Interview | Sui Group’s blueprint for an active SUI treasury

Mill City Ventures III is rebranding as SUI Group Holdings to reflect its “new strategic direction” after closing a $450,000,000 private investment in late July to create a Sui blockchain treasury strategy.

Sui Group’s name change, confirmed in an August 25 press release, is consistent with the company’s vision to become “the premier” Sui-focued (SUI) treasury company. The move also affirms a commitment to “unlocking differentiated, long term value for shareholders by anchoring our treasury to the blockchain infrastructure of tomorrow.”

The rebrand also consists of a stock symbol change from “MCVT” to “SUIG”. The change will take place on Tuesday.

In one of the first interviews following the rebrand, Sui Group chairman Marius Barnett discusses with crypto.news why the pivot happened now. He also explains the catalysts which justify its large Sui stake and why it was a better option compared to a diversified digital-asset basket. He also addresses concerns about platform maturity and scale, outlines governance safeguards to preserve independence despite close ties to the Sui Foundation, and discusses what “activating” the treasury means beyond staking.

Barnett clarifies the company’s plans to pursue yield through lending, liquidity provision, insurance, and other strategies. He points to user and DeFi growth on Sui as core adoption signals, argues a corporate “treasury arms race” may be emerging across networks, and sets a five-year target to build a “Sui Bank” that functions as a central liquidity hub for the ecosystem.

The entire interview can be seen below:

crypto.news: Mill City Ventures essentially transformed overnight from a lending firm into a crypto holding company that is now named Sui Group. You’ve been quoted as saying this move comes at “the point where crypto and AI are reaching critical mass” and that Sui is “well-positioned for mass adoption.” Why make this dramatic pivot now? What shifted in your market outlook or strategy in recent months that led you to adopt SUI as your primary treasury reserve asset?

Marius Barnett: The transformation of Mill City Ventures into Sui Group – the Sui holding company – represents a deliberate evolution, driven by our recognition of the converging forces in technology and finance. 

The maturation of both crypto and AI presents unprecedented opportunities. The inflection point stems from several key developments: the surge in institutional adoption of digital assets, evidenced by the success of ETFs; the growing integration of AI in blockchain applications; and a more constructive U.S. regulatory environment. These tailwinds, combined with Sui’s proven readiness and accelerating growth, made this the perfect time to transform Mill City into the Sui Group and launch a dedicated Sui treasury strategy. 

By allocating the treasury primarily to Sui, we are not merely adapting but also strategically positioning Sui Group to capture this moment, we are creating more than a treasury company  but rather a “Sui Bank” with long-term value for all stakeholders through our founder-led, proprietary approach in close collaboration 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. What unique edge does Sui have that convinced you to bet the company’s treasury on it? Have you considered a diversified portfolio of multiple assets or betting on other established cryptocurrencies?

MB: Sui is differentiated by a world-class team that served as core contributors to Facebook’s Diem project. While working on Diem, the team spent years and billions of dollars researching how to build a generational blockchain capable of serving billions of users. Building on those core principles, they created Sui to embody scalability, usability, and an unparalleled developer experience. We see this as a generational opportunity, and one that aligns with our strategy for the future.

While we carefully evaluated a diversified portfolio we ultimately determined that Sui at present represents the highest-conviction opportunity. Bitcoin excels as a store of value, and Ethereum as a programmable settlement layer – Sui’s emphasis on usability, scalability, and ecosystem cohesion makes it uniquely suited for mass adoption across DeFi, AI, and consumer applications. Our exclusive partnership with the Sui Foundation, coupled with proprietary yield strategies in lending and liquidity provision, gives us a differentiated position to maximize long-term value creation for our shareholders. BTC on Sui is of the highest priority within the ecosystem and we intend to be very active in this space in time

CN: Sui’s mainnet isn’t even two years old so some of your critics are questioning a $450+ million bet on such a young platform. How would you respond to this?

MB: Sui may be young, but its strong foundations and rapid maturation cannot be overlooked. In under two years, Sui has already become a top-five blockchain by several key metrics – processing billions of transactions, surpassing $2.0 billion in TVL, and consistently outpacing major chains in user growth. Far from being untested, Sui has proven real-world traction and is poised for exceptional adoption. 

While still early in its lifecycle, Sui offers asymmetric upside. Just as early adopters of transformative technologies have historically reaped rewards, we see a similar opportunity here to lead in a blockchain built for the future. Over the next 5-7 years, Sui has the potential to 100x from current levels, and Sui Group is determined to be at the epicentre of this journey – building, creating, and leading as the ecosystem scales. 

The size of our commitment reflects the scale of our ambitions: we aim to own 5-10% of the network over time and to play an instrumental role in its success. 

CN: The Sui Foundation’s involvement in your deal is interesting and as far as I’m aware the only of its kind where they matched your investment. Your company also has an exclusive arrangement with the Foundation for direct token purchases and “proprietary ecosystem insights”. Can you provide some background on how you secured this level of partnership with Sui’s core stakeholders? 

MB: Our partnership with the Sui Foundation is the product of a long-term relationship built over many years. We were early investors in Sui and have since backed seven projects within the Sui ecosystem, forging a strong and mutually respected relationship with the core team. Through this, we have developed a shared vision for building something transformative – positioning Sui Group as a leading conductor within the Sui ecosystem and, more broadly, across the crypto sector moving forward. 

We believe in proactive, hands-on engagement, and that approach laid the groundwork for what has become a pioneering collaboration in the space. The Foundation’s decision to both match our investment and extend an exclusive partnership for direct token purchases and ecosystem insights reflects the depth of this arrangement. 

This partnership is unprecedented in scope and structure. It not only positions Sui Group as a strategic ally in driving Sui’s adoption, but also ensures the relationship is built on transparency, regulatory adherence, and long-term value creation for all stakeholders.

CN: As a follow up from the prior question, does having the network’s foundation as an investor or advisor compromise Sui Group’s independence in any way? How do you ensure that decisions are made in the best interest of your shareholders and not influenced by the Foundation’s interest which might differ yours as a public company?

MB: The combination of the Sui Foundation’s role as an investor, Mysten Labs President Kevin Boon serving as an advisor to our Board, and the OTC token purchasing agreement enhances our strategic capabilities without compromising Sui Group’s independence. Our governance framework – underpinned by NASDAQ compliance and independent board oversight – ensures that all decisions are made in the best interests of shareholders. 

We are a capitalist enterprise, not a philanthropy organization, and that is reflected in the significant capital we have invested ourselves. The Foundation’s involvement provides us with valuable ecosystem intelligence, but should interests ever diverge, our obligations are that we prioritize shareholder value above all else. In that sense, this partnership is symbiotic, strengthening our ability to innovate, while preserving the autonomy essential to our mission as a trusted treasury vehicle.

CN: Your strategy is, and I quote, “more than passively holding tokens” and involves “actively partnering with the [Sui] ecosystem to maximize long-term value creation” Can you elaborate on what “activating” your SUI holdings looks like? Will Sui Group invest in startups or dApps building on Sui, incubate projects, or collaborate with developers in some way?

MB: Our strategy extends well beyond passively holding tokens. We are actively engaging with the Sui ecosystem to create a compounding flywheel of value. Activating our SUI holdings means deploying a differentiated treasury strategy, led by an executive team and DeFi experts with backgrounds in capital markets, engineering, and infrastructure. 

A key example is our partnership with Galaxy Asset Management, which has made a significant investment in Sui Group and now serves as our asset manager. Through this partnership, we are pursuing strategies such as yield generation via lending, insurance, liquidity provision, and optimizing TVL across protocols—initiatives designed to consistently outperform standard staking returns. By coupling these strategies with ecosystem partnerships, we aim to drive adoption, strengthen Sui’s network effects, and enhance the intrinsic value of our holdings. In doing so, we are positioning Sui Group as a dynamic “Sui Bank” – one that delivers sustainable growth and superior returns for shareholders.

CN: What signs of real adoption are you seeing on Sui that give you confidence in its long-term value? Sui’s DeFi TVL reached around $2.2 billion and while impressive it is still a fraction of what more established chains can claim. So, which metrics or milestones are you watching most closely to judge whether Sui is actually gaining the traction you anticipate?

MB: Sui’s adoption trajectory gives us strong conviction in its long-term value, supported by tangible metrics and milestones. Monthly active users surpassed 40 million earlier this year, ranking second among smart contract platforms. Applications like FanTV have onboarded more than 5 million wallets, while RECRD is engaging nearly half a million daily users. 

On the DeFi side, Sui’s TVL has already exceeded $2 billion, with transaction volumes growing rapidly. For a chain less than two years old, this represents remarkable growth and clear validation of its design. 

Beyond raw numbers, we are also tracking institutional inflows, ecosystem partnerships, and developer activity, all of which indicate accelerating network effects. Together, these indicators reinforce our belief that Sui is not just another blockchain but rather a foundational platform poised to become the AWS of the next generation of finance and consumer applications. 

CN: Are we witnessing the beginning of a “treasury arms race” where companies align themselves with different crypto networks as a strategy? If so, what will differentiate the winners from the losers in this space? And looking ahead, how do you plan to maintain Sui Group’s edge as the premier Sui investment vehicle if others try to copy the model on Sui or other blockchains?

MB: We may well be at the onset of a “treasury arms race,” where corporations strategically align themselves with specific crypto networks to capture digital asset growth. However, the real differentiator will not be opportunistic balance sheet plays – it will be the teams that can execute strategies, build businesses, and create enduring value on top of those treasuries. Successful companies will be able to transform the base of their balance sheets into the foundation for long-term growth. 

Over time, these treasury companies will evolve far beyond their initial state. Investors should focus on the people leading them, because it will ultimately fall on those teams to determine whether a treasury becomes a durable business – or a takeover target for stronger players. For Sui Group, our edge is clear: we are building the “Sui Bank”, with the goal of holding the most liquidity and becoming the central hub of the Sui ecosystem. In doing so, we are positioning Sui Group to transform from a lending business into what we see as a true crypto gladiator in the public markets. 

CN: Finally, what’s the endgame for Sui Group? Is the vision to simply hold and accumulate SUI indefinitely? Where do you want Sui Group to be in, say, 5 years as a result of this bold Sui bet?

MB: Our ultimate vision for Sui Group is to evolve into a multi-hundred-billion-dollar “Sui Bank,” serving as the institutional cornerstone of both the Sui ecosystem and the broader crypto sector. While strategic accumulation of Sui is central to our approach, it is only part of the story. We are pairing long-term holdings with active management strategies that generate yield, deepen liquidity, and drive ecosystem adoption. In five years, we envision Sui Group as the clear market leader in crypto treasury space – controlling liquidity, operating key infrastructure, and building businesses that extend well beyond our origins.