Mill City Ventures III, Ltd. (MCVT) announced its financial and operating results for the second quarter ended June 30, 2025, from its legacy commercial short-term non-bank lending and specialty finance business. For the six months ended June 30, 2025, investment income reached $1.73 million, a slight increase from $1.72 million in the prior year. Net investment gain rose to $1.03 million, up from $962,150 in the same period of 2024.
The company reported $476,781 in unrealized appreciation for the six months ended June 30, 2025, a contrast to the $237,890 in unrealized depreciation during the comparable period in 2024. This contributed to a net increase in net assets from operations of $1.13 million, or $0.18 per share, for the first half of 2025, compared to $795,039, or $0.12 per share, in 2024. The investment portfolio stood at $17.85 million at fair value.
Mill City also provided an update on its SUI treasury strategy, which launched on July 31, 2025. The company has established itself as the largest publicly traded SUI treasury, backed by an exclusive relationship with the Sui Foundation. It is acquiring SUI tokens through open-market purchases, institutional-grade deal flow, and a negotiated purchase agreement with the Sui Foundation.
Stephen Mackintosh, Chief Investment Officer, stated that Mill City is building a differentiated, foundation-backed treasury strategy to accumulate, activate, and scale the largest SUI position in the public markets. The company aims to increase SUI-per-share and deliver lasting value for shareholders by anchoring its treasury to SUI. This strategy provides public market investors with a regulated, transparent, and liquid way to participate in the Sui blockchain ecosystem.
The company's legacy lending operations continue to generate consistent investment income and exhibit strong profitability, with a 90.50% TTM Gross Profit Margin and 42.43% TTM Net Profit Margin. This stable foundation supports the ambitious pivot to digital assets. The dual mandate allows MCVT to leverage its established business while pursuing growth in the digital economy.
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