SUI Group currently holds 100 million SUI tokens worth approximately $344 million

New direction of Sui Group

SUI Group’s development from Mill City Ventures reflects a broader trend among public companies diversifying into crypto funds, following in the footsteps of pioneers like MicroStrategy with Bitcoin. Originally a niche financial firm focused on short-term lending, Mill City pivoted in July 2025 after securing a $450 million private investment, allocating 98% of the proceeds to buy back SUI tokens.

The recent addition of 20 million tokens, bringing the total number of tokens to 101,795,656, underscores a deliberate strategy to capitalize on the explosive growth of the Sui blockchain, which has recorded an impressive 2.7 billion transactions in 2025 and boasts a total value locked (TVL) of over $3.4 billion. The move is facilitated by an exclusive agreement with the Sui Foundation, allowing for discounted token purchases, a move led by the new leadership, including President Marius Barnett and Chief Information Officer Stephen Mackintosh from Karatage Opportunities.

SUI Group wants to leverage Sui’s high-performance infrastructure — designed for scale, speed, and security — to create shareholder value, with the stated goal of increasing SUI per share (currently 1.14). This pivot addresses the company’s previous financial constraints, with pre-Treasury cash reserves of $19.4 million and a reported net loss of $6.74 million in fiscal 2025. However, the established narrative of the “transformational potential” of decentralized finance needs to be taken with a grain of salt — SUI Group’s financials suggest it may be a high-risk gamble to offset traditional business difficulties rather than a solid strategic vision.

Main target from Sui Group

The technical foundation of SUI Group’s strategy lies in staking, with nearly 101.8 million SUI tokens staked to generate an annual yield of 2.2%, or approximately $20,000 per day. This leverages Sui’s Move programming language and object model, which allows for parallel execution and sub-second finality, supporting a robust DeFi ecosystem that includes protocols such as Suilend and NAVI. The buyback at a discount from the Sui Foundation, at an average price of $3.38 per token compared to the market price of $3.39, enhances returns, while the company’s plans to continue raising capital indicate a long-term commitment.

Compared to Solana, Solana's ecosystem, with its 65,000 TPS capacity, $2.5 billion daily decentralized transaction volume, record stress test of 107,540 TPS, $11.4 billion stablecoin supply, and $215 billion monthly transfer volume, highlights the competitive landscape that SUI Group wants to penetrate.

However, relying on a single asset and a centralized partnership with the Sui Foundation carries the risk of centralization, challenging the decentralized nature of blockchain. The “creating shareholder value” narrative could be overstated if market volatility or regulatory changes undermine the value of the token.

Evaluation and Conclusion

SUI Group’s announcement on September 2, 2025 that it holds over 100 million SUI tokens, worth $344 million, marks a major milestone in the crypto treasury trend, transforming a traditional lending institution into a blockchain-focused entity. Driven by the growth of the Sui blockchain — boasting 2.7 billion transactions and $3.4 billion TVL — along with a strategic partnership with the Sui Foundation, the move aims to create shareholder value through staking and discounted buybacks. If successful, it could position SUI Group as a leader in the altcoin treasury space, impacting global blockchain adoption.

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