Steven Cree's vision for Sui Group: redefining digital asset treasuries with stablecoins and DeFi yields

Sui Group Holdings is paving a new path in crypto treasury management, combining holdings in SUI with income from stablecoins and decentralized finance protocols. According to the company’s leadership team, this multi-faceted strategy aims to make Sui Group the most influential economic actor in the Sui ecosystem. The only Nasdaq-listed company with an official relationship with the Sui Foundation is repositioning itself from its previous model—known as Mill City Ventures—toward a fully operational digital assets treasury system (DAT).

From passive accumulation to operational model: the evolution of Sui Group

Sui Group’s transformation reflects a clear evolution in its approach to digital assets. The company currently holds around 108 million SUI tokens, valued at approximately $160 million, representing just under 3% of the total circulating supply. Its immediate goal is to raise this stake to 5% of the circulating supply—a milestone the management considers crucial to solidify its position on the network.

The SUI per share metric has increased from 1.14 to 1.34, reflecting optimization in the key metric used to measure the performance of treasury companies focused on blockchain. During the PIPE round (private investment in public equity) completed when SUI was trading near $4.20, the treasury was valued between $400 and $450 million. The company made a prudent decision to intentionally retain around $60 million in cash to mitigate market risk, thus avoiding forced liquidations during periods of high volatility.

SuiUSDE: the yield stablecoin arrives in February

The core component of the new operational strategy is the launch of SuiUSDE, a native stablecoin developed in collaboration with the Sui Foundation and Ethena. This will be one of the first implementations of Ethena’s technology under a white-label arrangement on a network other than Ethereum, after completing its respective testing.

The structure of SuiUSDE channels 90% of the generated fees back to Sui Group Holdings and the Sui Foundation, intended either to buy back SUI on the open market or to be redistributed within the native DeFi ecosystem. The stablecoin will be integrated into key platforms such as DeepBook, Bluefin, Navi, and decentralized exchanges like Cetus, as well as functioning as collateral across the ecosystem. The design aims to attract yield-seeking users who previously drove Ethena’s growth on Ethereum, with ongoing discussions with projects like Pendle to expand adoption.

Revenue diversification: perpetual contracts and fee agreements

Sui Group has established a revenue-sharing pact with Bluefin, the leading perpetual contracts DEX on Sui. This alliance generates a recurring income stream based on a fixed percentage of trading fees. The approach recognizes that perpetual contracts represent a revolutionary use case in cryptocurrencies, allowing the company to transition from merely buying and accumulating SUI to operating a business that generates returns from multiple sources.

Two additional agreements within the ecosystem are in the final stages, according to the company’s management. While the base staking yield of SUI hovers around 2.2%, the vision is to elevate the effective yield to around 6% through these additional operational income streams.

Structural advantage: deflation versus inflation in blockchain networks

Sui Group’s competitive analysis highlights a fundamental difference with other major networks. SUI operates under a fixed supply of 10 billion tokens and has a fee-burning mechanism, making the network structurally deflationary. This sharply contrasts with inflationary networks like Solana and Ethereum, where continuous supply increases dilute the value for existing holders.

This combination of structural deflation and growing operational yields creates, according to internal assessment, a particularly attractive long-term setup. If the company manages to boost the effective yield to 6% without diluting the token supply, the growth in SUI’s per-share value could experience a significant increase over the next five years, even before considering any market price appreciation.

Capital discipline in a volatile context

Sui Group’s approach to market volatility contrasts with other DATs that have faced recent difficulties. While some treasury companies were forced to perform emergency liquidations during recent volatility, Sui Group recently repurchased 8.8% of its own shares and holds around $22 million in liquid cash. This defensive position provides operational flexibility without pressuring short-term decisions.

Management has emphasized a disciplined approach: patience in execution, effective use of available capital, and rejection of complex financial engineering schemes. In a market where volatility remains a constant reality, this restraint in management offers a significant competitive advantage.

Future projections and ambitions

Looking ahead to 2026, Sui Group maintains its goal of establishing itself as the central economic actor in the Sui ecosystem, providing public market investors with a clear pathway to network growth. The combination of increasing holdings in SUI, yield-generating stablecoins, diversified DeFi income, and a underlying deflationary structure paints a scenario where shareholder value could increase substantially in the medium term, even regardless of short-term price movements.