Mill City Reports Second Quarter 2025 Results; Provides Update on SUI Treasury Strategy Launched on July 31, 2025
WAYZATA, Minn., Aug. 14, 2025 (GLOBE NEWSWIRE) -- Mill City Ventures III, Ltd. ("Mill City" or the "Company") (NASDAQ:MCVT) today announced financial and operating results for the three months ended June 30, 2025, from its legacy commercial short-term non-bank lending and specialty finance business. The Company is also providing an update on recent developments, including its launch of the first publicly traded, Foundation-backed SUI treasury strategy on July 31, 2025, and subsequent events. The Company intends to continue its existing commercial short-term non-bank lending and specialty finance business.
Since launching the industry's first SUI treasury strategy, under which the principal holding in Mill City's treasury reserve on the balance sheet will be allocated to the native cryptocurrency of the Sui blockchain (commonly referred to as "SUI"), Mill City has established itself as the largest publicly traded SUI treasury, backed by an exclusive relationship with the Sui Foundation. The Sui Foundation is an independent organization dedicated to the advancement and adoption of the SUI network. The Company is executing on this opportunity by acquiring SUI tokens through open-market purchases, exclusive institutional-grade deal flow typically reserved for crypto funds, and a negotiated purchase agreement with the Sui Foundation — a strategy now accessible to a larger cohort of investors through a regulated publicly traded structure. As the only SUI treasury with foundation support, Mill City believes it is uniquely positioned to share insights on technology trends and ecosystem growth, while providing regulated, liquid, and institutional-grade access to one of the most scalable blockchains designed for global adoption.
SUI is a next-generation Layer 1 blockchain designed to deliver the scalability, speed, and security required to power decentralized applications and real-world crypto use cases across finance, gaming, artificial intelligence, stablecoins, and more. Its horizontally scalable architecture, low-latency finality, and secure, developer-friendly design, position it as a leading infrastructure platform capable of handling real-world scale. As institutional and consumer adoption accelerates, SUI offers the potential to enable a wide range of transformative digital experiences and create long-term value opportunities for Mill City and its shareholders.
"We believe that SUI represents the infrastructure layer for the next chapter of the internet — a high-speed, secure, and scalable blockchain designed to bring mass market, consumer applications into Web3," said Stephen Mackintosh, Chief Investment Officer of Mill City and Co-Founder of Karatage. "Its object-centric architecture and Move programming language are designed to position SUI to transform how assets, applications, and data move through the global economy. As institutional and consumer adoption accelerates, we believe SUI will become a foundational layer of the modern financial system, enabling new products, markets, and efficiencies that weren't possible before."
Recent Operational Highlights Since Launch of SUI Treasury Strategy
- Named Marius Barnett and Stephen Mackintosh, Co-Founders of Karatage Opportunities ("Karatage"), as Chairman of the Board and Chief Investment Officer, respectively. Karatage, a London-based hedge fund specializing in digital assets and emerging technology, was the lead investor in the $450 million private placement alongside an equivalent investment from the Sui Foundation.
- Established an exclusive arrangement with the Sui Foundation, an independent organization dedicated to the advancement and adoption of the SUI network, providing direct access to negotiated SUI token purchases, proprietary ecosystem insights, and participation in strategic network growth initiatives.
- Raised $450 million in capital as of August 1, 2025, through PIPE offering.
- Appointed Galaxy as Asset Management to manage the Company's SUI treasury, delivering institutional-quality execution, liquidity, and tailored staking strategies.
- Scaled total treasury holdings to 81,871,794 SUI as of August 10, 2025.
- Currently staking all SUI in the treasury earning approximately $26,000 per day.
Mackintosh continued, "Mill City is building a differentiated, foundation-backed treasury strategy to accumulate, activate, and scale the largest SUI position in the public markets. We are committed to long-term ownership, transparent reporting, and disciplined purchasing through institutional-grade deal flow, open-market purchases, and strategic agreements with the Sui Foundation. By anchoring our treasury to SUI, we aim to increase SUI-per-share and deliver lasting value for our shareholders, while providing public market investors with a regulated, transparent, and liquid way to participate in what we believe to be one of the most promising blockchain ecosystems in the world."
Q2 2025 Financial Summary (vs. Q2 2024)
Highlights from the Company's results for the second quarter of 2025 from its existing commercial short-term non-bank lending and specialty finance business were as follows:
- Total Investment Income: Total investment income for the second quarter of 2025 increased 7% to approximately $948,000 compared to $889,000 in Q2 2024.
- Total Operating Expenses: Total operating expenses in Q2 2025 were approximately $316,000 compared to $398,000 in Q2 2024.
- Net Increase in Net Assets Resulting from Operations/EPS: Net increase in net assets resulting from operations increased 64% to approximately $677,000, or $0.11 per basic and diluted share compared to $413,000, or $0.06 per basic and diluted share in Q2 2024.
- Investments, Cash and Cash Equivalents: As of June 30, 2025, the Company had investments, cash and cash equivalents of $19.4 million, as compared to $19.5 million as of December 31, 2024.
- Net Asset Value Per Common Share: Net asset value per common share increased to $3.34 as of June 30, 2025, compared to $3.09 at December 31, 2024.
About Mill City Ventures III, Ltd.
Mill City Ventures III, Ltd. is the only publicly traded company with an official Sui Foundation relationship, providing institutional-grade exposure to the SUI blockchain. Through its industry-first SUI treasury strategy, Mill City is building a premier, foundation-backed digital asset treasury platform designed for scale, transparency, and long-term value creation. SUI's high-speed, horizontally scalable architecture positions it as one of the leading blockchains designed for mass adoption, powering next-generation applications in finance, gaming, AI, and beyond. The Company plans to continue its specialty finance operations while executing its SUI-treasury strategy. For more information, please visit www.millcityventures3.com.
Forward Looking Statements
This news release contains "forward-looking statements" as that term is defined in Section 27A of the United States Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release which are not purely historical are forward-looking statements and include any statements regarding beliefs, plans, expectations, or intentions regarding the future. For example, the Company is using forward-looking statements when it discusses the anticipated use of proceeds. Actual results could differ from those projected in any forward-looking statements due to numerous factors. Such factors include, risks inherent with investing in SUI, including SUI's volatility, the risks of implementing a new treasury diversification strategy, SUI's capabilities as a blockchain and the opportunities SUI creates, the belief that the new Board members will provide strong and experienced leadership to the Company, the competitive environment of the Company's business among others, the inherent uncertainties associated with business strategy, potential acquisitions, revenue guidance, product development, integration, and synergies of acquiring companies and personnel. These forward-looking statements are made as of the date of this release, and we assume no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward- looking statements. Although we believe that the beliefs, plans, expectations, and intentions contained in this press release are reasonable, there can be no assurance that such beliefs, plans, expectations or intentions will prove to be accurate. Investors should consult all of the information set forth herein and should also refer to the risk factors disclosure outlined in our annual report on Form 10-K and other periodic reports filed from time-to-time with the Securities and Exchange Commission.
Investor Relations Contact
Sean Mansouri, CFA or Aaron D'Souza
Elevate IR
(720) 330-2829
[email protected]
