# EDGAR Filing Document

**Accession Number:** 0001425355
**File Stem:** 0000000000-25-008715
**Filing Date:** 2025-8
**Character Count:** 11638
**Document Hash:** 6fbb1114475ce7b89b34ce6942d935ce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000000000-25-008715.hdr.sgml**: 20260218

**ACCESSION NUMBER**: 0000000000-25-008715

**CONFORMED SUBMISSION TYPE**: UPLOAD

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250818

**FILED FOR**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SUI Group Holdings Ltd.
- **CENTRAL INDEX KEY:** 0001425355
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 900316651
- **STATE OF INCORPORATION:** MN
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** UPLOAD
- **SEC FILE NUMBER:** 333-289201

**BUSINESS ADDRESS:**
- **STREET 1:** 1907 WAYZATA BOULEVARD
- **STREET 2:** SUITE 205
- **CITY:** WAYZATA
- **STATE:** MN
- **ZIP:** 55391
- **BUSINESS PHONE:** (952) 479-1923

**MAIL ADDRESS:**
- **STREET 1:** 1907 WAYZATA BOULEVARD
- **STREET 2:** SUITE 205
- **CITY:** WAYZATA
- **STATE:** MN
- **ZIP:** 55391

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Mill City Ventures III, Ltd
- **DATE OF NAME CHANGE:** 20121213

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** POKER MAGIC INC
- **DATE OF NAME CHANGE:** 20080129
**PUBLIC REFERENCE ACCESSION NUMBER**: 0001654954-25-008886

## Text-Extract

```

                                                            August 18, 2025

Douglas Polinsky
Chief Executive Officer
Mill City Ventures III, Ltd.
1907 Wayzata Boulevard, Suite 205
Wayzata, MN 55391

       Re: Mill City Ventures III, Ltd.
           Registration Statement on Form S-1
           Filed August 4, 2025
           File No. 333-289201
Dear Douglas Polinsky:

       We have conducted a limited review of your registration statement and
have the
following comments.

        Please respond to this letter by amending your registration statement
and providing
the requested information. If you do not believe a comment applies to your
facts and
circumstances or do not believe an amendment is appropriate, please tell us why
in your
response.

       After reviewing any amendment to your registration statement and the
information
you provide in response to this letter, we may have additional comments.

Registration Statement on Form S-1
General

1.     Please expand your disclosure to describe your plan of operations for
the next twelve
       months by describing when you intend to use the proceeds from the PIPE
transaction
       to purchase SUI, other sources of capital for your acquisition of SUI,
including
       disclosure related to the amount of SUI you intend to purchase with the
proceeds from
       the PIPE transaction, if known, and, if not, the factors you will
consider regarding the
       amount of proceeds you will use to purchase SUI so that investors
understand your
       plans to increase your holdings of SUI and your plans to continue your
short term
       lending business line. In addition, please revise to describe the plans
that you have
       related to diversifying your product offerings, including a description
of such product
       offerings, a timeline of the development of such products, the estimated
costs of
       developing these products, the sources of capital and any challenges you
may
 August 18, 2025
Page 2

      experience related to the development of these products. In this regard,
we note your
      Strategic Advisor Agreement with Karatage related to the development of
such
      products.
2.    Please disclose whether you currently use or have plans to use SUI as
collateral for
      loans. To the extent that you have collateralized your holdings of SUI,
please disclose
      the percentage of SUI that is currently used as collateral. In addition,
please disclose
      as to whether you stake or intend to stake SUI. To the extent that you
do, please revise
      to provide a materially complete description of your staking policy and
your staking
      program, including disclosure regarding the percentage of SUI you stake
or intend to
      stake. Please revise to describe whether you intend to generate income
with your SUI
      holdings, and, if so, please describe your policies and procedures
related to doing so.
      In this regard, we note that you have signed an Asset Management
Agreement with
      Galaxy Digital Capital Management LP to manage the first $750 million of
your SUI
      and at least 50% of your SUI in excess of $750 million. We also note that
SUI
      purchased pursuant to your Digital Asset Purchase and Sale Agreement with
the
      Foundation Investor will be subject to transfer restrictions for a period
of two years
      following the purchase. Please revise to disclose the percentage of your
SUI holdings
      that are subject to the two year transfer restrictions and how these
restrictions will
      impact your ability to use and monetize your SUI holdings, and add risk
factor
      disclosure as appropriate.
3.    Please expand your disclosure to describe the policies and procedures you
have in
      place or intend to adopt that govern when you exchange cash for SUI and
when you
      monetize your SUI, and disclose whether you have policies or will
establish policies
      governing the percentage of your treasury holdings that will be SUI. Also
disclose the
      percentage of your treasury that is currently invested in SUI. In
addition, please
      disclose whether you intend to hedge your SUI exposure, and, if so,
please describe
      your hedging strategy.
4.    Please describe the anti-money laundering (AML), know-your-customer (KML)
and
      other procedures you conduct or plan to conduct to mitigate transaction
risk, including
      whether a transaction counterparty is subject to sanctions and is
otherwise in
      compliance with applicable laws and regulations.
5.    Please revise to disclose your policies related to air drops, incidental
rights and hard
      forks, and add risk factors related to such policies as necessary.
6.    Please revise to identify the custodians that custody your SUI holdings,
describe the
      material terms of your agreements with the custodians, including the
term, termination
      provisions, whether your assets are held in segregated accounts, the
identity of entities
      that have access to the SUI, whether any entity is responsible for
verifying the
      existence of the SUI and the insurance coverage of your SUI holdings that
the
      custodians provide. Also, revise your disclosure to address where your
third-party
      custodians are chartered and how they are regulated, and include the
agreements with
      your third-party custodians as exhibits to your registration statement.
7.    Please revise to disclose whether you have any agreements with
counterparties related
      to purchase and sales of SUI, and, if so, please identify the
counterparties and disclose
      the material terms of your agreements with your counterparties.
 August 18, 2025
Page 3

8.     Please add a section to your registration statement that includes a
materially complete
       description of SUI and the SUI blockchain, including, for example, a
description of
       the lifecycle of SUI, the use case of SUI, including its purpose, use
and/or functions,
       the marketcap of SUI, the circulating supply of SUI, the maximum supply
of SUI, a
       description of the vesting schedule of SUI, the average volume of SUI
and the launch
       date of SUI and the SUI blockchain and the role of the Sui Foundation in
the
       governance of SUI. In addition, please include risk factor disclosure
addressing the
       characteristics of SUI related to liquidity, including how fiat currency
may be
       exchanged for SUI and how SUI may be exchanged for fiat currency.
Prospectus Summary, page 3

9.     We note your disclosure on page 3 that you have a relationship with the
       Sui Foundation and acquire SUI through market purchases and from the
       Sui Foundation. Please revise to describe your relationship with the Sui
Foundation
       and clarify what you mean by your disclosure on page 5 that your
position as a public
       company "with an official Sui Foundation relationship proves us
institutional-grade
       exposure to the SUI blockchain." In addition, please revise to describe
the material
       terms of the Digital Asset Purchase and Sale Agreement with the
Foundation Investor
       so that investors understand the amount of SUI you have agreed to
purchase pursuant
       to the agreement.
Risk Factors
Risks Related to This Offering and Ownership of Our Common Stock
Our financial results and the market price of our Common Stock may be affected
by the
prices of SUI, page 12

10.    Please expand this risk factor to provide quantitative information that
demonstrates
       the volatility of SUI or provide a cross-reference to where you address
the volatility of
       SUI. In addition, you state that SUI is relatively novel. Please revise
to disclose the
       date that SUI was publicly launched.
Our SUI holdings are less liquid than our existing cash and cash equivalents,
page 13

11.    We note your disclosure regarding the "susceptibility to market abuse
and
       manipulation," internal control failures at exchanges, risks related to
custodians and
       trade execution partners, and risks related to the inability to enter
into term loans or
       other capital raising transactions collateralized by your SUI. Please
revise to expand
       your risk factors section to include separately captioned risk factors
that address each
       of the risks listed in this risk factor. In addition, please address the
risks of attacks due
       to the level of concentration of SUI ownership such as the possibility
of a SUI owner
       obtaining control over the SUI network, the risks of hard forks,
front-running and
       wash-trading, the risks related to the bankruptcy or insolvency of your
custodian, the
       risk that your anti-money laundering (AML), know-your-customer (KML) and
other
       due diligence procedures you conduct may fail to prevent transactions
with a
       sanctioned entity and the impact if such a transaction occurs. For each
of your risk
       factors, please use specific examples to demonstrate the risks described
in each.
 August 18, 2025
Page 4
Exhibits and Financial Statement Schedules, page 42

12.    We note that you marked Exhibit 10.6 as having portions omitted in
compliance with
       Regulation S-K Item 601(b)(10)(ix). Please revise to include a prominent
statement on
       the first page of the redacted exhibit that certain identified
information has been
       excluded from the exhibit because it is both not material and is the
type that the
       registrant treats as private or confidential.

        We remind you that the company and its management are responsible for
the accuracy
and adequacy of their disclosures, notwithstanding any review, comments, action
or absence
of action by the staff.

       Refer to Rules 460 and 461 regarding requests for acceleration. Please
allow adequate
time for us to review any amendment prior to the requested effective date of
the registration
statement.

      Please contact Sonia Bednarowski at 202-551-3666 or Sandra Hunter
Berkheimer at
202-551-3758 with any questions.

                                                           Sincerely,

                                                           Division of
Corporation Finance
                                                           Office of Crypto
Assets

```

### Attached PDF Documents

**Attachment 1:** `filename1`

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