SUI Group (NASDAQ: SUIG) details 108.8M SUI treasury and 0.91x mNAV
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
SUI Group Holdings Limited furnished an update on its digital asset treasury, reporting total SUI holdings of 108,793,779 tokens as of May 19, 2026, including digital asset loans, largely driven by lending activities and native staking rewards in the Sui ecosystem.
The company estimates a net asset value ("NAV") of $138,764,261 and says its shares trade at about 0.91x market net asset value, based on a share price of $1.56, 80,896,554 shares and pre-funded warrants outstanding, and SUI-priced holdings. Shareholders’ equity was $100,788,670 as of March 31, 2026. Management highlights a strategy focused on SUI accumulation, staking, digital asset lending, ecosystem investments and opportunistic share repurchases, while emphasizing that mNAV and related metrics are non‑GAAP supplements with important limitations and should be considered alongside the company’s SEC-filed financial statements.
Positive
- None.
Negative
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8-K Event Classification
2 items: 7.01, 9.01
2 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total SUI holdings: 108,793,779 SUI
Estimated NAV: $138,764,261
Shareholders’ equity: $100,788,670
+5 more
8 metrics
Total SUI holdings
108,793,779 SUI
Treasury balance including digital asset loans as of May 19, 2026
Estimated NAV
$138,764,261
NAV used in mNAV calculation in treasury update
Shareholders’ equity
$100,788,670
GAAP total shareholders’ equity as of March 31, 2026
Shares incl. pre-funded warrants
80,896,554 shares
Outstanding common stock plus pre-funded warrants for mNAV
Current share price
$1.56
SUIG closing price used in mNAV calculation on May 19, 2026
SUI per share
1.34 SUI/share
Ratio of SUI holdings to shares in mNAV table
SUI token price
$1.06
SUI/USD price on May 19, 2026 from Coinbase
mNAV multiple
0.91x
Approximate market net asset value multiple for SUIG
Key Terms
mNAV, digital asset loans, non‑GAAP financial measures, SuiUSDe, +2 more
6 terms
digital asset loans financial
"its total SUI holdings increased to 108,793,779 (including digital asset loans), primarily driven by lending activities"
Loans where borrowers pledge digital assets—like Bitcoin, other cryptocurrencies, or tokenized holdings—as the thing securing the loan or where lenders lend those assets for a return. Think of it like pawning a valuable item: you get cash now while the lender holds the digital asset as security, and if the asset’s value swings too much the lender can demand more collateral or sell the asset. Investors care because these loans can provide income or liquidity but carry extra risks from price swings, platform solvency, and changing regulation.
non‑GAAP financial measures financial
"This press release includes certain non‑GAAP financial measures that are not presented in accordance with U.S. generally accepted accounting principles"
SuiUSDe financial
"SuiUSDe | 10,035,434 | Movement in Cash Balances Since 31 March 2026"
digital asset treasury financial
"industry standard financial reporting metrics for digital asset treasury companies"
A digital asset treasury is a collection of digital items like cryptocurrencies or tokens that a company or organization owns and manages. It’s important because it helps them store, protect, and use these digital assets for business needs, investments, or future growth, much like a cash reserve but in digital form.
forward-looking statements regulatory
"This press release contains “forward-looking statements” as that term is defined in Section 27A"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 21, 2026
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(Commission File Number)
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(I.R.S. Employer Identification No.)
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(Address of principal executive offices)
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(Zip Code)
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(952 ) 479-1923
(Registrant’s telephone number, including area code)
(Former name or former address, if changed since last report.)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following
provisions (see General Instruction A.2):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17
CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17
CFR 240.13e-4(c))
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Securities registered pursuant to Section 12(b) of the Act:
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Title of each class
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Trading
symbol(s)
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Name of each exchange
on which registered
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule
12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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Emerging growth company
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☐
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended
transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
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Item 7.01
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Regulation FD Disclosure
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On May 21, 2026, Sui Group Holdings Limited (the “Company”) issued a press release announcing that its treasury holdings had risen to 108,793,779
SUI. The press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and incorporated into this Item 7.01 by reference. The information in Item 7.01 (including Exhibit 99.1) are “furnished” and shall not be deemed to be “filed” for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liability of such section nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933,
as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
2
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Item 9.01
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Financial Statements and Exhibits. |
(d) Exhibits.
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Exhibit No.
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Description
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99.1
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Press Release, dated May 21, 2026
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104
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Cover Page Interactive Data File (formatted as inline XBRL)
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3
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the
undersigned hereunto duly authorized.
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SUI GROUP HOLDINGS LIMITED
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Date: May 21, 2026
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By:
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/s/ Douglas M. Polinsky
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Douglas M. Polinsky
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Chief Executive Officer
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Exhibit 99.1
SUI Group’s Total Treasury Holdings Rise to 108,793,779 SUI
as of May 19, 2026
SUIG’s Discount to NAV Has Compressed Meaningfully as Institutional Demand for Public-Market SUI Exposure Continues to Build
WAYZATA, MN, May 21, 2026 – SUI Group Holdings
Limited (NASDAQ: SUIG) (“SUI Group,” “SUIG” or the “Company”), today announced that as of May 19, 2026, its total SUI holdings increased to 108,793,779 (including digital asset loans), primarily driven by lending activities in the SUI ecosystem and
native staking rewards. The Company also noted that the discount of its share price to net asset value has compressed meaningfully in recent months reflecting new investments, the appreciation in the SUI price and adjustments in the book value of
the legacy lending book. Based on current market prices, SUI Group is trading at an approximate 0.91x market net asset value (“mNAV”), which management believes reflects increasing investor recognition of its differentiated treasury strategy and
long-term positioning within the Sui ecosystem. SUI Group’s total shareholders’ equity, as set out in the company’s most recent 10Q filing, was $100,788,670 as of March 31, 2026.
Stephen Mackintosh, Chief Investment Officer of SUI Group, said, “We believe the Sui ecosystem continues to evolve into a foundational layer for the next generation of
financial infrastructure, and SUI Group is focused on building alongside that growth. Our recent investment in Nof1 and strategic participation in Recursive Superintelligence’s funding round reflect our conviction that agentic finance will define the
next era of capital markets, and we intend to be at the forefront of that shift.”
“Our focus is not simply accumulating SUI but driving long-term shareholder value through disciplined capital allocation across treasury growth, staking, digital asset
lending, ecosystem infrastructure and opportunistic share repurchases when we believe our stock is undervalued relative to the intrinsic value of our platform. Each of these pillars is intended to reinforce the others, and we believe the compounding
effect of that strategy will drive meaningful value for our shareholders over time.”
SUI Group Treasury Update
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Treasury: 108,793,779 SUI (including digital asset loans) as
of May 19, 2026.
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SUI Value: Approximately $115 million using the May 19, 2026
price of $1.06 per SUI1.
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SUI per Share: Using fully adjusted shares2 issued
and outstanding as of May 19, 2026 of 80.9 million shares, SUI Group remained flat at 1.34 SUI per share of common stock (vs approximately 1.34 on January 7, 2026), or $1.43 per share of common stock (vs $2.42 on January 7, 2026).
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Staking: Substantially all of the Company’s SUI is being
staked, earning an approximate yield of 1.8%. The current estimated daily yield is approximately 5,200 SUI.
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Supplemental Information on mNAV
1 Based on the SUI/USD price on May 19, 2026, as reported by Coinbase.
2 Includes issued shares, as well as issued but unexercised pre-funded warrants.
SUIG estimates its mNAV by aggregating the value of its digital assets, cash balances and other NAV divided by the number of its outstanding common stock (including
pre-funded warrants). Using the closing price of SUIG common stock and SUI token price on May 19, 2026, SUIG is trading at an approximate mNAV of 0.91x, with calculation details below.
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M / NAV Calculation
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Outstanding Shares incl. Pre-Funded Warrants
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80,896,554
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Current Share Price
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$1.56
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Market Cap
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$126,198,624
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SUI/Share
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1.34
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NAV
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SUI Holdings
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$115,321,406
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- number
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108,793,779
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- current price
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$1.06
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USDC / USDT / SuiUSDe /Cash
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$14,384,885
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Other NAV
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$9,057,970
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- portfolio investments
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$8,670,165
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- other Net Assets
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$387,805
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NAV
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$138,764,261
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M/NAV
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0.91x
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Supplemental Measures
The Company uses mNAV to help assess the performance of its strategy of acquiring and deploying SUI in a manner the Company believes is accretive to shareholders. The
Company believes that mNAV can assist investors in understanding how the Company chooses to fund purchases of and deploy SUI and the value created by such purchases. Such metrics have inherent limitations including not taking into account that our
assets are subject to all existing and future liabilities. Such metrics are not, and should not be understood as financial performance, valuation, or liquidity measures and may not be comparable to similarly titled measures of other companies.
Other companies, including other companies with digital asset treasuries, may calculate mNAV or similarly titled metrics differently, limiting the usefulness of the measure for comparative purposes. Although mNAV incorporates the label “NAV,” it is
not equivalent to “net asset value” or “NAV” or any similar metric in the traditional financial context.
The trading price of the Company’s common stock is informed by numerous factors in addition to Company’s SUI holdings and its actual or potential shares of common
stock outstanding, and as a result, the trading price of the Company’s common stock can deviate significantly from the market value of the Company’s SUI holdings, and mNAV is not indicative or predictive of the trading price of the Company’s common
stock.
Investors should rely on the financial statements and other disclosures contained in the Company’s SEC filings. Such metrics are merely supplements, not substitutes to the financial
statements and other disclosures contained in the Company’s SEC filings.
Non-GAAP Financial Information
This press release includes certain non‑GAAP financial measures that are not presented in accordance with U.S. generally accepted accounting principles (“GAAP”). These
non‑GAAP financial measures include, but are not limited to, net asset value and mNAV.
SUI Group uses these non‑GAAP financial measures to supplement its GAAP results in order to provide investors with additional insight into the Company’s operating
performance and cost structure. Management believes these non‑GAAP measures are useful to investors because they are industry standard financial reporting metrics for digital asset treasury companies.
These non‑GAAP financial measures should not be considered in isolation or as a substitute for, or superior to, financial measures prepared in accordance with GAAP.
The principal limitation of these non‑GAAP measures is that they exclude expenses and losses that are required to be recorded under GAAP and that may have a material impact on the Company’s financial results. In addition, other companies, including
companies in the digital asset and financial services industries, may calculate similarly titled non‑GAAP measures differently, which limits their usefulness for comparative purposes.
To compensate for these limitations, SUI Group encourages investors to review the Company’s non‑GAAP financial measures together with the most directly comparable GAAP
financial measures, which are presented in the tables herein.
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GAAP to mNAV Reconciliation (USD)
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Total Shareholders’ Equity - 31 March 2026
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100,788,670
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GAAP Adjustments 1
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Digital Asset Loan Receivable (current and non-current)
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(2,247,760)
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Digital Assets
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(81,807,419)
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Digital Asset Receivable
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(19,469,019)
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Deferred Income (current and non-current)
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16,800,000
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Other Adjustments 2
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SUI including SUI Digital Asset Receivables
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115,321,406
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SuiUSDe
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10,035,434
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Movement in Cash Balances Since 31 March 2026
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(657,051)
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NAV
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138,764,261
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Notes:
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1 - SUI tokens, digital asset receivables and deferred income as at 31 March 2026 reversed
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2 - SUI tokens, SUI loans and SuiUSDe added back at prevailing market prices
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Forward Looking Statements
This press release contains “forward-looking statements” as that term is defined in Section 27A of the United States Securities Act of
1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements can be identified by the use of forward-looking terminology including “may,” “believe,” “expect,” “intend,” “anticipate,” “plan,”
“should,” “estimate,” “continue,” “potential,” “will,” “hope” or other similar words and include the Company’s expectation of future performance contained herein. These statements include, but are not limited to, expectations regarding the
Company’s future performance and growth, its ability to successfully execute its strategic plans, the Company’s digital asset treasury, the implementation of the Company’s stablecoin strategy, and the nature and performance of digital assets held
by the Company.
Forward-looking statements are subject to significant risks and uncertainties, many of which are beyond the Company’s control. Actual results may differ materially
from those expressed or implied in these statements due to various factors, including but not limited to: the inherent volatility and risks associated with investing in SUI, risks associated with investing in agentic finance, challenges in
executing a new treasury diversification strategy, the capabilities and limitations of the SUI blockchain, the competitive environment of the Company’s business among others, and the inherent uncertainties associated with the Company’s business
strategy, including stablecoin implementation, and the risk factors and other factors noted in the Company’s Registration Statement on Form S-1 (File No. 333-289438), Annual Report on Form 10-K, any Quarterly Reports on Form 10-Q and the other
documents that the Company files with the Securities and Exchange Commission. The risk factors and other factors noted therein could cause actual results to differ materially from those contained in any forward-looking statement. The Company
disclaims any duty to update and does not intend to update any forward-looking statements, all of which are expressly qualified by the statements in this section, to reflect events or circumstances after the date of this press release, except as
may be required by law.
Media Contact
Gasthalter & Co.
SUIG@gasthalter.com
Investor Relations Contact
Sean Mansouri, CFA or Aaron D’Souza
Elevate IR
(720) 330-2829
SUIG@elevate-ir.com
FAQ
How many SUI tokens does SUI Group Holdings (SUIG) currently hold?
SUI Group reports total SUI holdings of 108,793,779 tokens as of May 19, 2026. This figure includes both directly held SUI and digital asset loans within the Sui ecosystem, reflecting its treasury-focused investment strategy.
What strategic focus did SUI Group’s management highlight in this update?
Management emphasized a multi‑pillar strategy: growing SUI treasury holdings, staking, digital asset lending, investing in Sui ecosystem infrastructure, and opportunistic share repurchases. They believe these elements reinforce each other in seeking long‑term shareholder value within the Sui ecosystem.