Mill City Venture III

What Mill City Venture III does

Mill City Ventures III, Ltd. (now operating as SUI Group Holdings, NASDAQ: SUIG, formerly OTCQX: MCVT) is a publicly traded specialty finance company that historically operated as a non-bank lender originating short-term, high-yield loans and revolving credit facilities (e.g., a $5M revolving facility in January 2022 and a $2.5M credit facility yield increase plus $400K high-yield loan origination in July 2025). The company is headquartered in Wayzata, Minnesota, employs 1-10 people, and was founded in 2006. Leadership comprises CEO Douglas M. Polinsky, Chairman Marius Barnett, CFO Joseph A. Geraci II, CIO Stephen Mackintosh, and directors Dana Wagner and Howard Liszt, with additional digital-asset-focused board appointments planned.

In July 2025 the company executed a strategic pivot, closing a $450 million private placement selling 83 million shares to institutional investors led by London-based digital-assets hedge fund Karatage Opportunities and the Sui Foundation, with participation from Galaxy Digital, Pantera Capital, Arrington Capital, Big Brain Holdings, Borderless Capital, Electric Capital, FalconX, GSR, Maven 11, ParaFi and others. Approximately 98% of proceeds (~$441M) were allocated to acquiring SUI tokens as the company's primary treasury reserve asset, with the remaining ~2% supporting the continuing specialty finance business. By August 2025 the company held 81,871,794 SUI tokens (as of August 10, 2025), growing to approximately 102 million SUI tokens (~$403M) by September 2025, and authorized a $50 million stock repurchase program.

The company's underlying technology is built around the Sui blockchain, leveraging Sui's Move programming language (static typing, memory isolation), object-based parallel execution architecture, and sub-second (~400ms) transaction finality for any on-chain treasury or future lending activity. The company positions itself as the first publicly traded entity dedicated to a Sui treasury strategy, aiming to maximize SUI per share through treasury management and native protocol participation. Revenue mechanics are split between legacy specialty finance interest/yield income on a small lending book and indirect returns on the SUI treasury (token appreciation, staking, protocol economics), with options trading commencing on Cboe (August 22, 2025) and Nasdaq uplisting under the SUIG ticker (August 26, 2025) broadening institutional and retail distribution.

Name

Mill City Venture III

Legal name

SUI Group Holdings

Website

https://millcityventures3.com

Company type

Public

Founded year

2006

Operating status

Operating

Headcount range

1–10 employees

Short description

Mill City Ventures III, now SUI Group Holdings (NASDAQ: SUIG), is a Minnesota-based specialty finance company that pivoted in 2025 to a Sui blockchain digital asset treasury strategy following a $450M private placement, while continuing a legacy short-term non-bank lending business.

Ownership category

akta.pro rank

Product category

Digital Asset Treasury and Specialty Finance

NAICS

Miscellaneous Intermediation (52391), Portfolio Management and Investment Advice (523940)

SIC

Security Brokers, Dealers & Flotation Companies (6211), Security & Commodity Brokers, Dealers, Exchanges & Services (6200)

akta.pro primary industry

Digital Asset Custody & Wallet Infrastructure for Institutions (MPC/HSM, key mgmt, policy controls) (FSAPAIAE)

akta.pro secondary industries

Derivatives Trading Venues (perps, futures, options) (FSAPADAE), Permissioned / KYC DEXs (Institutional On-Chain Venues) (FSADABAN)

Keywords

• Digital asset treasury
• Specialty finance lending
• Non-bank lending
• Blockchain treasury strategy
• Sui token holdings

Headquarters

HQ city

Wayzata

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Others

Revenue model

1. Short-term non-bank lending: Origination of short-term, high-yield loans (e.g., $400,000 high-yield loan origination in 2025) and revolving credit facilities (e.g., $5M facility in 2022, $2.5M facility in 2025), generating interest income and yield.
2. Specialty finance / credit facility interest spread: Yield earned on revolving credit facilities, including yield increases on its $2.5 million credit facility to support its specialty finance lending activities.
3. Digital asset treasury yield: Approximately 2% of the $450M private placement proceeds are allocated to the short-term lending business, while ~98% is deployed into SUI tokens as a treasury reserve asset, generating returns through token appreciation, staking, and potential participation in native Sui protocol economics.

Go-to-market motion2 records

Distribution channels4 records

Marketing channels5 records

Core offering

Mill City Ventures III (now SUI Group Holdings, NASDAQ: SUIG) operates a digital asset treasury strategy built around the acquisition and holding of SUI tokens (the native asset of the Sui blockchain), with approximately 98% of a $450 million July 2025 private placement allocated to SUI acquisition and ~2% to its continuing short-term non-bank lending and specialty finance business. The company offers revolving credit facilities and high-yield loan origination to borrowers, while seeking to maximize SUI per share through strategic treasury management and native protocol participation on the Sui blockchain.

Product overview

Mill City Ventures III, Ltd. (now operating as SUI Group Holdings, NASDAQ: SUIG) operates as a specialty finance platform combining a single integrated business model rather than a software platform-with-modules architecture: its continuing Short-Term Non-Bank Lending & Specialty Finance business is paired with its newly launched Sui Treasury Strategy, in which SUI tokens serve as the primary treasury reserve asset. Together, these two offerings form the company's overall portfolio, with capital allocation from the $450M private placement split approximately 98% to the Sui Treasury Strategy (SUI token acquisition) and 2% to the legacy specialty finance / short-term lending business, while the SUI Group Holdings (SUIG) corporate brand unifies the listed entity on NASDAQ.

Differentiator

Problem solved

Functional benefit

Products and services

• Sui Treasury Strategy
• Short-Term Non-Bank Lending and Specialty Finance

Quantifiable outcome

• ~$441M (98% of $450M raise) allocated to SUI token acquisition
• +3 more outcomes

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Three partnerships are on record, tiered flagship and core.

• Sui FoundationflagshipStrategic or Co-development Partner · 28 July 2025Co-led the $450M private placement with Karatage Opportunities and serves as the strategic anchor of Mill City's pivot to a Sui treasury strategy; participation aligns the company with the foundation advancing the Sui blockchain ecosystem.
• Mysten LabscoreStrategic or Co-development PartnerCore developer of the Sui blockchain and the Move programming language; identified as part of the broader "Mysten Labs ecosystem" that Sui Group Holdings participates in as part of its treasury and protocol participation strategy.
• Sui NetworkcoreStrategic or Co-development PartnerThe Sui blockchain network that the company's treasury strategy is built around; selected as a launch partner for Google's Agentic Payments Protocol (AP2), amplifying momentum for Sui Group's expanded SUI token treasury.

Scale indicators8 records

Recent moves6 records

Expansion highlights5 records

Direct peers

• Bitfarms: Public Bitcoin mining and treasury company trading on Nasdaq with material BTC holdings. Comparable as a small public-equity vehicle whose valuation is closely tied to digital asset accumulation.
• Riot Platforms: Public Bitcoin mining and treasury company holding substantial BTC reserves. Comparable in structure as a Nasdaq-listed equity whose market value is largely a function of its underlying crypto holdings.
• Hut 8: Public crypto infrastructure and treasury company with significant BTC and ETH holdings. Comparable in being a small-to-mid-cap public equity offering leveraged exposure to digital asset accumulation.
• SOL Strategies (formerly Cypherpunk Holdings): Public company that has pivoted to a Solana treasury strategy, mirroring Mill City's pivot to a Sui treasury strategy. Closely comparable in narrative, structure, and target-investor profile as a single-L1-token public treasury play.
• MicroStrategy: The original and largest public-company digital asset treasury, holding ~190,000+ BTC on its balance sheet. Closest comparable to Mill City as a publicly traded equity vehicle whose value is driven by a single crypto asset treasury strategy.
• Marathon Digital Holdings: Public company with significant BTC holdings and crypto-treasury exposure. Comparable as a single-asset-tilted public crypto vehicle whose equity value tracks underlying digital asset accumulation.

Regional players

• OneMain Holdings: Public specialty finance company focused on non-prime consumer lending. Comparable to Mill City's legacy short-term non-bank lending and specialty finance business, which continues to operate alongside its new crypto treasury strategy.

Broad incumbents

• Galaxy Digital: Diversified crypto financial services and asset management firm; both an investor in Mill City's $450M placement and a peer in the public-market crypto exposure space, though with a much broader business model spanning trading, asset management, and mining.
• Coinbase Global: Largest U.S. crypto exchange and custodian with material crypto holdings on its balance sheet. Comparable as a publicly traded vehicle with significant crypto-asset exposure, though with a vastly broader product portfolio.

Emerging players

• DeFi Technologies: Canadian-listed company providing institutional exposure to decentralized finance and crypto assets through subsidiaries and treasury allocations. Comparable as a public vehicle offering diversified crypto exposure.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/millcity_3
• LinkedInlinkedin.com/company/mill-city-ventures-iii-ltd

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Funding overview

Funding rounds3 records

Investors19 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Mill City Venture III