TLDR
- Mill City grows SUI stash to $316M, staking for $9.5M yearly yield.
- Nasdaq firm shifts focus, amassing 81.87M SUI for Layer 1 dominance.
- Discounted SUI buys and staking fuel Mill City’s $500M crypto plan.
- Mill City bets big on SUI, banking yield while eyeing ecosystem growth.
- From lending to Layer 1, Mill City’s $316M SUI stake leads bold pivot.
Mill City Ventures has expanded its SUI holdings to 81.87 million tokens worth $316 million as of August 10, 2025. The Nasdaq-listed firm acquired 5.6 million additional tokens for $20 million at an average of $3.65 each. This move reinforces the company’s aggressive Layer 1 accumulation strategy while securing steady yield from staking.
Aggressive Accumulation Strategy
The company shifted its focus from specialty lending to digital asset treasury management earlier this year. It executed a $450 million private placement to fund a large SUI position, becoming an institutional holder. The latest purchase came at a 4–6% discount to market through a direct arrangement with the Sui Foundation.
JUST IN: Mill City Ventures has added 5.6M $SUI to its holdings, spending over $20M at an average of $3.65 per token.
The Nasdaq-listed firm now holds 81.9M SUI, an amount acquired through both public market purchases and a discounted supply deal with @SuiNetwork Foundation. pic.twitter.com/w99IGbl9cm
— Satoshi Club (@esatoshiclub) August 11, 2025
Mill City’s equity line agreement provides ongoing funding for its $500 million allocation plan. This structure allows capital deployment in tranches while preserving liquidity. As of the latest update, $126 million remains available for future token acquisitions.
The firm’s concentration in SUI increases exposure to Layer 1 market dynamics. Any significant price movements in SUI will directly impact its net asset value. The market has so far priced its shares at a premium to NAV.
Staking for Yield
Nearly all of Mill City’s SUI holdings are staked at an estimated annual yield of about 3%. This generates approximately $26,000 in daily rewards, translating to around $9.5 million yearly. Staking transforms the token position into a productive asset while the firm waits for potential ecosystem growth.
The Sui Foundation relationship ensures access to discounted token supply, enhancing acquisition efficiency. This advantage creates an immediate boost to book value at the time of purchase. Over time, compounded staking rewards could further strengthen the company’s balance sheet.
However, heavy reliance on staking assumes continued network stability and reward sustainability. A drop in yield rates or participation could reduce projected returns. For now, the yield remains consistent with Mill City’s treasury objectives.
Market Position and Valuation
Using the August 10 market price of $3.85, the firm’s holdings represent $3.54 per common share in SUI value. With 89.08 million shares outstanding, the company’s token exposure equates to 0.92 SUI per share. Based on recent closing prices, its mNAV multiple stands at approximately 1.15x.
This premium suggests the market sees potential beyond current holdings. Successful execution of its allocation plan could amplify returns if SUI adoption expands. Market downturns or dilution from equity line funding could pressure valuation.
Mill City’s approach aligns more with private crypto funds than traditional public companies. The combination of discounted accumulation, staking yield, and concentrated exposure defines its Layer 1 strategy. The coming months will test the resilience of this high-conviction bet.
