SUI Group Holdings Limited, formerly known as Mill City Ventures III, Ltd., reported significant financial changes in its latest 10-Q filing for the quarter ending September 30, 2025. The company generated total revenues of $1.01 million during the third quarter, a 43% increase from $711,022 in the same period last year. This growth was primarily driven by the introduction of SUI staking revenue, which contributed $1.01 million, while portfolio investment income dropped to zero from $711,022 due to a strategic shift in accounting practices. For the nine months ending September 30, 2025, total revenues reached $2.74 million, up 13% from $2.43 million in the prior year.
The company experienced a substantial increase in operating expenses, which totaled $64.68 million for the third quarter, compared to $121,739 in the same quarter of 2024. This increase was largely attributed to a $60.76 million unrealized loss on digital assets, reflecting the volatility in the cryptocurrency market. Additionally, stock-based compensation expenses of $2.26 million were recorded, marking a significant shift from the previous year when no such expenses were reported. The net loss for the quarter was $44.27 million, compared to a profit of $463,783 in the same quarter last year.
SUI Group's strategic pivot towards a digital asset treasury management model has led to notable operational developments. The company now holds approximately 106 million SUI tokens valued at $344.5 million, with nearly all tokens staked to generate an estimated annual yield of 2.2%. This transition was supported by a $450 million private placement completed in July 2025, which allowed the company to acquire a significant amount of SUI tokens and establish a formal relationship with the Sui Foundation. The company’s total assets surged to $429.15 million as of September 30, 2025, compared to $20.47 million at the end of 2024.
In terms of workforce, SUI Group has not disclosed specific employee headcount changes in the filing. However, the company has indicated that it is focused on enhancing operational efficiency and governance, as evidenced by recent amendments to its equity incentive plan and board composition approved by shareholders. The company is also actively pursuing additional strategic partnerships and investments to bolster its position in the digital asset space.
Looking ahead, SUI Group Holdings Limited anticipates that its digital asset treasury strategy will continue to evolve, with a focus on maximizing the value of its SUI holdings and expanding its market presence. The company acknowledges the inherent risks associated with cryptocurrency volatility and regulatory changes but remains committed to leveraging its unique position within the Sui ecosystem to drive long-term value creation for shareholders.
About Mill City Ventures III, Ltd
Mill City Ventures III, Ltd. provides short-term specialty finance solutions to private businesses, small-cap public companies, and high-net-worth individuals. Its core activities include high-interest, collateralized or unsecured loans with maturities under nine months, often structured to avoid securities regulation. The company leverages entrepreneurial, flexible approaches, sourcing transactions through management contacts, and focuses on risk mitigation, regulatory compliance, and maintaining a diversified asset portfolio.
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