New York, May 27, 2026, 07:05 EDT
SUI Group Holdings Limited faced selling during the Wednesday U.S. session, as its Nasdaq-listed shares last changed hands at $1.58, off 16 cents. SUI, the crypto token linked to its treasury plan, held around $0.999, marking a loss of 4.8%.
Timing is key. Nasdaq’s main session starts at 9:30 a.m. Eastern, while the 2026 holiday schedule confirms the U.S. market was closed for Memorial Day this week on Monday, May 25, not Wednesday. Pre-market is from 4:00 a.m. to 9:30 a.m. ET, a window that Nasdaq notes can see lower liquidity and bigger price swings.
SUI Group said its total treasury now holds 108,793,779 SUI tokens, counting digital asset loans, as of May 19. The company gave its treasury a value of roughly $115 million based on a $1.06 SUI price. SUI Group trades at about 0.91 times mNAV, or market net asset value, which measures stock value versus net assets. The company operates as a digital asset treasury, with crypto holdings on its balance sheet.
The stock now tracks both SUIG shares and SUI. If the token drops, the treasury value shrinks, even with the same token count.
SUI Group is talking up more than just coin holdings. Stephen Mackintosh, the firm’s chief investment officer, said in a May 21 update the goal isn’t only “accumulating SUI” but also boosting value through treasury growth, staking, lending, infrastructure bets and buying back shares. Staking is when tokens are locked into a blockchain for rewards. Business Wire
SUI Group said earlier this month that almost all its SUI was staked at around a 1.8% yield, earning estimated daily rewards of about 5,200 SUI. The firm posted first-quarter adjusted revenue of $1.4 million, citing staking revenue and digital lending interest income. But it recorded about $53.5 million in non-cash losses on digital assets and receivables after SUI’s price dropped in the quarter.
Competition among listed crypto treasury names is tight. Strategy, the biggest public digital-asset treasury firm, last traded at $159.93. BitMine Immersion Technologies, just below Strategy in CoinGecko’s rankings, was at $19.20. DeFi Development Corp, which is focused on Solana, was quoted at $3.94.
Pressure is rising on the sector’s old strategies. Galaxy analysts Will Owens and Jianing Wu said in April, “The raise-and-hold era is over.” They argued digital asset treasury firms now have to use assets for yield, lending or other models, instead of just building token stacks. Galaxy
SUI Group says its results track SUI price. “Our performance is always going to be correlated to the price of SUI,” Mackintosh told CoinDesk in January. The firm, he said, aims to be part of the Sui ecosystem. CoinDesk
The trade can turn quickly. On the May earnings call, Mackintosh said the company had pulled SUI off decentralized finance protocols after several hacks. The firm now expects to end the year with yields near 3% to 4%, lower than its earlier outlook. If SUI stays under the May 19 reference price, the gap between the stock and net asset value could grow, with staking or lending returns unlikely to cover mark-to-market losses.
SUI faces a test on Wednesday—will buyers see the latest drop as a bargain to get into SUI, or does the decline just put more weight on a stock that tracks the token?
