Sui Group Builds a Sustainable Cash Ecosystem with Stablecoin and Yield DeFi

Facing a competitive market landscape, Sui Group Holdings (SUIG)—a Nasdaq-listed company that serves as the institutional gateway to the Sui ecosystem—has taken transformative steps to maximize shareholder returns. The company’s latest strategy, formerly operating as Mill City Ventures before rebranding in 2025, focuses on smart cash accumulation and building sustainable revenue-generating infrastructure, rather than passive token holdings.

According to Stephen Mackintosh, the company’s Chief Investment Officer, Sui Group’s long-term goal is to become the most dominant economic player within the Sui blockchain ecosystem by moving digital cash through various revenue channels. “Our performance will always correlate with the SUI price, but our aim is to tell a different story about how cash grows through ecosystem operations,” Mackintosh said.

Digital Cash Strategy: From Token Holders to Yield Generators

Sui Group’s transformation represents a paradigm shift in how digital-based treasury companies operate crypto assets. Instead of merely holding and staking SUI tokens, the company now positions itself as an active operator integrating cash into the native DeFi infrastructure of Sui.

This strategy is supported by a solid custodian infrastructure—Sui Group’s digital assets are managed by Galaxy Digital, a leading institutional asset manager—and a strict capital discipline approach. In a PIPE (private investment in public equity) round completed when SUI traded at $4.20, the company successfully raised approximately $450 million while deliberately maintaining $60 million in cash reserves to manage unforeseen market risks. This conservative cash strategy proved effective when market volatility increased.

Currently, with SUI trading at $1.14 (as of February 1, 2026), Sui Group’s digital cash holdings worth over $160 million provide a solid foundation for operational expansion. The company has maintained cash in strategic proportions that enable ongoing acquisitions without triggering forced sales during bearish market phases.

Increasing SUI Cash: Targeting 5% of Circulating Supply

Sui Group’s ambition to become a leading treasury player is reflected in its aggressive yet measured token ownership targets. The company currently holds around 108 million SUI tokens, representing just under 3% of the total circulating supply of approximately 3.79 billion tokens. The company’s mid-term goal is to increase this SUI cash holding to 5% of the circulating supply—considered a critical milestone by Mackintosh for building significant economic influence within the ecosystem.

The company’s “SUI per share” metric, similar to ether-per-share used by Ethereum-focused treasury companies, has increased from 1.14 to 1.34 in the latest reporting period. This increase reflects a combination of efficient cash accumulation and disciplined management of outstanding shares—including a buyback of 8.8% of the company’s outstanding shares during the recent period.

SuiUSDE and Cash Flows: How Stablecoins Drive Revenue

The most significant operational move by Sui Group is the launch of SuiUSDE, a native yield-generating stablecoin built through strategic collaboration with Sui Foundation and Ethena—an Ethereum DeFi protocol that has demonstrated a sustainable yield model at scale. Scheduled for launch in early February after a series of internal tests, this positions Sui Group as one of the first white-label adopters of Ethena’s technology outside the Ethereum network.

SuiUSDE is designed with a cash flow structure that benefits the ecosystem. 90% of all fees generated by this stablecoin will flow back to Sui Group Holdings and Sui Foundation, used both for buybacks of SUI on the open market and reinvestment into the native DeFi protocols of Sui. This mechanism creates a feedback loop that strengthens both cash reserves and token value simultaneously.

“Stablecoins are instruments Wall Street understands much better than volatile altcoins,” Mackintosh said. “It’s not just about technology, but about opening institutional access to sustainable yields within the Sui ecosystem.” This stablecoin is projected to serve as collateral and a medium of exchange across the Sui ecosystem, including major DeFi protocols like DeepBook, Bluefin, Navi, and decentralized exchanges like Cetus. Discussions are also ongoing with yield farming players like Pendle for further integration.

Diversifying Cash Sources: From Perpetual Futures to Ecosystem Agreements

Sui Group’s cash strategy does not stop at stablecoins. The company has entered into revenue-sharing agreements with Bluefin, a leading perpetual futures exchange within the Sui ecosystem. Through this agreement, Sui Group receives a fixed percentage of each perpetual trading fee, creating recurring cash flows independent of token price appreciation. “Perpetual futures are one of the most powerful use cases in crypto,” Mackintosh said. “We have transformed from a company that simply buys and stakes SUI into an operational business that owns stablecoins, generates revenue from DEX perps, and accumulates cash through multiple revenue streams.”

Mackintosh confirmed that two additional ecosystem agreements are in final stages, though specific details have not been disclosed. This diversification is key to achieving an effective yield target of 6%, forming the basis for the company’s 5-year growth projection.

Structural Advantages: Deflation vs. Inflation in the Cash Equation

One factor that sets Sui Group’s cash strategy apart from competitors is the economic mechanism of the Sui token itself. While staking yields for SUI are around 2.2%, the total supply of Sui tokens remains at 10 billion, and the fee-burning mechanism makes the network structurally deflationary—unlike inflationary networks like Solana and Ethereum that continuously add new supply.

In Mackintosh’s projection, if Sui Group can push its effective operational yield to 6% through a combination of staking, fee-sharing, and DeFi revenue, then SUI per share could grow significantly over the next 5 years—even before considering token price appreciation. “The combination of structural deflation and higher yields offers us very attractive long-term opportunities,” Mackintosh said. “It’s not just a price game but a solid economic fundamental.”

Cash Discipline and Volatility Management in Market Cycles

Sui Group’s approach to volatility management sets it apart from other digital asset treasury companies facing challenges during market downturns. Many similar firms are forced to liquidate crypto holdings and re-strategize under liquidity pressures and inflexible debt structures.

Sui Group, on the other hand, has maintained substantial cash reserves—still holding around $22 million in cash alongside SUI holdings—providing operational flexibility without forcing impulsive decisions. “We have been patient, we have used cash strategically, and we are not engaging in financial engineering tricks,” Mackintosh said. “Discipline is the most valuable asset in this market.”

This approach is reflected in the cautious timing and volume of the 8.8% share buyback, designed to maximize value for remaining shareholders. This conservative cash strategy positions Sui Group to capitalize on market opportunities without resorting to fire sales.

Vision 2026: Ecosystem Cashification

Looking into 2026, Sui Group’s focus remains laser-sharp: establishing Sui Group Holdings as a major economic player within the Sui ecosystem while providing public investors a cleaner pathway to access blockchain economy growth. With accumulated cash, diversified revenue infrastructure, and disciplined capital management, the company is entering a new phase where cash is not just an asset held but an active growth engine driving shareholder returns.

The transformation from Mill City Ventures to Sui Group Holdings is not just a rebrand—it signals a fundamental shift in how the company values and operates within the modern blockchain ecosystem.