Mill City Ventures III has officially changed its name to SUI Group Holdings, reflecting a major shift in strategy. This rebrand follows a massive $450 million private investment made in late July, aimed at building a strong treasury around the Sui blockchain.

As part of this transformation, the company also updated its stock symbol from “MCVT” to “SUIG,” which will go into effect on Tuesday. The goal? To become the leading treasury company focused solely on the Sui blockchain.

SUI Group Chairman Marius Barnett shared more insights about the shift. He explained that with crypto and AI gaining mainstream traction, now is the perfect time to make a bold move. Several factors pushed the company in this direction: increased interest in digital assets from big institutions, AI being integrated into blockchain tech, and a more favorable U.S. regulatory landscape.

According to Barnett, Sui stood out because of its strong technology, scalability, and developer experience. The team behind Sui previously worked on Facebook’s Diem project and used that experience to build a blockchain designed for mass use. While they considered diversifying into other cryptocurrencies like Bitcoin and Ethereum, they ultimately felt that Sui offered the most potential for long-term growth.

Critics have questioned putting such a large sum into a young blockchain like Sui, which launched its mainnet less than two years ago. But Barnett pointed to some impressive achievements: over 40 million monthly active users, more than $2 billion in total value locked (TVL), and rapid transaction growth. He believes this early momentum shows Sui is ready for major adoption.

The SUI Group also has a unique partnership with the Sui Foundation. This includes exclusive access to tokens and ecosystem data. The deal was built on years of collaboration and trust, with SUI Group already investing in several Sui-based projects. This partnership allows them to work closely without compromising independence, thanks to strong governance rules and NASDAQ compliance.

Unlike traditional treasury firms that just hold crypto, SUI Group is actively putting its assets to work. Their strategy involves generating yield through lending, liquidity provision, insurance, and more. They’ve partnered with Galaxy Asset Management to help run these strategies and boost returns beyond simple staking.

Barnett emphasized that real-world adoption is already happening on Sui. Popular apps like FanTV and RECRD are drawing millions of users. DeFi metrics are also climbing fast, with over $2 billion in TVL. Institutional interest, developer growth, and user numbers all signal strong momentum.

Looking at the bigger picture, Barnett believes we’re entering a “treasury arms race,” where companies pick specific blockchains to align with and grow their digital asset holdings. But success will come down to execution—who can actually build valuable businesses on top of these assets? For SUI Group, the vision is clear: become the main liquidity hub for the entire Sui ecosystem.

In five years, Barnett wants SUI Group to be much more than just a token holder. He sees it evolving into a massive financial platform—a “Sui Bank”—supporting decentralized finance (DeFi), infrastructure projects, and consumer applications built on Sui. Their mission is to lead the charge in turning blockchain treasuries into full-fledged financial powerhouses.

By focusing exclusively on Sui and actively participating in its ecosystem growth, SUI Group aims to create long-term value for shareholders while helping shape the future of crypto finance.