Sui Group Holdings is pushing deeper into the Sui ecosystem as it builds out a digital asset treasury strategy centered on SUI. Chief investment officer Stephen Mackintosh said the Nasdaq-listed company’s priority is now straightforward: accumulate more SUI and create infrastructure that can generate recurring returns for shareholders.
The company, formerly known as Mill City Ventures, rebranded in 2025 and shifted toward a foundation-backed treasury model focused on Sui’s native token. Mackintosh said the firm’s performance will remain closely tied to the price of SUI, while its broader aim is to become a more innovative digital asset treasury by embedding itself directly into the network’s operating layer.
SUI Holdings and Treasury Growth Plans
According to Mackintosh, Sui Group currently holds about 108 million SUI, worth roughly $160 million, or just under 3% of the token’s circulating supply. Its near-term objective is to increase that share to 5%, a level he described as an important milestone.
The firm is also tracking SUI per share, a metric comparable to ether-per-share used by Ethereum treasury companies. Mackintosh said that figure has increased from 1.14 to 1.34. In a PIPE transaction completed when SUI traded near $4.20, the treasury was valued at about $400 million to $450 million. Sui Group raised around $450 million and deliberately held back roughly $60 million to manage market risk and avoid forced token sales during volatile periods.
Its digital assets are custodied and managed by Galaxy Digital, which serves as the company’s official asset manager.
SuiUSDE Moves the Strategy Beyond Holding and Staking
Mackintosh said Sui Group is no longer limiting itself to buying and staking SUI. The next phase centers on SuiUSDE, a native yield-bearing stablecoin being developed with the Sui Foundation and Ethena. The product is still in testing and is expected to go live in February. Sui Group is among the first participants to white-label Ethena’s technology on a non-Ethereum network.
Under the structure described by Mackintosh, 90% of the fees generated by SuiUSDE will flow back to Sui Group Holdings and the Sui Foundation. Those funds may be used to buy back SUI on the open market or be redeployed into Sui-native DeFi. The stablecoin is expected to be used across DeepBook, Bluefin, Navi and DEXs including Cetus, while also serving as collateral across the ecosystem.
Mackintosh said Wall Street has a much clearer understanding of stablecoins than altcoins, making this segment easier to package inside a public equity story. He also said discussions are taking place with projects such as Pendle as the company looks to bring the kind of yield-focused DeFi users that helped Ethena grow on Ethereum over to Sui.
Bluefin Fee Sharing Adds a Recurring Revenue Stream
Outside the stablecoin effort, Sui Group has entered into a revenue-sharing agreement with Bluefin, the leading perpetual futures DEX on Sui. Through that arrangement, the company receives a fixed percentage of trading fees, adding a recurring income source to its digital asset treasury. Mackintosh said the business has moved from a model based on buying and staking SUI to one that owns a stablecoin and earns revenue from a perps exchange.
He added that two more ecosystem deals are in the pipeline. On yields, Mackintosh said SUI’s base staking return is around 2.2%. He also pointed to Sui’s fixed supply of 10 billion tokens and its fee-burn mechanism, arguing that the network is structurally deflationary, in contrast with inflationary networks such as Solana and Ethereum.