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Sui Group shifts from crypto treasury to yield model

Written by Brie CarterPublished Jan. 25 2026Last Updated Jan. 25 2026

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Sui (CRYPTO:SUI) Group Holdings, the Nasdaq-listed firm tied to the Sui Foundation, is repositioning itself from a pure crypto treasury vehicle into a revenue-generating operating business.

The company was formerly known as Mill City Ventures before rebranding in 2025 to align with a digital asset treasury strategy centred on the SUI token.

Steven Mackintosh, chief investment officer of Sui Group, said the firm aims to become the most economically significant participant in the Sui blockchain ecosystem.

Mackintosh said the company’s core priority is accumulating SUI while building infrastructure that delivers recurring yield for shareholders.

Our performance is always going to be correlated to the price of SUI.

Steven Mackintosh said.

The goal is to be the most innovative digital asset treasury by embedding ourselves directly into the Sui ecosystem.

Mackintosh added.

Sui Group currently holds around 108 million SUI tokens valued at roughly $160 million, representing just under 3% of the circulating supply.

The firm is targeting ownership of 5% of circulating SUI, which Mackintosh described as a key strategic milestone.

The company has increased its SUI-per-share metric from 1.14 to 1.34, a measure similar to ether-per-share used by Ethereum (CRYPTO:ETH)-focused treasuries.

A private investment in public equity deal completed when SUI traded near $4.20 valued the treasury at about $400–450 million.

Sui Group raised roughly $450 million while deliberately holding back around $60 million to manage downside risk during periods of volatility.

Mackintosh said this approach helped the firm avoid forced token sales during market drawdowns.

Galaxy Digital acts as Sui Group’s official asset manager and custodian for its digital asset holdings.

The company is now expanding beyond staking into operating revenue through decentralised finance products.

A key initiative is SuiUSDE, a yield-bearing stablecoin developed with the Sui Foundation and Ethena and expected to launch in February following testing.

Sui Group is among the first firms to white-label Ethena’s stablecoin technology outside the Ethereum ecosystem.

Wall Street understands stablecoins far better than altcoins.

Steven Mackintosh said.

This is an opportunity to capture that premium inside a public equity.

Mackintosh also stated.

Under the structure, 90% of SuiUSDE fees will flow back to Sui Group and the Sui Foundation for SUI buybacks or reinvestment in Sui-native DeFi.

The stablecoin is expected to be integrated across DeepBook, Bluefin, Navi, Cetus and other decentralised exchanges on Sui.

Sui Group has also secured a revenue-sharing agreement with Bluefin, the leading perpetual futures exchange on the network.

The firm earns a fixed share of trading fees, creating a recurring income stream tied to derivatives activity.

Perps are the killer use case in crypto.

Steven Mackintosh noted.

We’ve moved from simply staking SUI to owning infrastructure that produces cash flow.

Mackintosh emphasized.

Mackintosh said two additional ecosystem partnerships are currently in development.

While SUI staking yields average about 2.2%, Mackintosh said the fixed 10 billion token supply and fee-burn model make the network structurally deflationary.

He added that pushing effective yield to around 6% could materially increase SUI per share over the next five years.

Sui Group recently repurchased 8.8% of its outstanding shares and retains about $22 million in cash.

Mackintosh said this balance sheet flexibility allows the firm to avoid rushed decisions during market stress.

Looking ahead to 2026, Mackintosh said the company remains focused on becoming the central economic engine of the Sui ecosystem while offering public investors cleaner exposure to its growth.

At the time of reporting, Sui price was $1.46.