So a Finance Company Walks Into a Crypto Bar… 💥

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So, Mill City Ventures III, a name that sounds like a failing Midwestern mall, decided it was time for a glow-up. They’re rebranding as “Sui Group Holdings” after somehow convincing someone to give them $450 million to play with a very specific, very new blockchain. Because in this economy, that seems like a totally normal, not-at-all-terrifying thing to do. 🙃

Here’s the TL;DR for those who can’t be bothered:

  • Mill City is now “Suig.” Sounds like a noise you make when you see your portfolio drop. Got $450M to bet on one crypto horse. YOLO!
  • Their chairman, Marius Barnett, is basically planning to turn this thing into the Sui network’s personal sugar daddy via staking, lending, and probably selling crypto-based life insurance. Because why not?
  • The five-year plan is to become the “Sui Bank.” Because if there’s one thing the world needs, it’s another bank, but with more emojis.

This whole name-change shindig, announced via press release (so you know it’s serious), is to reflect their new vision of being the “premier” SUI-focused treasury company. That’s corporate-speak for “we put all our eggs in one incredibly volatile, futuristic basket and we’re really excited about it.”

They’re also changing their stock symbol to “SUIG” because when the ticker tape prints, they want you to know exactly which sinking ship you’re on. I kid, I kid. Mostly.

In what I can only assume was a conversation held in a room that smells of rich mahogany and anxiety, Chairman Marius sat down with crypto.news to explain this whole thing. He addressed the big questions, like “Why?” and “Are you out of your mind?” and “What’s an ‘activation strategy’ and does it require a secret handshake?”

He basically said they’re going to do more than just hold the tokens. They’re gonna lend ’em, they’re gonna provide liquidity for ’em, they’re gonna… insure them? It’s like a Tamagotchi, but for a corporate treasury. You have to actively care for it or it dies. The endgame is to build a “Sui Bank,” which is either a brilliant masterstroke or the title of a future Netflix documentary. 🍿

The entire, unedited interview is below. Get comfortable.

crypto.news: So you guys basically did a full 180 from a boring old lending firm into a crypto hype machine called Sui Group. You said this is because crypto and AI are having a moment. Why now? Was there a specific meeting where someone said, “You know what’s stable and predictable? A two-year-old blockchain!”?

Marius Barnett: Look, it’s not a pivot; it’s a *deliberate evolution*. We saw the trends. The ETFs! The AI! The slightly-less-hostile regulatory glares from the U.S. government! It was the perfect time to throw our old identity out the window and become one with the Sui. We’re not just a treasury; we’re building a “Sui Bank.” Please ignore the fact that we just thought of this last month.

CN: You’re betting the farm on Sui. What’s so special about it? Did you at least consider, I dunno, not putting half a billion dollars on one number on the roulette wheel?

MB: The team is world-class! They worked on Facebook’s creepy money project! They spent *billions* of dollars of other people’s money to learn how to build this thing! We looked at diversification, but then we thought, “Nah.” Sui is just *better*. It’s for mass adoption. Also, we have an exclusive partnership, which is like a friendship bracelet but with more legal clauses.

CN: Critics might say a $450M bet on a platform that still needs to ask for permission to use the bathroom is a bit… bold. Thoughts?

MB: Age is just a number! In just two years, Sui has processed billions of transactions and has a TVL of over $2 billion. That’s, like, a lot of billions. We see asymmetric upside. This could 100x! Or, you know, it could not. But we’re aiming to own 5-10% of the network. We’re basically going to be its weird, rich uncle.

CN: How did you get so chummy with the Sui Foundation? Did you bring them a really nice fruit basket?

MB: We’ve had a long-term relationship. We were early believers! We’ve backed seven projects. We have a shared vision. They matched our investment because they like us so much. It’s an unprecedented partnership. It’s not weird at all!

CN: Doesn’t this super-best-friend-status with the Foundation compromise your independence? What happens if they want you to do something dumb?

MB: We are a capitalist enterprise, not a philanthropy! Our number one priority is shareholder value. The Foundation gives us cool insider info, but if they ever suggest something that hurts our bottom line, we’ll say no. Probably. Our governance is very strong. We’re on NASDAQ, for heaven’s sake.

CN: You keep saying “activate” the treasury. That sounds cool. Does that mean you’ll be investing in startups? Incubating things? Or just really aggressive staking?

MB: So much more than staking! We’re working with Galaxy Asset Management. We’re going to do lending, liquidity provision, insurance… it’s a whole thing. We have experts. We’re building a flywheel of value. It’s going to be a “Sui Bank.” Say it with me: Sui. Bank.

CN: What makes you so sure people will actually use Sui? The DeFi numbers are still tiny compared to the big guys.

MB: Forty million monthly active users! An app with five million wallets! Another with half a million daily users! The TVL is $2 billion! For a toddler, that’s incredible! It’s not just another blockchain; it’s the next AWS. Trust me.

CN: Is this the start of a corporate “treasury arms race”? And if everyone copies you, how will you stay special?

MB: Maybe! But winners will be defined by execution, not just by who owns the shiniest tokens. It’s about the people. We’re building a business. Others might just become takeover targets. We, however, are gladiators. Crypto gladiators.

CN: Final question: Where is Sui Group in five years? Just a giant pile of SUI tokens?

MB: A multi-hundred-billion-dollar “Sui Bank.” The cornerstone of the ecosystem. We’ll be controlling liquidity, running infrastructure, and being generally fabulous. It’s going to be huge. You’ll see.

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2025-08-25 20:07