Sui Group Treasury Strategy: Transforming the Ecosystem with Stablecoin and DeFi Operating Business

Sui Group Holdings (SUIG), the only public player with official ties to Sui Foundation, is executing a transformation from a traditional investor into a revenue-generating machine within the Sui blockchain ecosystem. Through large-scale acquisition of SUI tokens, native stablecoin launches, and strategic partnerships with DeFi protocols, this company aims to dominate the economic position on the network.

According to Stephen Mackintosh, Chief Investment Officer of Sui Group, this strategy is not just about accumulating digital assets but building infrastructure that yields sustainable returns for public shareholders. “Our performance will always be correlated with the SUI price,” Mackintosh told CoinDesk. “Our goal is to become the most innovative digital asset treasury (DAT) by directly engaging with the Sui ecosystem.”

Building the Sui Treasury: From Accumulation to Organic Growth

Sui Group’s journey began when a US-based specialized financial company formerly known as Mill City Ventures made a complete pivot in 2025. Fully focused on a digital asset treasury strategy supported by Sui Foundation, the company now holds approximately 108 million SUI tokens with a target to increase ownership to 5% of the total circulating supply—a milestone considered crucial in building economic influence.

On the way to this target, Sui Group has increased its SUI per share metric from 1.14 to 1.34, reflecting organic growth from their holdings. The company successfully raised $450 million in a PIPE (private investment in public equity) round when SUI was trading near $4.20, with a conservative strategy reserving $60 million as a buffer to manage market volatility—demonstrating their capital discipline.

Sui Group’s digital assets are stored and managed by Galaxy Digital, a professional asset manager ensuring the security and accuracy of the company’s treasury holdings.

Evolution Toward Operating Business: SuiUSDE and DeFi Revenue Streams

The biggest transformation occurred when Sui Group began developing a more complex operational business model. The main focus is SuiUSDE, a native stablecoin that provides yield, developed in collaboration with Sui Foundation and Ethena (a leading DeFi protocol on Ethereum). This stablecoin is planned to launch in February after ongoing testing, and will be the first token to adopt Ethena’s technology via white-label on a non-Ethereum network.

“Wall Street understands stablecoins much better than altcoins,” Mackintosh said, explaining why this product is strategic for institutional investors. The economic structure of SuiUSDE is designed to maximize revenue streams—90% of fees generated will be returned to Sui Group Holdings and Sui Foundation, for both open-market SUI buybacks and reinvestment into native Sui DeFi.

This stablecoin token will serve as a trading medium and collateral across various Sui ecosystem protocols, including DeepBook (order book infrastructure), Bluefin (DEX perpetual futures), Navi (lending protocol), and Cetus (DEX), opening broad ecosystem collaboration opportunities.

Revenue Diversification: Perps and Strategic Partnerships

Beyond just stablecoins, Sui Group has also entered into revenue-sharing agreements with Bluefin, a leading DEX perpetual futures platform on Sui. The company receives a fixed percentage of trading fees, creating a stable and measurable recurring revenue stream.

“Perpetual futures are a fundamental use case in crypto,” Mackintosh said. “We have transformed from just buying and staking SUI into an operational business that has a stablecoin and generates revenue from DeFi perpetuals.”

Two additional ecosystem deals are currently in negotiations, indicating Sui Group continues to expand its operational footprint across various layers of the ecosystem. Discussions are also ongoing with other players like Pendle, known for its yield farming infrastructure.

Deflation Mechanics and Long-Term Yield Targets

Sui Group’s positioning is also advantaged by the structural characteristics of the Sui network, which differ from inflationary blockchains like Solana and Ethereum. With a fixed supply of 10 billion tokens and a fee burning mechanism, Sui has inherent deflationary dynamics.

Current SUI staking yields are around 2.2%, but Mackintosh believes that by combining multiple income streams from operational business—including SuiUSDE revenue, perpetual futures revenue, and DeFi investments—Sui Group can push effective yields up to 6% or more. If this target is achieved, SUI per share could experience significant growth over the next five years, even before considering token price appreciation itself.

“The combination of structural deflation and higher yields creates a very attractive long-term opportunity set,” Mackintosh added.

Lessons in Market Discipline: Avoiding Competitor Pitfalls

Sui Group’s conservative strategy sharply contrasts with the difficulties faced by other digital asset treasuries during recent market volatility. Some competitors were forced to sell, convert debt, or revise their fundamental strategies when markets declined.

Sui Group responded calmly—conducting an 8.8% share buyback of their own stock while maintaining $22 million in cash reserves for operational flexibility. “We have been patient, used cash efficiently, and avoided shortcuts like financial engineering,” Mackintosh explained. “Discipline is key in markets like this.”

Vision for 2026: Becoming a Major Economic Player in the Sui Ecosystem

Looking ahead, Sui Group’s mission remains singular and focused: to become the most important economic player within the Sui ecosystem while providing public market investors with a clean vehicle to access blockchain growth. Through a combination of treasury accumulation, operational revenue diversification, and market discipline, this company is building a new blueprint for how institutions can participate in and profit from the growth of the blockchain ecosystem.