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Sui Group's Treasury Revolution: How a Nasdaq Company is Turning Crypto Holdings into Yield-Generating Machines

· 9 min read
Dora Noda
Dora Noda
Software Engineer

What happens when a Nasdaq-listed company stops treating cryptocurrency as a passive reserve asset and starts building an entire yield-generating business around it? Sui Group Holdings (SUIG) is answering that question in real-time, charting a course that could redefine how corporate treasuries approach digital assets in 2026 and beyond.

While most Digital Asset Treasury companies (DATs) simply buy and hold crypto, hoping for price appreciation, Sui Group is launching native stablecoins, deploying capital into DeFi protocols, and engineering recurring revenue streams—all while sitting on 108 million SUI tokens worth approximately $160 million. The company's ambition? To become the blueprint for next-generation corporate crypto treasuries.

The DAT Landscape is Getting Crowded—and Competitive​

The corporate crypto treasury model has exploded since MicroStrategy pioneered the strategy in 2020. Today, Strategy (formerly MicroStrategy) holds over 687,000 BTC, and more than 200 U.S. companies have announced plans to adopt digital asset treasury strategies. Public DATCOs collectively held more than $100 billion in digital assets as of late 2025.

But cracks are appearing in the simple "buy and hold" model. Digital asset treasury companies face a looming shakeout in 2026 as competition from crypto ETFs intensifies. With spot Bitcoin and Ethereum ETFs now offering regulated exposure—and in some cases, staking yields—investors increasingly view ETFs as simpler, safer alternatives to DAT company stocks.

"Firms relying solely on holding digital assets—particularly altcoins—may struggle to survive the next downturn," warns industry analysis. Companies without sustainable yield or liquidity strategies risk becoming forced sellers during market volatility.

This is precisely the pressure point Sui Group is addressing. Rather than competing with ETFs on simple exposure, the company is building an operating model that generates recurring yield—something a passive ETF cannot replicate.

From Treasury Company to Yield-Generating Operating Business​

Sui Group's transformation began with its October 2025 rebranding from Mill City Ventures, a specialty finance firm, to a foundation-backed digital asset treasury centered on SUI tokens. But the company's CIO Steven Mackintosh isn't satisfied with passive holding.

"Our priority is now clear: accumulating SUI and building infrastructure that generates recurring yield for shareholders," the company stated. The firm has already grown its SUI per share metric from 1.14 to 1.34, demonstrating accretive capital management.

The strategy rests on three pillars:

1. Massive SUI Accumulation: Sui Group currently holds about 108 million SUI tokens—just under 3% of the circulating supply. The near-term goal is to increase that stake to 5%. In a PIPE deal completed when SUI traded near $4.20, the treasury was valued at roughly $400-450 million.

2. Strategic Capital Management: The company raised approximately $450 million but intentionally withheld around $60 million to manage market risk, helping avoid forced token sales during periods of volatility. Sui Group recently bought back 8.8% of its own shares and maintains about $22 million in cash reserves.

3. Active DeFi Deployment: Beyond staking, Sui Group is deploying capital across Sui-native DeFi protocols, earning yield while deepening ecosystem liquidity.

SuiUSDE: The Yield-Bearing Stablecoin That Changes Everything​

The centerpiece of Sui Group's strategy is SuiUSDE—a native, yield-bearing stablecoin built in partnership with the Sui Foundation and Ethena, expected to go live in February 2026.

This isn't just another stablecoin launch. Sui Group is among the first to white-label Ethena's technology on a non-Ethereum network, making Sui the first non-EVM chain to host an income-generating native stable asset backed by Ethena's infrastructure.

Here's how it works:

SuiUSDE will be collateralized using Ethena's existing products—USDe and USDtb—plus delta-neutral SUI positions. The backing consists of digital assets paired with corresponding short futures positions, creating a synthetic dollar that maintains its peg while generating yield.

The revenue model is what makes this transformative. Under the structure:

  • 90% of fees generated by SuiUSDE flow back to Sui Group Holdings and the Sui Foundation
  • Revenue is used either to buy back SUI in the open market or redeploy into Sui-native DeFi
  • The stablecoin will be integrated across DeepBook, Bluefin, Navi, and DEXs like Cetus
  • SuiUSDE will serve as collateral throughout the ecosystem

This creates a flywheel: SuiUSDE generates fees → fees buy SUI → SUI price appreciation benefits Sui Group treasury → increased treasury value enables more capital deployment.

USDi: BlackRock-Backed Institutional Stablecoin​

Alongside SuiUSDE, Sui Group is launching USDi—a stablecoin backed by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL), a tokenized money market fund.

While USDi doesn't generate yield for holders (unlike SuiUSDE), it serves a different purpose: providing institutional-grade stability backed by traditional finance's most trusted name. This dual-stablecoin approach gives Sui ecosystem users choice between yield-generating and maximum-stability options.

The involvement of both Ethena and BlackRock signals institutional confidence in Sui's infrastructure and Sui Group's execution capabilities.

Brian Quintenz Joins the Board: Regulatory Credibility at Scale​

On January 5, 2026, Sui Group announced a board appointment that sent a clear signal about its ambitions: Brian Quintenz, former CFTC Commissioner and former Global Head of Policy at a16z crypto.

Quintenz's credentials are exceptional:

  • Nominated by both Presidents Obama and Trump to the CFTC
  • Unanimously confirmed by the U.S. Senate
  • Played a central role in shaping regulatory frameworks for derivatives, fintech, and digital assets
  • Led early oversight of Bitcoin futures markets
  • Ran policy strategy for one of crypto's most influential investment platforms

His path to Sui Group wasn't straightforward. Quintenz's nomination to chair the CFTC was withdrawn by the White House in September 2025 after facing roadblocks, including concerns over potential conflicts of interest raised by the Winklevoss twins and scrutiny of a16z lobbying efforts.

For Sui Group, Quintenz's appointment adds regulatory credibility at a critical moment. As DAT companies face increasing scrutiny—including risks of being classified as unregistered investment companies if crypto holdings exceed 40% of assets—having a former regulator on the board provides strategic guidance through the compliance landscape.

With Quintenz's appointment, Sui Group's five-member board now includes three independent directors under Nasdaq rules.

The Metrics That Matter: SUI Per Share and TNAV​

As DAT companies mature, investors are demanding more sophisticated metrics beyond simple "how much crypto do they hold?"

Sui Group is leaning into this evolution, focusing on:

  • SUI Per Share: Has grown from 1.14 to 1.34, demonstrating accretive capital management
  • Treasury Net Asset Value (TNAV): Tracks the relationship between token holdings and market capitalization
  • Issuance Efficiency: Measures whether capital raises are accretive or dilutive to existing shareholders

These metrics matter because the DAT model faces structural challenges. If a company trades at a premium to its crypto holdings, issuing new shares to buy more crypto can be accretive. But if it trades at a discount, the math reverses—and management risks destroying shareholder value.

Sui Group's approach—generating recurring yield rather than relying solely on appreciation—provides a potential solution. Even if SUI prices decline, stablecoin fees and DeFi yields create baseline revenue that pure holding strategies cannot match.

MSCI's Decision and Institutional Implications​

In a significant development for DAT companies, MSCI decided not to exclude digital asset treasury companies from its global equity indexes, despite proposals to remove firms with over 50% of assets in cryptocurrencies.

The decision maintains liquidity for passive funds tracking MSCI benchmarks, which oversee $18.3 trillion in assets. With DATCOs holding $137.3 billion in digital assets collectively, their continued inclusion preserves a critical source of institutional demand.

MSCI deferred changes to a February 2026 review, giving companies like Sui Group time to demonstrate their yield-generating models can differentiate them from simple holding vehicles.

What This Means for Corporate Crypto Treasuries​

Sui Group's strategy offers a template for the next evolution of corporate crypto treasuries:

  1. Beyond Buy and Hold: The simple accumulation model faces existential competition from ETFs. Companies must demonstrate operational expertise, not just conviction.

  2. Yield Generation is Non-Negotiable: Whether through staking, lending, DeFi deployment, or native stablecoin issuance, treasuries must produce recurring revenue to justify premiums over ETF alternatives.

  3. Ecosystem Alignment Matters: Sui Group's official relationship with the Sui Foundation creates advantages pure financial holders cannot replicate. Foundation partnerships provide technical support, ecosystem integration, and strategic alignment.

  4. Regulatory Positioning is Strategic: Board appointments like Quintenz signal that successful DAT companies will invest heavily in compliance and regulatory relationships.

  5. Metrics Evolution: SUI per share, TNAV, and issuance efficiency will increasingly replace simple market cap comparisons as investors become more sophisticated.

Looking Ahead: The $10 Billion TVL Target​

Experts project that the addition of yield-generating stablecoins could push Sui's total value locked past $10 billion by 2026, significantly raising its position in global DeFi rankings. As of now, Sui's TVL sits around $1.5-2 billion, meaning SuiUSDE and related initiatives would need to catalyze 5-6x growth.

Whether Sui Group succeeds will depend on execution: Can SuiUSDE achieve meaningful adoption? Will the fee-to-buyback flywheel generate material revenue? Can the company navigate regulatory complexity with its new governance structure?

What's certain is that the company has moved beyond the simplistic DAT playbook. In a market where ETFs threaten to commoditize crypto exposure, Sui Group is betting that active yield generation, ecosystem integration, and operational excellence can command premium valuations.

For corporate treasurers watching from the sidelines, the message is clear: holding crypto is no longer enough. The next generation of digital asset companies will be builders, not just buyers.

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