Sui Group revolutionizes crypto holdings through stablecoin strategy and DeFi integration

Sui Group Holdings, the Nasdaq-listed company with direct ties to the Sui Foundation, is pursuing a new approach to managing crypto holdings. Chief Investment Officer Stephen Mackintosh outlined an ambitious concept: combining SUI token accumulation with innovative yield mechanisms through a stability-oriented stablecoin – a model that differs significantly from traditional digital asset treasury approaches.

The company, formerly known as Mill City Ventures, reoriented itself fundamentally in 2025. At the core is the Digital Asset Treasury Strategy (DAT), which focuses on SUI, the native token of the Sui network. With a PIPE deal closed at a SUI price of approximately $4.20, Sui Group raised around $450 million – deliberately withholding about $60 million to manage market risks and avoid uncontrolled liquidations during volatile phases.

SuiUSDE: A Stablecoin with Yield Potential from February

The centerpiece of the new strategy is SuiUSDE, a native, yield-generating stablecoin developed in collaboration with the Sui Foundation and Ethena. Market launch is expected in February 2026. The stablecoin differs from classic stablecoin models through its revenue structure: 90 percent of the generated fees are returned to Sui Group and the Sui Foundation – either for open market SUI buybacks or reinvestment into Sui-native DeFi protocols.

Mackintosh emphasizes that Wall Street understands stablecoins much better than altcoins. This opens the possibility of capturing this understanding premium within a publicly traded stock. The stablecoin will be used on platforms like DeepBook, Bluefin, Navi, and decentralized exchanges like Cetus, and also functions as collateral across the entire ecosystem.

From Treasury to Operating Platform

The current position of Sui Group includes approximately 108 million SUI tokens. At today’s price of $1.15, this amounts to about $124 million – just under 3 percent of the circulating supply. The short-term goal is to increase this share to 5 percent of the circulating supply, which Mackintosh describes as a critical milestone.

Particularly impressive is the development of the SUI per share metric – a measure similar to the Ether-per-share model used by Ethereum-focused treasury companies. This figure has already increased from 1.14 to 1.34. Galaxy Digital Custody is responsible for managing the digital assets of Sui Group as the official asset manager.

The company has thus evolved from a pure holder and staker of SUI to an operational platform actively integrated into the Sui ecosystem.

Multi-Stream Revenue: Bluefin and the DeFi Model

Sui Group has entered into a revenue-sharing agreement with Bluefin, the leading DEX for perpetual futures on Sui. This partnership adds recurring income streams to the DAT strategy. The reason is clear: perpetual futures are the critical use case in crypto. By owning its own stablecoin solution and earning yields from a perpetuals DEX, the business model has fundamentally expanded.

Mackintosh indicated that two more deals within the ecosystem are in the pipeline, without specifics. The model aims to attract highly profitable DeFi users – the same segments that drove Ethena’s growth on Ethereum. Discussions with players like Pendle are already underway, according to Mackintosh.

Deflationary Structure and Long-Term Value Growth

While the basic staking yield of SUI is around 2.2 percent, the network offers structural advantages that other blockchains lack. The fixed total supply of 10 billion tokens combined with a fee burn mechanism makes Sui structurally deflationary – in contrast to inflationary networks like Solana or Ethereum.

If Sui Group can increase its effective yield through operational income to about 6 percent, a compelling mathematical model emerges: the value per share could grow significantly over the next five years, even without price increases of the SUI token. This combination of deflation and increased yield creates, according to Mackintosh, a highly robust long-term outlook.

Capital Management in Volatile Markets

Mackintosh deliberately sets Sui Group’s approach apart from that of other DAT companies that have suffered from volatility, forced token sales, and convertible debt structures. During recent market downturns, publicly listed digital asset treasury companies came under extreme pressure – many were forced to sell significant portions of their crypto holdings.

In contrast, Sui Group pursues a strategy of patience and capital efficiency. The company recently repurchased 8.8 percent of its own shares and holds about $22 million in cash, allowing flexibility without the need for hasty decisions. Mackintosh describes this approach as crucial in a volatile market.

Outlook: Sui Group as the Economic Anchor of the Ecosystem

Looking ahead to 2026, the goal remains clear and consistent: to make Sui Group the most economically significant player in the Sui ecosystem and to provide investors with a structured access point to this growth on the public market. The combination of stable governance, innovative yield mechanisms, and disciplined capital management positions the company as a model for the next generation of treasury strategies in crypto – a strategy that sets new standards through the stablecoin and DeFi integration.