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olivLaw · US equity research

Sui Group Holdings Limited SUIG

Finance Services · SIC 6199 · Vertical: Finance Services (SIC 6199)

1.06USD−2.75% · 1 dayClose 04 Nov 2026

Sui Group Holdings Limited, formerly Mill City Ventures III, shifted in 2025 from short-term lending to a digital asset treasury built around the SUI token of the Sui blockchain, giving investors rare listed exposure to that network. The current interest comes from the extreme volatility of the underlying asset, which cut the treasury value from 147 million USD at end-2025 to 62.8 million USD at June 30, 2026.

At the close of 04 Nov 2026, Sui Group Holdings Limited (SUIG) stock was 1.06 USD (−2.75% on the day), with market capitalisation 81.4 m USD, dividend yield 9.43%, beta 1.83, 52-week range 0.81–2.74 USD. Latest reported quarter (Q2 2026): revenue of 363.0 k USD (−61.7% YoY), net income of -18.9 m USD (−2,892.8% YoY), diluted EPS -0.23 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
81.4 m USD
shares as of 03 Aug 2026
P/E (TTM)
unavailable
Diluted EPS TTM -4.40 · TTM to 30 Jun 2026
E/P (TTM)
-415.33%
TTM to 30 Jun 2026
Dividend yield
9.43%
DPS 12m 0.10
Beta (2y)
1.83
Volatility (1y) 95%
52-week range
0.812.74

Price history

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Technical reading

RSI (14)
38.6
weak (30–45)
Bollinger (20, 2)
0.95 – 1.49
in the lower half of the band · %B 0.21 · band width 44.4%
SMA 50 / 200
1.24 / 1.29
downtrend (price < SMA50 < SMA200)
MACD (12, 26, 9)
-0.08 / -0.05
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−36.9%−1.1%−35.8 pp—
3 months+17.9%−0.5%+18.4 pp—
6 months−39.4%+4.4%−43.8 pp—
Year to date−36.5%+12.3%−48.8 pp—
1 year−58.1%+13.5%−71.6 pp−48.5%
3 years−67.0%+76.4%−143.4 pp−74.4%
5 years−88.2%+63.7%−151.9 pp—
Max drawdown (1y)
−70.5%
07 Nov 2025 → 14 Aug 2026
Max drawdown (5y)
−92.8%
23 Mar 2022 → 14 Aug 2026
Compound annual growth (5y)
−34.8%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

Latest quarter: Q2 2026 · 30 Jun 2026

Revenue
363.0 k USD
−61.7% YoY
Net income
-18.9 m USD
−2,892.8% YoY
Diluted EPS
-0.23
−309.1% YoY
net / operating
-5,208.5% / -5,439.1%

Quarterly margins

Quarterly statements · USD

Fiscal yearQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26Q2 '26
Revenue711.0 k868.8 k778.0 k948.0 k1.0 m1.2 m593.9 k363.0 k
Operating income589.3 k-91.6 k560.7 k946.0 k-63.7 m-201.9 m-60.5 m-19.7 m
Interest expense0———————
Pre-tax income589.3 k-91.6 k560.7 k946.0 k-61.5 m-204.2 m-70.9 m-18.9 m
Income tax125.5 k-511109.0 k269.0 k-17.2 m17.6 m00
Net income463.8 k-91.1 k451.7 k677.0 k-44.3 m-221.8 m-70.9 m-18.9 m
Diluted EPS0.07-0.01 ≈0.070.11-0.72-2.57 ≈-0.88-0.23
Operating cash flow-3.8 m ≈4.4 m-3.6 m-251.4 k ≈2.1 m ≈-6.5 m-1.8 m-1.9 m ≈
Share repurchases0 ≈0630.4 k-436 ≈2.6 m ≈15.7 m00 ≈

≈ derived quarter (cumulative difference / share-days average)

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenueunavailableunavailableunavailableunavailableunavailableunavailable3.3 m3.9 m
Revenue YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable+18.1%
Net incomeunavailableunavailableunavailableunavailableunavailableunavailable1.2 m-266.1 m
Net income YoYunavailableunavailableunavailableunavailableunavailableunavailableunavailable−22,886.3%
Diluted EPSunavailableunavailable0.200.260.02-0.180.18-6.59
Diluted EPS YoYunavailableunavailableunavailable+30.0%−92.3%−1,000.0%unavailable−3,761.1%
net %unavailableunavailableunavailableunavailableunavailableunavailable35.4%-6,825.0%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

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Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
21.9 m USD
Financial debt
unavailable USD
Net debt
unavailable USD
Equity
169.7 m USD
Total assets
190.4 m USD
Debt / equity
unavailable
Current ratio
2.38x
ROE
-280.8%
ROA
-252.4%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
—
2024
3.3 m
2025
3.9 m

SEC (XBRL)· 27 Feb 2026verified

Operating income
2023
—
2024
1.6 m
2025
-264.0 m

SEC (XBRL)· 27 Feb 2026verified

Depreciation & amortisation
2023
—
2024
—
2025
—

SEC (XBRL)· 14 Mar 2022verified

Interest expense
2023
78.0 k
2024
—
2025
—

SEC (XBRL)· 02 Apr 2024verified

Pre-tax income
2023
—
2024
1.6 m
2025
-264.2 m

SEC (XBRL)· 27 Feb 2026verified

Income tax
2023
-454.6 k
2024
425.5 k
2025
743.4 k

SEC (XBRL)· 27 Feb 2026verified

Net income
2023
—
2024
1.2 m
2025
-266.1 m

SEC (XBRL)· 27 Feb 2026verified

Diluted EPS
2023
-0.18
2024
0.18
2025
-6.59

SEC (XBRL)· 27 Feb 2026verified

Weighted average diluted shares
2023
6.4 m
2024
6.5 m
2025
40.2 m

SEC (XBRL)· 27 Feb 2026verified

Dividend per share
2023
0.00
2024
0.00
2025
—

SEC (XBRL)· 10 Mar 2025verified

Balance sheet · USD

Cash
2023
376.0 k
2024
6.0 m
2025
21.9 m

SEC (XBRL)· 06 Aug 2026verified

Current assets
2023
—
2024
20.5 m
2025
30.3 m

SEC (XBRL)· 06 Aug 2026verified

Intangibles (excl. goodwill)
2023
—
2024
—
2025
28.8 k

SEC (XBRL)· 08 May 2026verified

Total assets
2023
19.1 m
2024
20.5 m
2025
190.4 m

SEC (XBRL)· 06 Aug 2026verified

Accounts payable
2023
—
2024
41.1 k
2025
857.0 k

SEC (XBRL)· 06 Aug 2026verified

Current liabilities
2023
—
2024
715.4 k
2025
12.7 m

SEC (XBRL)· 06 Aug 2026verified

Total liabilities
2023
516.4 k
2024
715.4 k
2025
20.6 m

SEC (XBRL)· 06 Aug 2026verified

Equity
2023
18.6 m †
2024
19.8 m †
2025
169.7 m †

SEC (XBRL)· 06 Aug 2026verified

Cash flow · USD

Operating cash flow
2023
-1.1 m
2024
5.7 m
2025
-8.2 m

SEC (XBRL)· 27 Feb 2026verified

Investing cash flow
2023
—
2024
0
2025
-195.4 m

SEC (XBRL)· 27 Feb 2026verified

Financing cash flow
2023
424.0 k
2024
0
2025
219.5 m

SEC (XBRL)· 27 Feb 2026verified

Dividends paid
2023
—
2024
—
2025
—

SEC (XBRL)· 17 Apr 2023verified

Share repurchases
2023
—
2024
0
2025
18.9 m

SEC (XBRL)· 27 Feb 2026verified

Computed indicators

Growth

Revenue growth (YoY)
18.1%
computed by olivLawFY 2025
Revenue CAGR 3Y
unavailable
input data missing
Revenue CAGR 5Y
unavailable
input data missing
EBIT growth (YoY)
-16,673.0%
computed by olivLawFY 2025
Net income growth (YoY)
-22,886.3%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
input data missing
Net income CAGR 5Y
unavailable
input data missing
EPS growth (YoY)
-3,761.1%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
the base of the ratio is not positive
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
unavailable
input data missing
EBITDA margin
unavailable
input data missing
EBIT margin
-11,049.6%
computed by olivLawTTM to 30 Jun 2026
Net margin
-11,373.7%
computed by olivLawTTM to 30 Jun 2026
FCF margin
unavailable
input data missing

Returns

ROE
-683.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROA
-601.3%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
ROIC
unavailable
input data missing
ROCE
-403.0%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Payout ratio (EPS)
unavailable
insufficient data
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
unavailable
input data missing
Net debt / EBITDA
unavailable
input data missing
Debt / equity
unavailable
input data missing
Interest coverage
unavailable
the reported interest expense is far older than the latest period (the filer changed its XBRL tag): a stale figure is not used

Liquidity

Current ratio
0.6x
computed by olivLawbalance sheet at 30 Jun 2026
Quick ratio
unavailable
input data missing
Cash ratio
0.3x
computed by olivLawbalance sheet at 30 Jun 2026

Cash

Operating cash flow
-8.0 m USD
computed by olivLawTTM to 30 Jun 2026
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
unavailable
input data missing
Days payables outstanding
unavailable
input data missing
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
81.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
Enterprise value
unavailable
input data missing
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-415.3%
computed by olivLawTTM to 30 Jun 2026
P/B
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
P/S
26.0x
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
EV/EBIT
unavailable
input data missing
EV/Sales
unavailable
input data missing
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
9.4%
computed by olivLawTTM to 30 Jun 2026
Shareholder yield (distributions)
22.5%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026

1 indicators that do not apply to the sector.

Valuation

olivLaw classification

Insufficient data
What is missing
  • indicators available: 3 of at least 6
  • score weight coverage: 16.7% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

1.06 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 81.4 m USD

Key indicators

Market capitalisation
81.4 m USD
computed by olivLawbalance sheet at 30 Jun 2026
P/E (TTM)
unavailable
insufficient data
P/B
1.0x
computed by olivLawbalance sheet at 30 Jun 2026
EV/EBITDA
unavailable
input data missing
ROE
-683.9%
computed by olivLawTTM to 30 Jun 2026 · balance sheet at 30 Jun 2026
Net margin
-11,373.7%
computed by olivLawTTM to 30 Jun 2026
Revenue growth (YoY)
18.1%
computed by olivLawFY 2025
Dividend yield
9.4%
computed by olivLawTTM to 30 Jun 2026

Coverage and freshness

23/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 30 Jun 2026
Latest balance sheet date: 30 Jun 2026
Share count (cover of the latest filing), as of: 03 Aug 2026
Source: SEC (XBRL)published 06 Aug 2026
verified 697derived 52

Score by group

17% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · input data missing
  • Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the base of the ratio is not positive

no valuation method could be computed

Multiple comparisons use the SIC vertical: Finance Services (SIC 6199)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Qualityunavailableunavailable—
Net margin · Quality-11,373.7%0 (vs peers)38%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growthunavailableunavailable—
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheetunavailableunavailable—
Current ratio · Balance sheet0.6x0 (on a fixed band)25%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns22.5%100 (on a fixed band)38%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet· partial0/100 · 1/3 factors with a value
  • Growth· partialunavailable · 0/2 factors with a value
  • Quality· partial0/100 · 1/3 factors with a value
  • Returns· partial100/100 · 1/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

SUI GROUP HOLDINGS LIMITED (SUIG). Latest full fiscal year: 2025; data up to 2026-06-30.

Figures computed from the financial statements: revenue 3.9 m USD in 2025; YoY growth 18.1%; net margin -11,373.7%; ROE -683.9%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (indicators available: 3 of at least 6; score weight coverage: 16.7% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

  • Shareholder yield (distributions): 22.5%

What contradicts it

  • Net margin: -11,373.7%
  • Current ratio: 0.6x

Not assessed (insufficient data or a ratio without meaning): ROIC, FCF conversion, Revenue CAGR 3Y, EPS CAGR 3Y, Net debt / EBITDA, Interest coverage, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Finance Services (SIC 6199) · same industry (4-digit SIC) · compared with 39 companies

Multiples and returns vs the median

P/E
—
vertical median 14.3x
EV/EBITDA
—
vertical median —
P/S
26.0x
vertical median 7.1x
above median (+265.1%)
P/B
1.0x
vertical median 1.1x
below median (−7.9%)
ROE
-683.9%
vertical median -25.4%
below median
Net margin
-11,373.7%
vertical median -107.2%
below median
EBIT margin
-11,049.6%
vertical median -160.1%
below median
Revenue YoY
18.1%
vertical median 20.6%
below median (−12.3%)
Net debt/EBITDA
—
vertical median —
Dividend yield
9.4%
vertical median 0.0%
above median

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
AXPAmerican Express Co223.0 bn18.735.9%27.9%+6.4%−9% / +95%
COINCoinbase Global, Inc.40.1 bn—-4.7%-12.5%+9.4%−44% / +21%
SOFISoFi Technologies, Inc.22.4 bn36.37.1%104.3%+23.1%−42% / +138%
IRENIREN Limited7.8 bn—-23.4%-99.4%+41.1%−55% / +340%
HUTHut 8 Corp.5.9 bn—-34.5%-169.8%+44.8%+9% / +415%
BLSHBullish3.5 bn—-27.3%-0.3%−2.2%−47% / unavailable
PURRHyperliquid Strategies Inc1.9 bn3.032.6%3,229.8%unavailableunavailable / unavailable
CLSKCleanSpark, Inc.1.7 bn—-68.6%-130.2%+102.2%−55% / +9%
WLTHWealthfront Corporation1.7 bn—-20.5%-19.4%+18.2%unavailable / unavailable
BTDRBitdeer Technologies Group1.5 bn—-196.7%-171.3%−5.1%−51% / +45%
AMBRAmber International Holding Limited865.0 m—-116.1%-88.7%−9.0%−27% / −51%
CDChaince Digital Holdings Inc.741.4 m—-12.3%-182.5%+277.9%−30% / +622%
TRONTron Inc.664.1 m96.83.8%135.6%+10.0%−24% / −48%
JFU9F Inc.536.7 m23.24.7%125.2%+12.2%−52% / −43%
ABTCAmerican Bitcoin Corp.516.7 m7.5-10.5%-26.7%+158.8%−90% / −99%
ORBSEightco Holdings Inc.340.9 m—-157.0%-1,260.9%−16.8%−70% / −74%
CHADDefi Development Corp.310.0 m—-589.3%-1,319.5%+442.3%unavailable / unavailable
CPSSConsumer Portfolio Services, Inc.221.6 m9.97.5%5.0%+10.4%+23% / +7%
DGXXDigi Power X Inc.217.0 m—-24.7%-114.8%−7.6%−48% / +50%
TONXTon Strategy Company159.7 m—-75.5%-532.8%+1,327.8%−15% / −93%
DEFTDefi Technologies Inc.152.4 m2.374.0%62.9%+215.5%−74% / unavailable
HSDTSolana Company127.0 m—-183.2%-1,302.8%+1,057.1%−49% / −100%
AGPUAxe Compute Inc86.2 m—-1,565.2%-7,769.8%+47.7%+24% / −85%
MGLDThe Marygold Companies, Inc.84.1 m—-20.7%-17.3%+8.0%+93% / +91%
SUIGSui Group Holdings Limited81.4 m—-683.9%-11,373.7%+18.1%−58% / −67%

1- and 3-year price returns: for SUIG from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    In brief

    Sui Group Holdings Limited, formerly Mill City Ventures III, shifted in 2025 from short-term lending to a digital asset treasury built around the SUI token of the Sui blockchain, giving investors rare listed exposure to that network. The current interest comes from the extreme volatility of the underlying asset, which cut the treasury value from 147 million USD at end-2025 to 62.8 million USD at June 30, 2026 12.

    SWOT

    Strengths

    • The official relationship with the Sui Foundation gives the company an access and positioning advantage over other listed companies 13.
    • Consistent staking generates income in SUI and keeps exposure to the underlying asset 2.
    • The company has shown it can raise large capital through a private placement and holds a diversified treasury of SUI, stablecoins and cash 13.

    Weaknesses

    • Treasury value depends almost entirely on the price of one volatile asset, making results very sensitive to the market 12.
    • The strategy has not been tested over a long period or varied market conditions, which limits historical evaluation 1.
    • Book losses from fair-value remeasurement of digital assets can far exceed operating revenue and weigh on net income 3.

    Opportunities

    • If the Sui ecosystem grows, staking, lending and strategic investments could generate higher income 23.
    • Expansion into fintech and artificial intelligence could diversify income beyond a single token 3.
    • If mNAV stays below asset value, share repurchases could become a way to lift value per share 13.

    Threats

    • Sharp declines in the SUI price, such as those around October 2025, could force new revaluations and large losses 1.
    • Changes in regulation or accounting for digital assets could limit liquidity and access to capital 1.
    • Security incidents in DeFi ecosystems, which led to unwinding of DeFi activities, show operational and counterparty risks 2.

    Risks

    • Dependence on the SUI pricehigh

      Treasury value and financial results depend directly on the token price, which has been extremely volatile in recent months 12.

    • Book losses on digital assetshigh

      Fair-value remeasurement of SUI and its receivables produced large net losses in the second quarter of 2026 3.

    • Counterparty and lending exposuremedium

      SUI loans to third parties such as BlueFin expose the company to non-payment or delayed recovery 23.

    • Custody and securitymedium

      Assets are held with a third-party custodian, and the company has noted security incidents in DeFi ecosystems, raising operational risk 12.

    • Untested strategymedium

      The digital asset treasury strategy has not been tested over a long period or varied conditions, and high-frequency trading had not started as of June 30, 2026 12.

    Investment thesis

    What would need to be true (bull case)

    • If the SUI price recovers and the Sui ecosystem grows, treasury value and staking income could move back to higher levels 2.
    • The official relationship with the Sui Foundation may offer a unique advantage over other listed digital asset treasuries 13.
    • If mNAV stays below asset value, the company could try to raise value per share through repurchases or well-chosen investments 13.

    What would break the thesis

    • A continued fall in the SUI price could reduce treasury value and produce further large book losses 23.
    • The strategy rests on a single asset, and the lack of a long track record makes long-term performance hard to assess 1.
    • Loans and strategic investments could expose the company to losses if borrowers cannot meet their obligations 23.

    What to watch

    • Trend in SUI treasury value and SUI per shareQ3 2026
    • Size of digital asset fair-value losses in net incomeQ3 2026
    • Status of the BlueFin loan and recovery of receivables2026
    • Start of high-frequency trading activity and its resultsnext 10-Q

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    The business

    The company now operates mainly as a digital asset treasury whose central holding is SUI, the native token of the Sui blockchain. According to the 2025 annual report, it bought SUI on the open market and through a purchase agreement with the Sui Foundation, in a structure that gives investors access to SUI through a listed company 1. The former short-term, non-bank lending business has been gradually reduced and now forms a small part of the balance sheet 2.

    Main income sources are staking rewards on SUI holdings, realized and unrealized gains or losses on digital assets, and income from lending digital assets. In the first half of 2026 the company reported 0.9 million USD in staking rewards 2. Quarterly results are strongly influenced by fair-value remeasurement of digital assets, so the net loss can be far larger than operating revenue 3.

    The company has extended its strategy into AI and fintech investments, such as small stakes in Nof1 and Recursive Superintelligence, and has kept its specialty finance activity alongside the SUI treasury 3. Management has described these moves as part of capital allocation with a risk-adjusted profile 3.

    Segments

    SUI treasury

    This is the main segment, covering SUI token holdings, SUI loans and staking. At June 30, 2026 the company held about 91.1 million SUI in the treasury, plus loaned SUI bringing the total to 108.9 million SUI 2. About 82% of SUI holdings were staked at that date 2.

    Market context

    The relevant market is digital assets and Layer 1 blockchains, where the SUI token competes with other networks for developers, applications and capital. The company presents SUI as a blockchain built for scalability and speed, yet the token has been extremely volatile, trading between 4.33 and 0.85 USD in the 12 months to February 23, 2026 1. The price on August 3, 2026 was 0.69 USD, according to the results release 3.

    The market is fragmented and subject to unstable liquidity, and the October 2025 sell-off showed how quickly leveraged positions can unwind 1. The company noted such events can directly affect the value of its assets even without causing cash outflows 3.

    Trends

    • SUI price volatilityheadwind

      Treasury value depends heavily on the token price, and recent developments showed that rapid declines can produce large book losses. If the price stays below late-2025 levels, valuation losses could continue 23.

    • Growth of the Sui ecosystemtailwind

      The company ties the treasury's future to growth of the Sui network, native applications and stablecoins, including suiUSDe. If adoption increases, staking and lending could become a steadier source of income 2.

    • Regulation of digital assetsmixed

      The company notes the legal status of tokens remains uncertain and that regulatory or accounting changes could affect SUI liquidity and value. This could limit access to capital or change how results are reported 1.

    • Diversification into AI and fintechmixed

      Investments in AI and fintech companies are still small but extend exposure beyond a single asset. If these investments do not generate returns, they could add volatility without offsetting treasury losses 3.

    Competitive position

    The company operates in a competitive field of listed digital asset treasuries and other Layer 1 blockchains. Its stated advantage is its official relationship with the Sui Foundation, which it presents as unique among listed companies 13.

    At the same time, competition from other networks and other digital asset treasuries can affect both capital raising and share valuation. The company acknowledges that rivals may be seen as offering better speed, security or government backing 1.

    • Strategy Inc.MSTR

      Listed company running a bitcoin treasury strategy, comparable in model but on a different digital asset.

    • US-listed bitcoin treasury companies

      Group of listed companies holding bitcoin in treasury and competing for the same type of investors.

    • Other Layer 1 blockchains

      Competing networks the company names as possible alternatives for developers and users, with no US-listed issuer.

    • Other Sui token treasuries

      Entities pursuing similar strategies on the same blockchain without the official Sui Foundation relationship.

    News & filings

    In the press

    No news in our archive over the last 180 days.

    SEC filings

    • Current report06 Oct 2026
      Shareholder vote
    • Current report10 Sept 2026
      Shareholder vote · Other events · Financial statements and exhibits
    • Quarterly report06 Aug 2026
    • Current report06 Aug 2026
      Results of operations · Financial statements and exhibits
    • Proxy statement04 Aug 2026
    • Current report14 Jul 2026
      Departure or appointment of officers · Other events · Financial statements and exhibits
    • Current report09 Jul 2026
      Material agreement · Departure or appointment of officers · Other events · Financial statements and exhibits
    • Current report25 Jun 2026
      Material agreement · Other events · Financial statements and exhibits
    • Current report21 May 2026
      Regulation FD disclosure · Financial statements and exhibits
    • Quarterly report08 May 2026

    Sources

    1. [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Sui Group Holdings Limited · 27 Feb 2026
    2. [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Sui Group Holdings Limited · 06 Aug 2026
    3. [3] Form 8-K, results release (exhibit 99.1) · SEC / Sui Group Holdings Limited · 06 Aug 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.