Sui Group Holdings (SUIG), the one Nasdaq-listed firm with an official relationship with the Sui Basis, is positioning itself to grow to be essentially the most economically essential participant within the blockchain’s ecosystem, based on Steven Waterproof coat, the corporate’s chief funding officer.
Previously referred to as Mill Metropolis Ventures, the U.S.-based specialty finance agency rebranded to Sui Group Holdings in 2025 because it pivoted towards a foundation-backed digital asset treasury (DAT) technique centered on SUI, the native token of the Sui community.
Whereas the corporate continues to spend money on and advise private and non-private firms, Waterproof coat stated its precedence is now clear: accumulating SUI and constructing infrastructure that generates recurring yield for shareholders.
“Our efficiency is at all times going to be correlated to the value of SUI,” Waterproof coat instructed CoinDesk in an interview. “The objective is to be essentially the most progressive DAT out there by embedding ourselves instantly into the Sui ecosystem.”
Rising the SUI treasury
Sui Group at present holds about 108 million SUI tokens, price roughly $160 million, representing just below 3% of the circulating provide, based on Waterproof coat. The corporate’s near-term objective is to extend that stake to five% of the circulating float, which he described as a very essential milestone.
The agency has already grown its SUI per share metric, a benchmark much like ether-per-share utilized by Ethereum-focused treasury firms, from 1.14 to 1.34, Waterproof coat stated.
In a PIPE (non-public funding in public fairness) deal accomplished when SUI traded close to $4.20, the treasury was valued at roughly $400–450 million. Sui Group raised about $450 million, deliberately withholding round $60 million to handle market threat, a transfer Waterproof coat stated helped keep away from compelled token gross sales during times of volatility.
Sui Group’s digital property are custodied and managed by Galaxy Digital (GLXY), its official asset supervisor.
From treasury to working enterprise
Waterproof coat stated the corporate is now shifting past shopping for and staking SUI right into a full working mannequin.
The centerpiece is SuiUSDE, a local, yield-bearing stablecoin inbuilt partnership with the Sui Basis and Ethena, anticipated to go dwell in February following ongoing testing. Sui Group is among the many first to white-label Ethena’s expertise on a non-Ethereum community.
“Wall Road understands stablecoins much better than altcoins,” Waterproof coat stated. “This is a chance to seize that premium inside a public fairness.”
Underneath the construction, 90% of charges generated by SuiUSDE will movement again to Sui Group Holdings and the Sui Basis, both to purchase again SUI within the open market or to be redeployed into Sui-native DeFi. The stablecoin is predicted for use throughout DeepBook, Bluefin, Navi and decentralized exchanges (DEXs) akin to Cetus, in addition to function collateral all through the ecosystem.
Waterproof coat stated the objective is to draw the yield-hungry DeFi customers that powered Ethena’s development on Ethereum and produce that vitality to Sui, with discussions ongoing with gamers like Pendle.
Ethena is a DeFi protocol on Ethereum centered on making a crypto-native artificial greenback and monetary infrastructure that operates independently of conventional banking programs. Its flagship product is USDe, an artificial greenback designed to keep up a steady 1:1 peg to the U.S. greenback utilizing delta-neutral hedging of crypto collateral mixed with by-product positions fairly than counting on fiat reserves held in banks.
DeFi income and yield ambitions
Sui Group has additionally entered right into a revenue-sharing settlement with Bluefin, the main perpetual futures DEX on Sui. The corporate receives a set share of buying and selling charges, including a recurring income stream to its DAT.
“Perps are the killer use case in crypto,” Waterproof coat stated. “We’ve gone from an organization that buys and stakes SUI to an working enterprise that owns a stablecoin and earns income from a perps DEX.”
Two extra ecosystem offers are within the pipeline, he added.
Whereas SUI’s base staking yield is round 2.2%, Waterproof coat stated the community’s fastened 10 billion token provide and fee-burn mechanism make it structurally deflationary, not like inflationary networks akin to Solana and Ethereum.
If Sui Group can push its efficient yield to round 6% by means of working revenues, Waterproof coat stated he believes SUI per share might develop materially over the following 5 years, even earlier than factoring in worth appreciation.
“The mix of deflation and better yield provides us a really compelling long-term setup,” he stated.
Capital self-discipline and market volatility
Waterproof coat contrasted Sui Group’s strategy with different DATs which have struggled amid volatility, compelled token gross sales and convertible debt constructions.
Within the latest market downturn, digital asset treasury firms, publicly traded companies that construct core enterprise fashions round holding giant crypto balances, got here beneath sustained strain that compelled some to promote down components of their crypto stacks and rethink their methods.
Sui Group not too long ago purchased again 8.8% of its personal shares and nonetheless holds about $22 million in money, which Waterproof coat stated gives flexibility with out forcing knee-jerk choices.
“We’ve been affected person, we’ve used money successfully and we haven’t chased monetary engineering,” he stated. “That self-discipline issues on this market.”
Waiting for 2026, Waterproof coat stated the agency’s focus stays singular: making Sui Group Holdings the central financial actor within the Sui ecosystem and giving public-market buyers a cleaner method to entry its development.
Learn extra: Staking goes mainstream: what 2026 might seem like for ether buyers
