Sui Group Holdings Limited

Good morning, everyone, and thank you for participating in today's conference call to discuss SUI Group Holdings' financial and operating results for the third quarter, ended September 30th, 2025. Joining us today are SUI Group's Chairman of the Board, Marius Barnett, Chief Investment Officer, Stephen McIntosh, Chief Executive Officer, Douglas Belinsky, and Chief Financial Officer, Joseph Geraci. By now, everyone should have access to the company's third quarter 2025 earnings press release, which was issued yesterday afternoon at approximately 4.05 p.m. Eastern Time. The release is available on the investor relations section of the company's website at www.suig.io. This call will also be available for webcast replay on the company's website. Following management remarks, we'll open up the call for your questions. Please be advised this conference call will contain statements that are considered forward-looking statements under the Private Securities Location Reform Act of 1995. The forward-looking statements are subject to certain known and unknown risks and uncertainties, as well as assumptions that can cause actual results to differ materially from those reflected in these forward-looking statements. These forward-looking statements are also subject to other risks and uncertainties that are described from time to time in the company's filings with the SEC. Do not place undue reliance on any forward-looking statements. which are being made only as of the date of this call, except as required by law, the company undertakes no obligation to publicly update or revise any forward-looking statements. For important risks and assumptions associated with such forward-looking statements, please refer to the company's SEC filings.

Thank you, and good morning, everyone. I'm pleased to welcome you all to our first earnings call at SUI Group Holdings. I'd like to start by giving you a brief background of myself and why we believe the SUI ecosystem is one of the most promising blockchain ecosystems in the world. By way of background, I'm the co-founder of a London-based hedge fund named Caritage, focused on emerging technologies across digital assets, AI and gaming. Throughout my career, I've focused on identifying high-impact technologies with global adoption potential, and I believe Sui blockchain represents one of the most promising technological platforms of our time. What initially drew me to Sui was the unmatched intellectual capacity and technical pedigree of its founders, now known as Mr. Nass. The team was originally hand-selected by Mark Zuckerberg to develop DiEM, formerly Libra. Meta's ambitious blockchain project aimed at building a global digital currency These engineers designed the move programming language and the underlying blockchain architecture that enabled secure, high-speed, and scalable transactions within Meta's ecosystem. When Diem was discontinued, its core architects carried their vision forward, founding Miston Labs in 2021 to create what would become SUI. The same world-class engineering rigor that began at Meta now powers the SUI network, And it was this combination of technical excellence, scalability-focused design, and real institutional credibility that made me believe that the SUI ecosystem has the ability to define the next era of blockchain infrastructure. For those of you who are unfamiliar with SUI, SUI itself is the next generation Layer 1 blockchain designed for speed, scalability, and real-world application. Its object-centric architecture and horizontally scalable design allow for near instant finality, enabling use cases across finance, gaming, artificial intelligence, stablecoins, and beyond. We see SUI as the infrastructure layer for the next chapter of the Internet, a blockchain built for mainstream institutional-grade adoption. The SUI stack represents one of the most advanced, comprehensive architectures in blockchain infrastructure today. purpose-built to support real-world, high-throughput applications. At its core is Move, Sui's native programming language, which enables fast, secure, and scalable smart contract execution. Layered on top are powerful tools like Walrus for decentralized storage, DeepBook for on-chain liquidity, and Seal for enterprise-grade data security. Beyond its scalability and security, SUI is purpose-built for the next era of agentic AI, a world where autonomous software agents can independently transact, learn, and execute tasks on behalf of users and institutions. Its paralyzed architecture and programmable transaction blocks make it capable of handling the high-volume, low-latency activity required for real-time AI-driven commerce. This design was recently showcased through the Agents to Payments AP2 protocol, a collaboration between Google and Miston Labs, which demonstrated how SUI enables multiple verifiable transactions to settle atomically within a single block. By combining sub-second finality, secure on-chain execution, and identity solutions like ZK Login, SUI provides a technical foundation for a new class of machine-to-machine transactions with digital agents can manage value, permissions, and data autonomously. In short, SUI is the only blockchain designed to power the coming intersection of AI, automation, and decentralized finance, positioning it at the center of a Gentic internet. Our conviction in the SUI ecosystem is not theoretical. It is both strategic and operational. When we first partnered with the SUI Foundation earlier this year, Our vision was clear, to position Sui Group as the first publicly traded company with an official relationship with the Sui Foundation and to build a foundation-backed digital asset treasury company anchored to the native cryptocurrency of the Sui blockchain. Through this relationship, we aligned with the foundation's mission to advance decentralized technologies that can scale globally. and we believe this partnership positions SUI Group to deliver both institutional exposure and deep insight into one of the fastest growing blockchain ecosystems in the world. Since launching that initiative, we have executed by establishing our SUI treasury, completing our corporate rebrand, and scaling our holdings to over 100 million SUI tokens as of quarter end, transforming our vision into measurable progress. On the regulatory front, We are encouraged by the momentum emerging across the digital asset landscape, which continues to support our long-term strategy. The Genius Act is helping clarify the treatment of yield-bearing stablecoins, establishing a framework where transparent on-chain yield models can operate within defined regulatory boundaries. The Clarity Act, if passed by Congress in its current form, will provide long-overdue guidance distinguishing digital commodities from securities. a critical step towards unlocking broader institutional participation in blockchain markets. In parallel, Project Crypto, a joint initiative by the U.S. Treasury and Federal Reserve, is exploring the use of blockchain-based settlement systems, signaling the federal government's recognition of distributed ledgers as the future foundation for financial infrastructure. Collectively, these developments create a constructive regulatory tailwind for platforms like Sui Group. We've also seen Sui recognized at the forefront of a Jet Tech Commerce innovation through its participation in Google's Cloud's Agents to Payment Protocol Initiative. This new framework enables AR agents to autonomously initiate and settle payments using blockchain infrastructure. SUI was selected as a launch partner for AP2, where it demonstrates how its programmable transaction blocks and object-orientated architecture can support concurrent multi-party transactions in a single atomic block, exactly the type of scalability required for AI-driven financial activity. The collaboration with Google DeepMind and the broader AP2 ecosystem highlights how SUI's architecture is uniquely suited for the coming convergence of AI, digital identity, and real-time programmable payments. For SUI Group, this further validates our decision to align our treasury and infrastructure strategy with the SUI blockchain, positioning us to participate directly in the next era of intelligent, autonomous finance. Before turning it over to our Chief Investment Officer, Stephen McIndosh, I want to emphasize that this is a long-term infrastructure thesis, one grounded in scalability, transparency, and value creation. We believe SUI is capable of defining the next generation of decentralized applications, and that SUI group will stand at the center of that transformation. With that, I'll pass it over to Stephen to walk you through our third quarter operational updates. Thank you, Marius, and good morning, everyone.

Before diving into our operational updates, I'd like to take a moment to share my background. Prior to joining SUI Group, I worked alongside Marius as a co-founder of Caritage. My career has centered around identifying and scaling emerging technologies at the intersection of AI, automation, and digital assets. Prior to Caritage, I served as chief commercial officer at ReInfer, a natural language processing company that was acquired by UiPath in 2022. where I helped integrate machine learning into enterprise automation. I've also served as an advisor to the Web3 cohort at Entrepreneur First, an incubator that has launched more than 600 startups with a combined valuation of over $11 billion. That background, combining venture investing, AI commercialization, and Web3 strategy, is what informs how we're building SUI Group's digital asset platform today. We launched SUI Group with a simple premise, to create the world's first publicly traded digital assets treasury company with an official relationship with the CIVI Foundation. The digital economy is entering a new phase where blockchain networks, AI, and real-world assets are converging, and institutional investors need a regulated, transparent vehicle to participate in that growth. Our goal is to meet that demand through a treasury model that combines the discipline of traditional capital markets with the scalability and yield generation of blockchain infrastructure. At its core, SUI Group was designed to drive long-term shareholder value through three key objectives. Accumulate and stake high-quality digital assets, beginning with SUI, the native token of the SUI blockchain, to generate recurring yield and price appreciation potential. Deploy capital into an on-chain ecosystem, opportunities that produce real returns, such as validator operations, lending, and stablecoin infrastructure. Increase SUI per share, our primary performance metric, by executing accretive capital raises using proceeds to acquire additional SUI at favorable terms and repurchasing shares when trading below net asset value. Every decision we make from partnerships to treasury deployments is designed to expand our SUI per share, enhance our earning capacity through staking and DeFi yield, and strengthen our alignment with the broader SUI ecosystem. In short, we are working to build a scalable, yield-generating digital asset balance sheet that provides value for shareholders while advancing one of the most innovative blockchains of our time. Our vision is to build a robust SUI treasury that serves as the liquidity engine and capital allocator for the SUI ecosystem. As our holding scale, we aim to operate as a strategic focal point within the network deploying capital where it accelerates infrastructure growth, capitalizes ecosystem adoption, and generates sustainable SUI denominated returns. Rather than limiting our treasury to passive staking, we intend to structure creative, yield-accretive partnerships with core infrastructure providers, DeFi protocols, and application builders on SUI, financing the deployment of real businesses that enhance network utility while delivering returns that outperform native staking yields. With our experience of carriage and longstanding relationships across the digital assets industry, we have the institutional credibility, operational depth, and capital discipline to execute this strategy. In essence, we believe SUI Group could function as the on-chain balance sheet of the SUI ecosystem, a scalable source of liquidity designed to strengthen the network's economic foundation while compounding long-term value for SUI shareholders. A key example is our collaboration with Athena and the Sui Foundation to launch SuiUSDE and USDI, the first native stablecoins on the Sui blockchain. This initiative represents an industry-first collaboration between a publicly traded digital asset treasury company, a blockchain foundation, and a leading stablecoin issuer. The structure is expected to be capital efficient, launched at low cost to our business, and designs to generate cash flows that will be used to grow our SUI treasury and strengthen our balance sheet. These stablecoins leverage SUI's high-speed composable layer 1 infrastructure to combine dollar stability with decentralized performance, unlocking new utilities for DeFi applications, payments, and institutional use cases. The formation of this partnership marks a step in our evolution from traditional treasury company into an infrastructure builder, driving ecosystem liquidity, fostering adoption of the SUI network, and creating scalable, recurring economic value for shareholders through yield, token buybacks, and ecosystem participation. More recently, we launched a partnership with Bluefin, the leading decentralized exchange on the SUI blockchain, to expand institutional participation across the SUI ecosystem. Under the agreement, we will lend 2 million SUI tokens to Bluefin, and in exchange, we will receive a 5% revenue share from Bluefin payable in SUI. This partnership is intended to extend beyond just capital. It is about building the bridge from Wall Street to SUI, leveraging Bluefin to accelerate the entry of hedge funds, asset managers, and market makers into decentralized markets. As adoption scales, SUI shareholders are expected to benefit from the growth of institutional trading activity on the SUI blockchain, creating a differentiated recurring value stream separate from the traditional staking yields. We are proud to partner with the Bluefin team to deliver a leading trading experience on-chain, demonstrating our ability to deploy liquidity strategically, drive network adoption, and capture long-term ecosystem value. To summarize, over the past quarter, we expanded our treasury holdings, established innovative partnerships, and completed certain value-accreted share purchases, all while laying the groundwork for new revenue-generating initiatives within the SUI ecosystem. Under our new authorized $50 million stock repurchase program, we repurchased approximately 276,000 shares of our common stock, a high-conviction investment that we believe is immediately accretive to existing shareholders, and underscores our confidence in our long-term fundamentals. These actions reflect our commitment to building a scalable, transparent, and durable platform that aligns long-term shareholder value creation with the growth of the SUI network. I will now turn the call over to Doug Polinski, SUI Group's Chief Executive Officer, to provide an update on our specialty financial operations. Doug.