{"filing": {"accession": "0001654954-26-001672", "cik": "0001425355", "ticker": "SUIG", "company_name": "SUI Group Holdings Ltd.", "form_type": "10-K", "filing_type": "10-K", "filing_date": "2026-02-27", "accepted_datetime": null, "acceptance_datetime": null, "accepted_at": null, "primary_doc_url": "https://www.sec.gov/Archives/edgar/data/1425355/000165495426001672/0001654954-26-001672-index.htm", "filing_url": "https://www.sec.gov/Archives/edgar/data/1425355/000165495426001672/0001654954-26-001672-index.htm", "period_of_report": "2025-12-31"}, "html_url": "/api/filings/000165495426001672/stream", "exhibits": [{"exhibit_number": "3.1", "exhibit_type": "3", "description": "Amended and Restated Articles of Incorporation (incorporated by reference to Exhibit 3.1 to the Registrant\u2019s Current Report on Form 8-K filed with the SEC on January 23, 2013).", "filename": "", "edgar_url": "https://www.sec.gov/Archives/edgar/data/1425355/000114420413003664/v332816_ex3-1.htm", "category": 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Yield farming and staking rewards allow liquidity providers to earn yield b"}, {"table_index": 29, "table_type": "text", "caption": null, "header_text": "1.Transaction Processing.Every transaction on the Sui network, including transfers, smart contract executions, and decentralized application interactions, requires a Gas fee. This fee compensates vali"}, {"table_index": 33, "table_type": "text", "caption": null, "header_text": "\u00b7Short-term secured loans for real estate development;"}, {"table_index": 35, "table_type": "financial", "caption": null, "header_text": "\u00b7Existing Liquidity Source. We typically seek to identify a liquidity source for the borrower to repay us. Examples of sources of potential liquidity may include accounts receivable, another valuable "}, {"table_index": 36, "table_type": "financial", "caption": null, "header_text": "\u00b7our familiarity with the borrower (or, in the case of a business borrower, our familiarity with management or other persons such as directors involved with the borrower);"}, {"table_index": 39, "table_type": "financial", "caption": null, "header_text": "1.Public Bitcoin Treasury Companies.These include companies whose primary treasury strategy is to hold Bitcoin on their balance sheet, such as MicroStrategy (MSTR), Twenty One (CEP/XXI), Metaplanet (M"}, {"table_index": 42, "table_type": "financial", "caption": null, "header_text": "\u00b7decreased user and investor confidence in digital assets;"}, {"table_index": 44, "table_type": "financial", "caption": null, "header_text": "\u00b7correlations between the prices of digital assets, including the potential that a crash in one digital asset or widespread defaults on one digital asset exchange or trading venue may cause a crash in"}, {"table_index": 46, "table_type": "financial", "caption": null, "header_text": "\u00b7An increase in the global SUI supply;"}, {"table_index": 50, "table_type": "text", "caption": null, "header_text": "\u00b7the Asset Management Agreement, dated July 27, 2025, between Sui Group Holdings Limited (f/k/a Mill City Ventures III, Ltd.) and Galaxy Digital Capital Management LP, (the \u201cAsset Management Agreement"}, {"table_index": 53, "table_type": "text", "caption": null, "header_text": "\u00b7a partial or total loss of our SUI in a manner that may not be covered by insurance or the liability provisions of the custody agreements with the custodians who hold our SUI;"}, {"table_index": 58, "table_type": "financial", "caption": null, "header_text": "\u00b7SUI and other digital assets are subject to significant legal, commercial, regulatory, and technical uncertainty, and our SUI strategy subjects us to enhanced regulatory oversight;"}, {"table_index": 61, "table_type": "text", "caption": null, "header_text": "\u00b7restrictions on the nature of our investments;"}, {"table_index": 65, "table_type": "text", "caption": null, "header_text": "\u00b7the non-bank lending industry generally; and"}, {"table_index": 66, "table_type": "text", "caption": null, "header_text": "\u00b7our SUI treasury strategy and the price of SUI;"}, {"table_index": 68, "table_type": "text", "caption": null, "header_text": "\u00b7actual or anticipated changes in estimates as to financial results, development timelines or recommendations by securities analysts;"}, {"table_index": 69, "table_type": "text", "caption": null, "header_text": "\u00b7may significantly dilute the equity interest of our then-current stockholders;"}, {"table_index": 73, "table_type": "text", "caption": null, "header_text": "\u00b7Assessment: We periodically assess our risks relating to cybersecurity threats, including risks relating to our reliance on third parties, as part of our overall risk-management efforts and program. "}, {"table_index": 76, "table_type": "text", "caption": null, "header_text": "PeriodTotal Numberof Shares Purchased (1)Weighted AveragePrice Paid Per ShareTotal Number ofShares Purchased asPart of PubliclyAnnounced Plansor ProgramsMaximum DollarValue of Sharesthat May Yetbe Pur"}, {"table_index": 78, "table_type": "text", "caption": null, "header_text": "\u00b7Overview"}, {"table_index": 81, "table_type": "text", "caption": null, "header_text": "As of December 31, 2025"}, {"table_index": 82, "table_type": "text", "caption": null, "header_text": "As of December 31, 2024"}, {"table_index": 84, "table_type": "financial", "caption": null, "header_text": "\u00b7Strategic Shift: Our historical financial condition and results of operations for the periods presented may not be comparable, either from period to period or going forward, due to the recent strateg"}, {"table_index": 85, "table_type": "financial", "caption": null, "header_text": "For the Year Ended December 31,Increase (Decrease)Change"}, {"table_index": 89, "table_type": "financial", "caption": null, "header_text": "For the Year EndedDecember 31,"}, {"table_index": 93, "table_type": "financial", "caption": null, "header_text": "ItemPage"}, {"table_index": 96, "table_type": "text", "caption": null, "header_text": "Description of the MatterValuation of portfolio investments which utilize significant unobservable inputs and digital asset loan receivables associated with credit allowancesAt December 31, 2025, the "}, {"table_index": 98, "table_type": "financial", "caption": null, "header_text": "SUI GROUP HOLDINGS LIMITED"}, {"table_index": 100, "table_type": "financial", "caption": null, "header_text": "SUI GROUP HOLDINGS LIMITED"}, {"table_index": 102, "table_type": "text", "caption": null, "header_text": "SUI GROUP HOLDINGS LIMITED"}, {"table_index": 103, "table_type": "text", "caption": null, "header_text": "Year EndedDecember 31, 2024Common SharesPar ValueAdditionalPaid InCapitalAccumulated DeficitAccumulated Undistributed Net Investment Gain (Loss)Accumulated Undistributed Net Realized Gain (Loss) on In"}, {"table_index": 105, "table_type": "financial", "caption": null, "header_text": "SUI GROUP HOLDINGS LIMITED"}, {"table_index": 107, "table_type": "financial", "caption": null, "header_text": "SUI GROUP HOLDINGS LIMITED"}, {"table_index": 111, "table_type": "financial", "caption": null, "header_text": "\u00b7Level 1: Observableinputs based on quoted prices (unadjusted) in active markets for identical assets or liabilities."}, {"table_index": 115, "table_type": "financial", "caption": null, "header_text": "\u00b7ASU 2023\u201108 - Intangibles - Goodwill and Other- Cryptocurrency Assets (Subtopic 350\u201160) - The standard requires certain cryptocurrency assets that meet the scope criteria of intangible assets to be m"}, {"table_index": 116, "table_type": "financial", "caption": null, "header_text": "\u00b7ASU 2023\u201109, Income Taxes (Topic 740): Improvements to Income Tax Disclosures - enhances the transparency of income tax disclosures, requiring additional disaggregation in the rate reconciliation and"}, {"table_index": 119, "table_type": "text", "caption": null, "header_text": "December 31,2025"}, {"table_index": 121, "table_type": "text", "caption": null, "header_text": "SUI"}, {"table_index": 124, "table_type": "text", "caption": null, "header_text": "As of December 31, 2024"}, {"table_index": 128, "table_type": "text", "caption": null, "header_text": "Balance"}, {"table_index": 131, "table_type": "financial", "caption": null, "header_text": "Security Type12/31/25 FMVValuation TechniqueUnobservable InputsRange"}, {"table_index": 132, "table_type": "financial", "caption": null, "header_text": "Security Type12/31/24 FMVValuation TechniqueUnobservable InputsRange"}, {"table_index": 135, "table_type": "text", "caption": null, "header_text": ""}, {"table_index": 137, "table_type": "text", "caption": null, "header_text": "Number ofWarrantsExercise PriceExercisable as of DateExpiration Date"}, {"table_index": 138, "table_type": "text", "caption": null, "header_text": "Number ofWeighted"}, {"table_index": 139, "table_type": "text", "caption": null, "header_text": "Inputs"}, {"table_index": 141, "table_type": "financial", "caption": null, "header_text": "December 31,2025December 31,2024"}, {"table_index": 142, "table_type": "text", "caption": null, "header_text": "Outstanding as ofDecember 31, 2025"}, {"table_index": 144, "table_type": "financial", "caption": null, "header_text": "December 31,"}, {"table_index": 146, "table_type": "financial", "caption": null, "header_text": "Year Ended December 31, 2025"}, {"table_index": 147, "table_type": "financial", "caption": null, "header_text": "2024"}, {"table_index": 148, "table_type": "financial", "caption": null, "header_text": "December 31,"}, {"table_index": 152, "table_type": "text", "caption": null, "header_text": "NameAgePosition(s)"}, {"table_index": 157, "table_type": "text", "caption": null, "header_text": "Name and Principal PositionYearSalaryCash Bonus (1)Option Awards (2)All Other Compensation (3)Total"}, {"table_index": 158, "table_type": "text", "caption": null, "header_text": "(1)Unless otherwise noted, the amounts reported in the \u201cBonus\u201d column represent discretionary annual cash bonuses awarded to our named executive officers for service during the year referenced, althou"}, {"table_index": 160, "table_type": "text", "caption": null, "header_text": "NameGrant DateNumber of Securities Underlying Unexercised Options (#)ExercisableNumber of Securities Underlying Unexercised Warrants (#)Non-ExercisableOptionExercise Price ($)OptionExpirationDate"}, {"table_index": 161, "table_type": "text", "caption": null, "header_text": "(1)On November 23, 2022, we issued to each named executive officer 250,000 (aggregating 500,000 in total to both named executive officers) ten-year non-statutory stock options to purchase Common Stock"}, {"table_index": 163, "table_type": "text", "caption": null, "header_text": "NameGrant dateNumber of securitiesunderlying the awardExerciseprice of the award($/Sh)Grant date fair value of the awardPercentage change in the closing market price of the securities underlying the a"}, {"table_index": 165, "table_type": "text", "caption": null, "header_text": "NameFees Earned orPaid in CashOptionAwards(1)All OtherCompensationTotal"}, {"table_index": 166, "table_type": "text", "caption": null, "header_text": "(1)The amounts reported in this column represent the aggregate grant date fair value of share-based compensation awarded during the year referenced computed in accordance with the provisions of FASB A"}, {"table_index": 168, "table_type": "text", "caption": null, "header_text": "Plan categoryNumber of securities to be issued upon exercise of outstanding options, warrants and rightsWeighted-average exercise price of outstanding options, warrants and rightsNumber of securities "}, {"table_index": 169, "table_type": "text", "caption": null, "header_text": "Number of Shares Beneficially Owned(1)Percentage of Outstanding Shares(1)"}, {"table_index": 172, "table_type": "text", "caption": null, "header_text": "\u00b7Digital Asset Purchase and Sale Agreement, dated July 27, 2025. Pursuant to the agreement, the Company agreed to purchase a quantity of SUI tokens (the \u201cInitial Purchase\u201d) equal to 50% of the aggrega"}, {"table_index": 174, "table_type": "financial", "caption": null, "header_text": "\u00b7Pre-Funded Warrant, dated July 31, 2025. The Pre-Funded Warrant gives the Sui Foundation the right to purchase 612,547 shares of our Common Stock at an exercise price of $0.0001 per share. The Pre-Fu"}, {"table_index": 177, "table_type": "text", "caption": null, "header_text": "20252024"}, {"table_index": 179, "table_type": "exhibit_index", "caption": null, "header_text": "ExhibitNumberDescription"}, {"table_index": 181, "table_type": "exhibit_index", "caption": null, "header_text": "10.7Amendment No. 1 to Fourth Short-Term Loan Agreement and Fourth Short-Term Promissory Note with Mustang Funding, LLC, dated April 29, 2024 (incorporated by reference to Exhibit 10.3 to the Registra"}, {"table_index": 183, "table_type": "exhibit_index", "caption": null, "header_text": "10.24*Warrant Agreement, dated July 31, 2025, between Sui Group Holdings Limited (f/k/a Mill City Ventures III, Ltd.) and Dana Wagner."}, {"table_index": 184, "table_type": "text", "caption": null, "header_text": "*Filed herewith."}, {"table_index": 186, "table_type": "text", "caption": null, "header_text": "SUI Group Holdings Limited"}, {"table_index": 187, "table_type": "text", "caption": null, "header_text": "/s/ Douglas M. PolinskyChief Executive Officer and Director[\u25cf], 2026"}, {"table_index": 188, "table_type": "text", "caption": null, "header_text": "/s/ Howard LisztDirector[\u25cf], 2026"}], "exhibits_pending": true, "cdn_html": true, "response_time_ms": 39}