Mill City reports Q2 earnings, launches SUI cryptocurrency treasury strategy

Mill City Ventures III Ltd. (MCVT) reported second quarter 2025 financial results and announced the launch of what it describes as the first publicly traded SUI treasury strategy on July 31, 2025.

The company reported total investment income of approximately $948,000 for the second quarter, a 7% increase from $889,000 in the same period last year. Net increase in net assets resulting from operations rose 64% to approximately $677,000, or $0.11 per share, compared to $413,000, or $0.06 per share in Q2 2024.

Mill City raised $450 million through a private placement offering as of August 1, 2025. The company has accumulated 81,871,794 SUI tokens as of August 10, 2025, and is currently staking all SUI holdings, generating approximately $26,000 per day according to the company.

The company established an arrangement with the Sui Foundation, an independent organization supporting the SUI network, providing access to token purchases and ecosystem insights. Mill City appointed Galaxy as Asset Management to manage its SUI treasury operations.

The company named Marius Barnett as Chairman of the Board and Stephen Mackintosh as Chief Investment Officer. Both are co-founders of Karatage Opportunities, a London-based hedge fund that was the lead investor in the $450 million private placement alongside an investment from the Sui Foundation.

“Mill City is building a differentiated, foundation-backed treasury strategy to accumulate, activate, and scale the largest SUI position in the public markets,” said Mackintosh in a statement.

As of June 30, 2025, Mill City had investments, cash and cash equivalents of $19.4 million, compared to $19.5 million at December 31, 2024. Net asset value per common share increased to $3.34 as of June 30, 2025, from $3.09 at year-end 2024.