SUI Group Posts Q4 Loss on SUI Mark-to-Market

Sui Group Holdings Limited (NASDAQ: SUIG) reported its fourth-quarter 2025 financial and operating results alongside an update on its SUI treasury strategy, emphasizing continued accumulation and “activation” through staking, lending, and stablecoin-related initiatives.

Treasury and operational highlights

The company said it had 108.4 million SUI in total holdings (including digital asset loans) as of Feb. 23, 2026, including 2.96 million SUI in loan receivables. It also said substantially all of its SUI is being staked, earning an approximate 1.7% yield, with an estimated ~5,000 SUI per day in current daily staking yield.

On ecosystem activity, SUI Group said it deployed $10 million of newly minted eSui Dollar (suiUSDe) into a yield-generating vault operated by Ember Protocol.

The company also highlighted a capital return move in Q4: it repurchased about 7.8 million shares under its previously authorized $50 million buyback program, representing roughly 8.80% of shares outstanding at the time of repurchases.

On governance, SUI Group said it appointed Brian Quintenz—a former CFTC Commissioner and former a16z crypto global head of policy—to its Board of Directors.

Q4 financial snapshot (vs. Q4 2024)

SUI Group reported $2.4 million in gross revenue and portfolio investment income for Q4 2025, up 179%, which it attributed primarily to staking revenue and digital lending interest income tied to its SUI treasury strategy.

The quarter’s headline number, however, was driven by accounting treatment on crypto holdings. The company said its results included a $196.1 million non-cash unrealized and realized loss related to mark-to-market adjustments on its SUI and digital asset loan receivable holdings—stating this reflects changes in estimated fair value and does not represent cash outflow or impact liquidity.

SUI Group posted a net loss of $221.8 million, or $(5.52) per diluted share, compared with a net loss of roughly $91,000, or $(0.01) per diluted share, a year earlier.

Industry takeaway

SUI Group’s report is a clean example of the new reality for public “crypto treasury” companies: operating activity (staking and lending revenue) can grow, while reported earnings swing sharply due to mark-to-market accounting on token holdings.

For the broader crypto market—especially Layer-1 treasuries and staking-as-treasury strategy—the key signal is that public companies are increasingly trying to turn token exposure into an “active balance sheet” (staking, lending, stablecoin rails), while investors will keep focusing on transparency: what’s held, what’s staked, what yield is being generated, and how much of the P&L is operational versus accounting-driven.

Source: SUI Group Press Release