SKN | Sui Group Charts New Course for Crypto Treasuries With Stablecoins and DeFi

Key Points

Sui Group is evolving from a passive crypto treasury into a yield-generating operating business built around stablecoins and DeFi revenues.
The company plans to launch a native yield-bearing stablecoin, SuiUSDE, with fees recycled into SUI buybacks and ecosystem growth.
Management is targeting higher effective yield and steady growth in SUI per share over the next five years.

From Digital Asset Treasury to Ecosystem Operator

Sui Group Holdings, the only Nasdaq-listed company with an official relationship with the Sui Foundation, is repositioning itself as a core economic engine within the Sui blockchain ecosystem.

Formerly known as Mill City Ventures, the U.S.-based specialty finance firm rebranded in 2025 as it pivoted toward a foundation-backed digital asset treasury strategy centered on SUI, the network’s native token. While SUI price performance will remain a key driver, the company’s leadership says the next phase is about building recurring revenue streams rather than relying solely on token appreciation.

“Our performance is always going to be correlated to the price of SUI,” chief investment officer Steven Mackintosh said. “But the goal is to be the most innovative digital asset treasury by embedding ourselves directly into the Sui ecosystem.”

Growing the SUI Treasury With Capital Discipline

Sui Group currently holds roughly 108 million SUI tokens, worth about $160 million and representing just under 3% of circulating supply, according to Mackintosh. Management’s near-term target is to reach 5% of the float, a threshold viewed internally as strategically significant.

The company tracks “SUI per share” as a core metric, similar to ETH-per-share models used by Ethereum-focused treasury firms. That figure has already risen from 1.14 to 1.34, reflecting both token accumulation and capital discipline. Sui Group raised approximately $450 million in a PIPE transaction while intentionally holding back cash to avoid forced selling during volatility. Custody and asset management are handled by Galaxy Digital.

Stablecoins as the Bridge to Wall Street

The centerpiece of Sui Group’s operating strategy is SuiUSDE, a native yield-bearing stablecoin developed in partnership with the Sui Foundation and Ethena. The stablecoin is expected to launch in early February following testing.

Unlike traditional treasury strategies, SuiUSDE is designed to generate ongoing fees. Around 90% of those fees are expected to flow back to Sui Group and the foundation, either through open-market SUI buybacks or redeployment into Sui-native DeFi protocols.

“Wall Street understands stablecoins far better than altcoins,” Mackintosh said. “This gives public-market investors a cleaner way to access growth inside the Sui ecosystem.”

SuiUSDE is expected to integrate across key Sui applications, including DeepBook, Bluefin, Navi and decentralized exchanges such as Cetus, while also serving as collateral across the network.

DeFi Revenues and Yield Ambitions

Beyond stablecoins, Sui Group has entered a revenue-sharing agreement with Bluefin, the leading perpetual futures exchange on Sui, giving the company exposure to trading fees. Two additional ecosystem partnerships are in progress, adding further operating leverage.

While SUI’s base staking yield sits near 2.2%, Mackintosh argues the network’s fixed 10 billion token supply and fee-burn mechanics make it structurally deflationary. By layering DeFi revenues on top, the company believes it can push effective yield toward 6% over time.

“The combination of deflation and higher yield creates a compelling long-term setup,” Mackintosh said, adding that meaningful growth in SUI per share could occur even without aggressive price appreciation.

Positioning for the Next Phase of Crypto Treasuries

Sui Group’s strategy contrasts with more leveraged digital asset treasury models that have struggled during market drawdowns. The company recently repurchased 8.8% of its own shares and retains over $20 million in cash, providing flexibility without forcing asset sales.

Looking ahead to 2026, management’s focus remains singular: positioning Sui Group as the central economic actor in the Sui ecosystem and offering public-market investors a more durable, yield-driven way to gain exposure to blockchain growth.