Projects
![]()
No projects found
Investors
New
DAO Treasuries
DATs
Lend / Borrow APRs
Chains
Categories
Spaces
Introducing SUI Treasury Access with Mill City Ventures
Recorded: Aug. 1, 2025 Duration: 0:48:51Space Recording
Short Summary
The recent partnership between Mill City Ventures and the SWE Foundation marks a pivotal moment for the Sui ecosystem, with a $450 million capital raise aimed at accumulating SUI tokens. This collaboration, alongside increasing institutional interest and impressive growth metrics, positions Sui as a leading player in the crypto landscape, ready to capitalize on emerging opportunities.
Full Transcription
Thank you. Thank you. Hello? hello
hey everyone can you hear me
hey i can hear you can you hear me
perfectly all good all good
gm it's a gm when x spaces are working well and everyone's mics on
how's it going gm gm All good. GM. It's a GM when X spaces are working well and everyone's mics on.
How's it going?
GM, GM.
Going well, thank you.
All right.
Well, we do have everyone here and we have everyone joining, which is a great thing.
If you have tapped into this sweet network space, welcome.
And if you can help us, this space is being recorded, I believe so.
In the bottom of your screen, you can share it with friends. You can also hit the retweet, hit the like, tag someone.
That goes a long way.
As we have an action-packed space today full of a bunch of different,
I mean, really great topics that we're covering. Some big news has come out. Like always, SWE is never
shy of bringing the alpha, and this week certainly brought a lot of it. So with that being said,
today we're going to be talking about the Mill City Venture and SWE Treasury that has, I think, kind of taken over the headlines.
I've seen it many, many, many different places.
We have Steven here and Adany to help talk about it and to kind of lend some insights
to those that are out there and want to know how this can impact them as a user of SWE,
a developer of SWE, or even as an investor.
So for those that don't know what has gone on, or maybe you're just tuning
in, we'll cover it today. There is now a digital asset treasury set up for SWE. And if you're not
familiar with that term, what a digital asset treasury is, or what a crypto treasury pivot is, think of like a micro strategy. And there are different types
of these, I'll call them companies, but they often operate on a stock exchange and they help to bring
in institutional capital into crypto. And so today, Stephen will help to really lend some of
these insights into how Mill City Venture, as well as Caratage has come together
with SWE Foundation to pull this off and what this means for the future of SWE Foundation.
And I think this is a great place to turn it over. Stephen, if you can maybe correct me if I said
anything wrong, of course, but share how you got here, how we all have gotten here and what this means for SWE going forward.
That's great. Thank you very much for the introduction.
So hi, everyone. I'm Stephen McIntosh, co-founder of Karatage, a proprietary hedge fund, and I invest in crypto and deep tech.
We have been an early investor in SWE and in multiple ecosystem companies like walrus deepbook suiland
and others and i think the first question to kind of answer is why sui for rose's investors we've
built high conviction in the mist and labs team and the sui vision we noticed straight away that
We noticed straight away that this team came from Facebook.
They were hand-selected by Mark Zuckerberg to build a crypto project that could be used by billions of people.
That's the scale that Facebook operates.
And when the Mistin Labs team left and built Sui, they started with that same vision to onboard the next billion users.
started with that same vision to onboard the next billion users.
And you can see in the war for talent that Zuckerberg is involved in right now
in paying AI engineers crazy sums to get them from, open AI, et cetera.
He picks the best.
And when we first met Mist and Labs,
I was convinced that this was the best team in Web3.
I previously came from the machine learning world
where the competition for talent
was extremely high, both in terms of recruitment, but also who we were competing against. And when
I first met the Mistin Labs team, I thought, okay, this is a team that looks like the future Google
or Amazon of Web3. And I think it's also kind of important just to stress just how young this
company is. Ethereum is 10 years old, as you saw in the press recently. I think it's also kind of important just to stress just how young this company is. Ethereum is 10 years old, as you saw in the press recently.
I think its all-time high in terms of FDV was $570 billion.
Solana is around five years old.
From Mainnet, its all-time high was around $170 billion in FDV.
Sui is two years old, and its all-time high is $50 billion in terms of FDV.
Now, as an investor, we look at the exponential increase
of crypto as a whole, and we look for where the fastest horse in the race is, as Raoul Pal said,
and it's 100% unequivocally SUI. So we developed a huge investment thesis at Caritage,
which carried over into this SUi kind of public company strategy.
Now, the relationship that we have with Sui in this endeavor is really unique.
We have gone to market with an incredible team.
They are our partners in this endeavor.
We were the lead investor, Caritage, alongside the Sui team.
investor Caritage alongside the Sui team. And, you know, one thing I want to stress about this
transaction is we actually locked our shares for a year to prove to the community in Sui and to
prove to our investors and our shareholders that we're long-term focused. We see this as the
opportunity to build a multi-billion dollar public company that is focused on accumulating SUI in its treasury
for the long term. We, in the transaction that was announced this week,
introduced a $450 million private investment in public equity. We were joined by some of the best
investors in the world. Mill City Ventures is a non-bank financial lender. It's a great business out of Minnesota
that has Doug, the CEO, and Joe, the CFO. And we built a great relationship with that
team. And they saw the opportunity for SUI as well. And together as a team, we understood
the opportunity to raise capital and to accumulate SUI for this company's
treasury. And I think that many of the investors who joined us, many sophisticated investors,
have built a very convicted thesis on the growth of this ecosystem for the next few years.
So I can take a pause there and take another question.
Well, you asked the original question, why SWE? And it's such a great
question because it has the best answers and you gave so many great reasons why. And I think that's
why so many people are excited about SWE and about Missin Labs and about crypto, really. So
I couldn't have summed it up any better, Stephen. And then you also shared some great insights
about what a digital asset treasury is or what a
crypto treasury pivot is. Can you add on to that? How do treasury companies work and what is
different about Mill City Ventures specifically? Yeah, sure. So I think it's really important to
kind of stress that this is still an operating company. Mill City Ventures is a non-bank
financial lender.
They've had great returns on their loan book in the most recent year, I think,
kind of yielding around 24%. And we intend to still run that company. I think what these public companies do is they look at assets that are in crypto, whether it's Bitcoin,
as most famously exemplified in MicroStrategy, or
in SUI, which we think is actually the most important asset to own for the next 10 years
and longer.
And they convert their balance sheet, their treasury into a crypto strategy.
And so when we raised capital from the market, it was to pursue a SUI accumulation strategy alongside
the operating company, Mill City Ventures. And I think in the future, these companies
could become really, really interesting businesses. The first thing is that we acquire assets
and then we have an active management team
and an active asset manager.
So in our case, we appointed Galaxy,
one of the best kind of crypto firms in the world
to help us run this public company, SuiStrategy.
And with a great management team
and a great asset management strategy,
we will drive return for shareholders.
We have, with a large balance sheet, you can do really interesting things that are related
to staking, validator returns, and even in the future, providing that balance sheet liquidity
back into the SUI ecosystem to drive return for investors.
So in many respects, investors who kind of participate, they get a compliant equity wrapper, which is really
important, but they also get increased return on SUI exposure. So in many respects, I see it as a
compliant, safe equity wrapper for institutional grade access to the SUI ecosystem and also
amplified exposure to the growth of SUI. I think Michael Saylor has also introduced some really interesting financial engineering,
which is very specific to his company.
He's kind of used convertible debts and preferreds.
And I think he's done a very good job at speaking to two bases.
One is the hardcore Bitcoiners, where he kind of talks about accumulating as much BTC as
possible and never selling.
And I think he's been a really inspirational leader in that respect. And he also speaks
to another base, which is Wall Street and the volatility traders, the options traders who love
the vol in both his stock and also the vol in Bitcoin. And for them, it's a great way to kind of clip yield on trading.
So that's, I think, the most developed of the public company strategies.
But ultimately, what differs in our case versus, say, a Michael Saylor and strategy
is that we have a relationship with the founders of Sui.
You know, Saylor doesn't have a relationship with Satoshi. We have a relationship with the the Sui
Foundation where we've actually negotiated the ability to purchase
tokens from from the Sui Foundation at a special rate that we can give
investors access to. You know, Sui is not I think you know a blockchain that has
done many
of these locked OTC sales that are famous around Solana
and Avalanche and other networks that many
in the community are aware of.
They've never had to do that.
And the reason that we entered into this negotiation
was to drive return for our shareholders
and also to be a really deep
supporter of SUI. We are aligned for the future for multiple decades now. We see ourselves as
playing a really important role to grow SUI globally, to do things that the foundation can't
do, does not want to do, maybe does not want to be seen to be doing. We've got a much more
commercial mandate as a public company, and we intend to leverage the capital markets to raise capital,
to accumulate SUI, and to drive return in the form of SUI per share
for our shareholders.
And that's ultimately how these public companies work.
A lot to unpack there, but I think I want to call out something specifically.
You said it first, and then you just said it again.
Carriage has been involved with SUE and in the ecosystem for years.
So I'm sure this did, but why did it choose you to lead
a publicly listed SWE Treasury vehicle?
And then can you just give us some insights?
Can you help the audience understand the relationship
between Caritage and Mill City and I guess the collective here,
just the relationship so that we can fully understand how Caritage has been involved
in this ecosystem? Yeah. So I think the first thing is just to talk about like MillCity,
you know, Doug and Joe, the CEO and CFO have got a great company. And we really, you know,
enjoyed getting to know them as part of the process.
Not every company has got such great founders and such healthy business underneath.
And they were really great supporters of this strategy. And they had huge appreciation for what Sui can do, as I called it at the beginning of this talk.
And as Raoul Pal's called it, the fastest horse in the race.
So the relationship there was great between both it, the fastest horse in the race. So the relationship
there was great between both ourselves, Mill City and Sui. In terms of our relationship
heritage with Sui, it's been based off a lot of working real world relationships. We've
invested in the ecosystem quite aggressively. We've been involved in a quasi-incubation of an incredible
business called DoubleUp, founded by one of the most talented engineers I've ever met,
called Gian, who worked at Mistin Labs as a staff engineer, was involved in also building DeepBook.
And we've built great relationships with the founders. I remember traveling to Palo Alto to see Evan at the very beginning of the journey and being impressed with him and the team he'd
assembled and that conviction has been strengthened every year. Kostas, the chief cryptographer
who's an incredible thinker, actually moved to the UAE around the same time as I did. We've built
an incredible relationship there.
We've been active in different kind of domains that are connected to the agenda of that country,
which is very crypto native. We have helped various parts of the team with introductions to
large multi-billion dollar gaming companies that are listed on the New York Stock Exchange
for collaboration.
We have worked to introduce Sui
into all different types of layers
of kind of regulatory bodies, partnerships, customers.
And most importantly, we as investors
have a ton of aspiring founders
coming to pitches all the time
who are looking for a home for their DAP or their application.
And every time I introduce them to the Siri founders, whether it's with Adeni, whether it's with Sam, whether it's with Kostas,
they always say to me, 10 times out of 10, this is the best engineering team I've met in crypto by far. And when a young, super talented
engineer is looking for a home and looking to grow, being able to introduce them to a network
that is built for true internet scale, not for thousands of users, not for millions, but for
billions. And you see the feedback firsthand, that's incredible. And so we've worked very closely
with the Sui team to introduce talented founders into their ecosystem and lastly i'd say you know
i started my first company out of university college london my previous company was a spin
out from the university college london ai research lab which is very famous for companies like deep
mind and others and one of the co-founders george um danzis is actually a professor of UCL. And so the relationship kind of has got various different connection points that have been developed over time.
And I'm very proud to be an investor and a partner and now a representative of SUI in the public markets.
Well, we're going to change and get Adani involved here in the conversation. I feel like I'm picking up a ton
of alpha and just the wavelength that you're sharing here is making me think bigger than
I've ever even considered. I mean, how you're speaking about SWE and your relationship with
the founders and how you're bringing this all to capital markets, you know, opening it up to institutional capital is impressive.
Now, if I had to put you on the spot and say,
hey, what is the number one reason, right?
We already asked the question, why, SWE?
But the number one reason
that makes it the most compelling asset
in a core treasury strategy,
what would you say?
What's that number one reason?
Maybe the first thing that pops your head.
Yeah, I think that the market cap of Sui as an investor with my Caritage hat on
is just getting started. I think that the explosive growth of this ecosystem in the next
few years is going to really rewrite the rules of what's possible.
I think that you haven't seen social media use cases flourish in Web3. You haven't seen large
multi-hundred million user use cases or multi-billion user use cases flourish in Web3
because it just couldn't scale. The infrastructure wasn't there. Sui is designed for that. So I think
you're going to see breakout use cases in the next few years. I don't think it's a question of if. I think it's a question
of when. And if you want to index to the exponential increase of crypto in the next 10 years,
there's no better horse to back than Sui. Yeah. And that actually goes back to something you said,
which was Ethereum at its all-time high had an FDV in the 500, I think it was
roughly 500 billion range.
So Lon, I know you mentioned that as well, but you really like where SWE is positioned
and I'm sure that's backed by the technology.
So great answer, Stephen.
And thank you for kind of coming on and just kickstarting this space with so much information.
Again, if you guys have joined in, we have Stephen dropping alpha at an ease coming up.
It would be awesome if you can just drop a like, drop a comment, repost.
And again, the space is going to be recorded.
So if you want to go back and comb through any of the fine details, you certainly can.
I know I will be as I feel like I'm learning a ton and very excited to be a host.
So at an E, as a Miston Labs founder, it seems like you and Steven go way back, almost probably back to the near beginning of the SWE ecosystem.
Can you share to us your history together with Steven and Karatage?
Sure thing. Hey, everyone. My name is Adani. I am one of the co-founders of Misten.
I was previously at Meta as one of the product leads on the Libra DM project, where I met my amazing co-founders,
Sam, George, Costas, and Evan,
and we've been building the company together
for the last three to four years.
It's an amazing ride,
and SWE is only just getting started.
In regards to your question in relations to the team,
our relationship actually goes back quite far back
into near the beginning of the SWE ecosystem,
actually before the SWE ecosystem, actually before
the SWE network went live. The team at Heritage, including Steven, have actually got a really
strong, solid track record of investing across all layers of the SWE ecosystem. What people need to
remember is before they actually participated in our Series B, that was actually before the
mainnet launch of SWE. so we've been engaged directly with
steven and the team for quite a while um they've invested in some of the most prolific projects
and ecosystem double up sweland i think steve also mentioned that they've invested in deepbook and
walrus so it's not only um are they actively engaged with the ecosystem but they're also
actively working to um help ecosystem projects from a growth perspective, but they're also actively working to help ecosystem projects
from a growth perspective.
I know that working on hand directly with DoubleUp as well in regards to that, right?
How to acquire customers, how to grow exponentially.
Our relationship with the Caratage team has been in that sense, right?
We've worked together in bringing investment opportunities together to them.
We've worked together in bringing investment opportunities together to them.
They've made amazing introductions to whether it be people dealing with policy,
whether it be people dealing with all forms of regulations.
We've worked together in all shapes and sizes in regards to those elements as well.
I think what I'm really looking forward to here is that now, more than ever,
SWE is going to be available to a much
broader audience than it's ever been done before. And if you just hear the way Stephen talks,
right, like I've spoken to a multitude of VCs and as people know that, you know, VCs are sometimes
my biggest, the biggest element of things that I just don't like talking too much. But I find,
you know, Caritage is a completely different team, right?
Their knowledge from a technology point of view is unmatched.
Not only that, but they have a good understanding
of applicability of the technology
and ask the right and deep questions.
And it's never, you know, simple questions they throw at you.
They really want to get to the nuts and crannies
as to what's going on, what's happening under the hood, what has been enabled.
Hence, you're hearing that they're having conversations with people like Costas, who's a brain box, right?
Like trying to understand where the future of cryptography is going.
And everybody knows we're working on some amazing breakthroughs when it comes to quantum compute.
And I'm sure Caratage is well aware of those works as well.
So I think if I had to sum it up, right, like we've been working together for quite a while from the onset of the SWE network, they've been making some major
investments in a number of projects in this ecosystem, and also investing in the core layers
on SWE, DeepBurk and Walrus as well. Yeah, I'm certainly picking up what you're putting down. I
feel like Stephen has a very eloquent way of explaining some of these complex financial terms. And as you said, it's super important to
have a technical understanding, especially when it comes to SWE. SWE is so much more than just
a blockchain. And so I would second that. And I'm sure Stephen will give us some more great insights.
Now, when I saw the news, I was like, wow, this is huge. Adonis, you're known for
dropping alpha. People are probably in your DMs and your comments all the time. I know when you
get on a space, they're expecting you to drop alpha. And earlier this year, you were kind of
alluding to big things coming. This is certainly a big thing. And when I saw it, I went right away
to the SWE website, SWE.io. I went to the blog and I was reading through
and I saw that SWE Foundation is an investor.
Can you just share some insights about that?
Yeah, so SWE Foundation acted as an investor in a round
and a decent sized investor.
What's actually exciting is it's just the treasury
in the sense of you now have a fully regulated entity by
which to make access to SWE available to a broader set of participants than
they've made possibly before and you have an amazing team that's running it
that understand the ecosystem, that understand the mechanics of ecosystem,
understands DeFi. I actually think that's actually a core thing that is largely underlooked or not really
being dug into by a lot of participants who are trying to set up these companies.
They know the direction the ecosystem is going and can really set up a company to take advantage
of that to the benefit of whoever may be making investment in the underlying vehicle.
It's a further validation of our mission, the fact that we're not just building a layer one,
we are building a new internet.
We're building a new layer for the internet.
All the agreements people need to do,
all the coordination people need to do across the internet in the future
would largely be around digital assets,
and you need a programmable layer for the internet to make that happen.
It's just a fact, right?
It's something we saw while we're at Meta.
They see that vision, they understand where the world is going.
And they understand that we're the team that's working to pull that off.
Yeah, definitely.
And I mean, a NASDAQ listed company, that opens up a lot of institutional access to SWE.
And I think you make a great point.
It kind of helps to further SWE's mission. So I guess if we look
at this through a different lens, maybe if you're a trader, someone in SWE's ecosystem,
and Stephen, I'll throw this question to you. So the existence of Mill City Ventures as now this
SWE treasury vehicle, how does that change things for an average trader who maybe is already in the
ecosystem? Or I guess conversely, what about those people who are not active in Sui's ecosystem already?
Yeah, so I think there's a few things.
For the community, first of all, I think it's important to stress
that this is a huge development.
We are going to be tapping the capital markets uh to raise money and to purchase sui
and accumulate sui aggressively so i think that's going to be very interesting for the ecosystem as
a whole for members of the investment community the retail trading community in equities or even
for members of the crypto community who own Bitcoin, but
don't own Sui. This is going to be an opportunity for us to tell the story for Sui on the global
stage and in the capital markets and the public markets to put out really interesting information
and research about our strategies. And importantly, it's about giving
individuals and investors the access to crypto in a compliant equity wrapper.
One of the phenomenons I think that is taking place at the moment is this explosion of latent demand for crypto equities that was manifested in the Circle IPO.
That has been obviously exemplified in Michael Saylor's meteoric rise,
also in regional plays like with Metaplanet in Japan.
And it shows that we're at a tipping point.
that we're at a tipping point. We've been building in this industry for many years.
We've been building in this industry for many years.
And now there's been an explosion of demand that's really coming to the fore in the public
markets. So I think that we encourage people to buy the SUI token. We encourage people to get
really involved in the ecosystem. It's an incredibly fast growing ecosystem. I think that the transaction volume
that's hitting the network is growing exponentially. If you look at some of the statistics,
if you look at the number of users on the chain, it's growing exponentially. TVL's grown
immensely in the past year. And for us, we're going to be telling that story but ultimately for people perhaps
who maybe trade through their robin hood account or trade through different kind of broker dealer
venues and they want to get exposure we can offer that in a very safe compliant way and i think as i
mentioned before we we really are an active management team here
with an incredible asset manager next to us
in the form of Galaxy.
So we're gonna drive return for shareholders.
We're gonna build a balance sheet.
We're gonna invest and accumulate SUI in the market.
And we're gonna drive return on that balance sheet
for investors.
So that's what my focus is.
And I think that for many people
who think they missed out on Sui, felt like they were
sidelined in Sui because the price ran.
Let me tell you, as an investor and as someone who's just launched this strategy, Sui is
just getting started.
And I really encourage everyone to find out more about Mill City Ventures and to find
out more about Sui.
You took one of my favorite lines there, which is SWE is just getting started
and we're all so early.
So I'm glad that someone
with as bright of mind as yourself,
I guess, shares that same philosophy.
And you're talking with other very bright people
that are in TradFi, big players.
What stands out to them about SWE
compared to maybe other ecosystems or blockchains?
And how can they now tap into some of the benefits that there is a SWE treasury vehicle?
I think one of the things that came out a lot in the investor conversations,
when you're speaking to some of the world's biggest hedge funds,
Tradify hedge funds is speed. This network is built for blistering speed, low latency.
And that's what they're used to.
You know, a lot of these sophisticated funds, you know, are always competing for edge,
competing for speed. And when you present to them a blockchain network that was built to
deal with billions of concurrent users, they get it very quickly
because everyone knows about the high cost of fees
on other networks and the time to conclude blocks, right?
So speed is a really interesting, I think, proponent here
that really kind of convinced the investment community.
I think the other thing is like the team,
you know, I mentioned at the beginning.
And third is the growth potential for the future.
It's, you know, I'm going to keep hitting that piece
because it's true as an investor,
you've got to look for where the network effects
are really occurring.
And we see an exponential rise
in the growth of the Zui ecosystem,
not just typified in the statistics
that, you know,
I kind of alluded to before in terms of daily transactions, TVL growth, users on the chain,
but we see a future where the types of experiences that we're used to in Web2, the Facebooks,
the TikToks, the YouTubes, the Crown Theft Autos, the high-frequency trading infrastructures on NASDAQ.
We see them existing on Sui in the future.
So I think that kind of vision stood out to many people.
And I think that it's been borne out
by some of the ecosystem companies that have flourished.
I mean, DeepBuck is an incredible business.
Like, that's the home of liquidity on the chain. Walrus is decentralized storage, but it's, you know,
people kind of put it in the same bracket as they file coin, are we, but it's not, it was brought to
give the market what it actually needed, which is a proper AWS for crypto. So now you can build all
of these use cases. You can build all of these applications and experiences and we're enabling that. That's what people bought into.
Yeah. And you bring up some great points. I think you said it earlier, but SWE's TVL
crossed that 2 billion mark. BTCFi, I think is now ranked number one in comparison to some other
chains. And I think I actually just posted about this a couple of days ago, but active wallets are now over 250 million on SWE.
We saw Sam post a lot about this even.
I'm sure you did too, but the developer ecosystem is flourishing.
It seems like these Tradify players you are speaking to
and just generally speaking, your colleagues see the upside.
Now, there was a pretty impressive list of investors
and did you notice any trends among those participants?
Yeah, I think the investor list that we were able to publish was an incredible roster.
And there was also some pretty huge names that we weren't able to publish for disclosure purposes.
that we weren't able to publish for kind of disclosure purposes.
I think all of them saw, I'd say there's two trends.
One is this explosion of crypto equities or kind of crypto adjacent equity opportunities, right?
I think, you know, I talked about that before, and I think that's a really important point to kind of hit home. We are seeing a total explosion of crypto in the mainstream now.
You know, I was actually with Vlad from Robinhood at the Robinhood Summit, you know, kind of a few weeks back in Cannes.
I actually met with Vlad one-on-one to talk about his vision.
And, you know, you've seen all of the news that has come out with tokenization of stocks and how big a role crypto is for Robinhood's future.
It's clear to me that we are at a tipping point that is just becoming realized right now.
And I think all investors were very attuned to that.
I think a lot of investors were also seeing this as a long-term investment opportunity.
I think that because of the growth projections around the SUI ecosystem that I've talked about before on this call,
many investors are looking for a return.
And by indexing themselves to the growth of SUI through Mill City Ventures, it was a compelling investment thesis.
Well, that's truly great to hear, especially the long-term investment, the long-term mindset.
And I think a lot of people on SUI see that as well. So I have a question for Adani. It's safe
to say that there is quite a bit of institutional interest in SWE.
It's actually at an all-time high, I believe.
Can you walk us through the state of play across all these different institutional initiatives involving the SWE ecosystem, please?
Yeah, I mean, it's a good point.
The amount of institutional interest we've seen in SWE just keeps growing significantly.
keeps growing significantly. I mean, if you look at the ETF applications alone, there's applications
from 21 shares, Canary Capital, and both are progressing right on schedule right now. The live
products in play right now with VanEck, Grayscale, and Bitwise, the institutions can actually purchase
right away. We have RWAs on suite directly with Ant Financial, one of the largest financial
institutions in the world. And we have strategic partnerships with Franklin Templeton, among
others. So we're getting to play with some of the largest institutions in the world,
some of the largest players, and they're all seeing the same thing. Namely, this is an
unmatched team that exists in the ecosystem, I was saying that ultimately, look,
the expertise of this team,
I've not seen this kind of brainpower put together
in the crypto space ever.
And we feel very lucky to be in the position
we're in right now.
But also what we're building is something
they can totally understand.
Namely, we are showing them the future of where,
look, we've seen the rapid
rise of social media. We've seen Facebook grow to billions and billions of users. We
also see that the internet is largely broken and fragmented, and there is no glue that
ties it together, especially in a world where everything is digital. And our goal is, and
our pitch has always been, look at what exists today in AWS, and look at all the missing
pieces today that is required to allow the internet to communicate with each other protocol to protocol or application
to application. It does not exist and we're building that one brick at a time. We did it
with DeepBook, we did it with SWE, we did it with the three-play device as a mechanism to show hey
look gaming needs a new operating system to power the future. We're doing it directly also with Seal that's going to soon be coming online with Walrus.
And of course, we'll be doing it with Scion on every other piece.
So we'll have mechanisms for removing the need for Cloudflare in the future, not paying
huge fees for managing DDoS.
We'll have mechanisms for you to deploy your entire website in a fully decentralized manner.
We'll have mechanisms for you to run your entire website in a fully decentralized manner. We'll have mechanisms for you to run your entire business in a fully decentralized
sphere, doing that with composability at hand. So the kind of future we're going to enable,
I think, is going to spurn multi-thrillion dollar industries. That's something that
is very exciting for the institutions that we're talking to.
Yeah. And for those that maybe didn't catch that, I'm just going to reiterate,
ETF applications from 21 shares in Canary Capital. There's live investments from, excuse me,
live investment products, I should say, from VanEck, Grayscale, and Bitwise. Strategic
partnership with Franklin Templeton. Now we have this digital asset treasury with Caritage,
Mill City Ventures. So there really is, again, my opinion,
all-time high interest from institutions in SWE.
Adani, how do you think that this institutional interest
and access to SWE will improve the ecosystem?
Scale is in our DNA, it always has been.
It's something I say all the time.
We're used to building things that scale.
So the skill that Met and needed for libra
dm is powering sweet drive math adoption of next generation technology where the team building that
you can as i said before like you think of three or our team really mist and labs as a company
looking to build the amazon web amazon web service web 3. We are building all those components in a fully decentralized stack for the future,
democratizing access to application development and tooling to the masses.
So we also think we will be the on-ramp for mass market consumer applications in the future.
If you think about how software is being built today,
especially with the advent of the world of agents, we're building some significant technologies in that space as well to make that a possibility.
on SWE. It's stronger for anybody that's looking to build a business and ecosystem to see that
there are new capital sources of which they would be very interested in what they're doing.
Yeah, really great. Great answer there. Scale is the DNA of SWE, and you talked about the glue
that holds everything together. I think it's the global coordination layer that you often speak of
when you refer to SWE. And now we have these treasury companies that have come in.
And I don't want to say it's a trend, but it's something that is continually evolving over time.
Stephen, how do you see this impacting the future here?
What do you want to see from Mill City Ventures to ensure that they stay at the forefront of these trends and these innovations?
Okay, cool. I think you point on an interesting topic, which is the future. What does the future
contain for this space? The future contains all the things we talked about on this call,
like gaming, social media, etc. But also involves the growth of stable coins and we need an industry that is
built to handle not just billions but trillions we need an industry that's built to handle ai
infrastructure for agentic experiences that are fully on chain ai wallets that tell you what to
do we're looking at a future that faces existential risk events from quantum computing,
as Adani mentioned. Kostas just put up some great research this week on post-quantum,
you know, kind of security and proofing for the blockchains that have EDDSA architecture.
The future has got huge scale in front of it, and you've got to be prepared for it. You've got to be built ready for scale.
And that's what Sui is.
And so that's the first thing.
The second thing is, you know, maybe what do these digital asset treasury companies become over time?
Well, I think it's important to stress, again, that we still have an operating company inside Mill City Ventures,
a non-bank financial lender that's focused on cash flow and returns.
And in time, you can scale operating companies that also have a crypto treasury strategy.
The specific business that we teamed up with is in the non-bank financial lending space. We see SME
credits as a huge untapped industry that is perfectly suited to the blockchain and to DeFi.
Now, if you're going to build a lending business in crypto, would you build it on a blockchain
that's slow and potentially has hacks? Or would you build it on a blockchain that has
super fast, low latency, super scalable, but more importantly, is architected
in Move, the programming language, the only programming language that is built specifically
for crypto, which has 99.9% uptime. What would you choose if you were building a lending business?
Similarly, as we look out into the future and we build that balance sheet
and we drive return for our shareholders
in the form of sui per share,
there are tons of things
that a digital asset treasury company can do.
I'm not going to speak for Mill City Ventures
at this specific point in time
because I don't want to give forward guidance,
but I think that the space as a whole
could become really interesting.
They could become really interesting you
know they could become um very acquisitive they could look into other industries that are adjacent
to uh crypto uh look for businesses with millions or billions of users and high cash flow and you
might see a synergy there but i think that's way in the future. I think for now, it's about raising capital, accumulating SUI, driving return for investors in the form of SUI per share. And yeah, we're just at the beginning of this journey and I'm excited for what comes in the future.
and a rational one, as you answered, I think makes a ton of sense. I'm sure that the people
you were talking with, the investors saw this as well. And closing around, it requires a lot of
heavy lifting, a lot of time speaking with these individuals, these companies, these institutions.
Was there any key takeaways in why so many chose to invest in Sweden via your treasury raise?
to invest in SWE via your treasury raise?
Yeah, I think that, you know, there was three takeaways.
I think it was the right team, the right strategy, and the right technology.
Bingo.
Right team, the right strategy, right technology.
It's hard to top that.
Actually, it sounds familiar with what I tell people all the time.
So I feel like everyone is noticing
these things about SWE and Missing Labs, and I'm glad to see it being represented in these
institutional circles and again, among some of these very bright minds that you're speaking to.
So I guess one last thing I have for Adinee, what should SWE developers know? Assuming they care
the most about the impact of their projects and communities, can you break down for us some things that you want them to kind of keep in mind here, given this new partnership, this announcement, I should say?
Yeah, as Stephen rightly mentioned, Move is a language that's actually built specifically for crypto. It's the only language built specifically for crypto. That's not going to be JavaScript. So we're actually seeing more developers that don't move.
It allows them to build things that just they can't build anywhere else.
I mean, if you look at today, we announced that the all-time trading on SWE in terms
of DAX volumes hit an all-time high in the month of July.
That's crazy.
I mean, if you think about a chain that has less, to some extent, less TVL than other chains that have been around for a lot longer, but it's pushing above its way in terms of trading volume, it shows that there's way more utility for the assets on SWE than anywhere else because the programmability of SWE affords you to do things you just cannot build on any other protocol.
It delivers the skill that they need today and it's not making promises in the future that other protocols do.
And that's really attracting developers.
In fact, SWE is the fastest growing ecosystem.
In a world where we had less developers, where the whole of crypto dropped the number of developers,
only SWE and one other protocol actually saw an increase in developer growth.
So SWE is still the fastest growing
developer ecosystem in the last couple of years as well,
with a growth of over 50%.
People do like building a move.
I mean, if you compare building an application
and move versus building it in other languages,
it's a lot less verbose,
easier to understand, less bugs.
It's built as though it was for developers,
unlike what you have to deal with today.
So when it comes to what we build,
we build thinking about the millions of developers
are going to use it, unlike what exists.
So we keep saying JavaScript has over 9 million devs.
We need to build a language that can power the future of the web,
and that's going to be moved.
And to do that, we have to go beyond the developers in Web3.
And we're showing that by the growth vector that Sui has
in acquiring more devs and a lot of other ecosystems
from a growth perspective.
Really well said.
And I know Sam isn't here today, but i want to drop a quick round of applause for
him because he is truly a brainchild behind move and the rest of the developers at mistim the ones
that help create a move really i mean it distinguishes swee from many other blockchains
out there and to you at any and the missing labs team in this object-centric model that are now empowering devs to do things that you can't do elsewhere. And Steven, you talked
about this, and I think I could sum it up in three words. Again, the team, the technology,
and the strategy now amplified by this incredible venture here with Caritage and MillCity Ventures.
So it's been a great space. Adani or Stephen, if you have any final thoughts
or comments, definitely want to open it up to you. And if you're out there, if you're listening to
him, again, the space is going to be recorded. I would highly recommend giving Stephen a follow.
Adani, follow him, of course, if you're not already. These guys will continue to share
updates on this. But Stephen or Adani, any final thoughts? All I can say really from my side is this is just a beginning in Sui's story.
Sui's always about scale.
It's about doing things beyond the boundaries of what's been possible.
And I think what Stephen and the team are working on really just extends a lot of that.
So I'm really grateful for the work they're doing.
I would just say thank you to the Miston Labs founders, the SUI team, the whole SUI team that we've worked with to bring this to the market. And yeah, this is actually day one. The deal closed yesterday. This is the first day of a very bright future. So I look forward to sharing it all with you.
well everyone you're here to hear first it's still day one we're all still very early and
there's a very bright future here so adenny thank you so much for coming up steven you as well your
intellect on this space has i think shown through and everyone should be very excited about this
announcement congrats on closing as you said yesterday. Today is officially day one,
but so is tomorrow, Sunday, Monday, Tuesday.
En suite is always day one
because we have a massive mission here
and that is to build the future of the internet.
So I'll wrap it up here.
Thank you everyone for listening in.
If you can repost the room
so that many people can hear about this.
And again, appreciate all the speakers.
