Mill City Ventures III Ltd. (MCVT) published its financial results for the second quarter of 2025 and announced the launch of what it describes as the first publicly traded SUI cash strategy on 31/07/2025.

The company reported total investment income of approximately 948,000 $ for the second quarter, an increase of 7% compared to 889,000 $ for the same period last year. The net increase in net assets resulting from operations rose by 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 $ via a private placement on 01/08/2025. The company accumulated 81,871,794 SUI tokens as of 10/08/2025, and is currently staking all its SUI holdings, generating approximately $26,000 $ per day according to the company.

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

The company has appointed 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 cash strategy supported by the foundation to accumulate, activate, and develop the largest SUI position in public markets," Mackintosh said in a statement.

As of 30/06/2025, Mill City had investments, cash, and cash equivalents of $19.4 million, compared to $19.5 million $ as of 31/12/2024. The net asset value per ordinary share increased to $3.34 $ as of 30/06/2025, compared to $3.09 $ at the end of 2024.