Akin Advises Karatage as Lead Investor in Mill City’s $450 Million PIPE, to be Used to Initiate SUI Treasury Strategy

August 1, 2025

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Alexandra Field

Director of Communications

Jacinta O'Shea-Ramdeholl

Senior Manager, International Communications

Akin advised digital asset investment firm Karatage Opportunities (“Karatage”) in connection with a $450 million private investment in public equity (“PIPE”) by Mill City Ventures III, Ltd. (“Mill City”), enabling its strategic transition to adopt cryptocurrency SUI as its primary treasury reserve asset.

Karatage led the investment round, with an equivalent investment from the Sui Foundation, an independent organization dedicated to advancing the Sui blockchain network.

Mill City intends to allocate approximately 98% of the net proceeds toward acquiring the native cryptocurrency of the Sui blockchain commonly referred to as “SUI”, marking one of the largest single allocations of the cryptocurrency to date.

Karatage’s co-founders will assume key leadership roles at Mill City, with appointments as Board Chair and Chief Investment Officer, aligning the firm’s strategic direction with its SUI treasury strategy.

The Akin team advising Karatage was led by corporate partner Justin Stock and capital markets partners Julian Veshi and John P. Clayton and included capital markets partner Shar Ahmed, investment management partner Jason Daniel, corporate counsel Elizabeth Atkins, capital markets counsel Amanda Bender and corporate associates Emily Grassett and Wanyi Zhang.

Akin is a leading international law firm with more than 900 lawyers in offices throughout the United States, Europe, Asia and the Middle East.

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