are aligned with various crypto networks as strategies? If so, what distinguishes between losers and winners in this field? And looking ahead, if others try to copy models on SUI or other blockchains, are you planning to keep SUI Group Edge as the best SUI investment vehicle?
MB: It may be at the start of the “Ministry of the Treasury Arms Race.” There, businesses are strategically aligned with specific cryptographic networks to acquire digital assets growth. However, the real differentiator is not an opportunistic balance sheet play. It's a team that can implement strategies, build businesses and create lasting value in addition to those Treasury. Successful companies can turn their balance sheet foundations into a foundation for long-term growth.
Over time, these finance companies evolve well beyond their initial state. Investors need to focus on the people who guide them as they end up falling into those teams to determine whether the Treasury will become a durable business or a target for a more powerful player acquisition. For SUI Group, our edge is clear. We are building “SUI Bank” with the goal of being the most liquid and becoming the central hub of the SUI ecosystem. In doing so, we are transforming the SUI Group from the lending business into what we see as a true code gladiator in the public market.
CN: Finally, what is the endgame for SUI groups? Do you have a vision to keep and accumulate Sui indefinitely? Where do you want to be in a SUI group for 5 years, say, the result of this bold SUI bet?
MB: The ultimate vision of the SUI Group is to evolve into a multi-billion dollar “SUI bank” that serves as the institutional foundation for both the SUI ecosystem and the broader crypto sector. The strategic accumulation of SUI is central to our approach, but it is only part of the story. We combine long-term holdings with aggressive management strategies that generate yields, deepen liquidity and promote ecosystem adoption. In five years, the SUI Group envisions as a clear market leader for Crypto Treasury Space. We control liquidity, sell key infrastructures, and build businesses that go far beyond our origins.
