Sui Group Holdings Limited

Good afternoon, everyone, and thank you for participating in today's conference call to discuss SUI Group Holdings financial and operating results for the fourth quarter in the December 31st, 2025. Joining us today are SUI Group's Chairman of the Board, Marius Barnett, Chief Investment Officer, Stephen McIntosh, and Chief Executive Officer, Douglas Walensky, and Chief Financial Officer, Joseph DeRisi. By now, everyone should have access to the company's fourth quarter 2025 earnings press release, which was issued this afternoon at approximately 4.05 p.m. Eastern time. The release is available in the Investor Relations section of the company's website at www.coeg.io. This call will also be available for webcast replay on the company's website. Following management remarks, we will 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 Litigation Reform Act of 1995. These forward-looking statements are subject to certain known and unknown risks and uncertainties as well as assumptions that could 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 afternoon, everyone. Before diving into the quarter, I'd like to briefly share my perspective on the current market environment. As many of you know, I am the co-founder of Caritage, a London-based investment firm focused on digital assets and emerging technologies. Over the past several cycles, I've invested across public and private blockchain infrastructure, DeFi protocols, and AR-linked digital systems. Volatility in digital assets is not new to us. cyclical repricing, liquidity compression, and a sharp mark-to-market movement are inherent features of emerging asset classes. What has remained consistent across cycles is the long-term progression of technology. Infrastructure improves, developer ecosystems deepen, institutional participation increases, and regulatory clarity advances. We believe we are operating in that progression today. The digital asset industry is entering a more mature phase. The regulatory engagement in the United States has shifted from uncertainty towards structure. Institutional frameworks around custody, derivatives, and market infrastructure continue to formalize. Policymakers are increasingly focused on integrating digital assets into modern capital markets rather than excluding them. Those developments act as tailwinds, not just for the industry broadly, but for institutional grade public companies like Surrey Group. That context makes the strengthening of our board particularly important. During the fourth quarter, we appointed former CFTC commissioner and ex-A16C crypto global head of policy, Brian Quintes, as an independent director. Brian is a recognized leader in financial markets, public policy, and digital asset regulation. He currently serves on the board of Kalshi, an event-based derivatives exchange regulated by the U.S. Commodity Futures Trading Commission and has advised a range of leading institutions across the digital asset and financial services ecosystems. His presence reinforces Sui Group's governance, discipline and positions us to engage constructively as regulated frameworks evolve. Against that backdrop, suey group continues to execute on a strategy that is intentionally long-term our objective is not simply token accumulation we aim to develop a public market gateway into one of the most technically differentiated layer 1 ecosystems in the market during the quarter we continue to activate our treasury across multiple verticals Our partnership with Bluefin is a great example of how we're moving beyond passive capital deployment. Bluefin has scaled into the leading decentralized exchange on SUI with over $4 billion in monthly trading volume, $82 billion in cumulative volume, and expanding lending and vault products. Institutional adoption of on-chain derivatives and structured yield products requires performance infrastructure, and SUI's architecture enables that performance. By aligning with Bluefin, we are directly participating in one of the highest growth segments of on-chain finance. In parallel, we advanced stablecoin infrastructure through the launch of SUI-USDE and USDR in collaboration with Athena and the SUI Foundation. Moving from issuance to activation, we seeded $10 million into the EMBA-operated SUI-USDE vault, a permissionless, yield-generating vehicle designed to create durable liquidity for the ecosystem. Stablecoins are foundational to capital formation on-chain. Participating in the infrastructure layer positions Sui Group to capture value beyond directional exposure. The combination of these initiatives reflects a core principle guarding our strategy. activation compounds value we are not simply accumulating an idle treasury we are scaling it staking it and strategically deploying it into high impact ecosystem infrastructure all within a regulated publicly traded framework built for transparency and institutional participation our strategy is anchored in a structural shift we see underway across global markets the convergence of blockchain infrastructure, institutional capital, and real-world financial use cases. Sui's architecture is engineered for performance at scale, and that matters as decentralized systems move from experimentation to enterprise-grade deployment. SWE Group is building a position accordingly, not as a short-term trading vehicle, but as a long-term duration platform aligned with network growth, ecosystem expansion, and institutional adoption. Our mandate is to translate technological advancement into per share value for public market investors. With that, I'll pass it over to Stephen to walk you through our fourth quarter operational updates.

Thank you, Marius, and good afternoon, everyone. Our capital allocation framework remains disciplined and straightforward. Increase SURI per share, activate the balance sheet responsibly, and preserve long-term flexibility. At the protocol level, SURI continues to distinguish itself technically. Its object-centric architecture and new programming language allow for parallel execution, low latency finality, and composable digital assets logic. That design enables scalable stablecoins, high-frequency on-chain trading, tokenized real-world assets, and AI-integrated applications, all within a single horizontally scalable layer-one environment. Performance characteristics matter when institutional capital enters an ecosystem. Screw-put, deterministic execution, and low transaction costs are prerequisites for derivatives, lending markets, and structured products. That is where we see SUI positioned structurally well. During the quarter, we continued scaling our treasury and staking substantially all of our holdings, generating approximately 1.7% annualized yield in SUI-denominated rewards. Since the inception of our digital asset treasury strategy in July 2025, we have generated approximately 1.13 million SUI in total staking rewards and lending activities in the SUI ecosystem. This income compounds the Treasury over time and reinforces our long-duration orientation. Equally important was the execution of our authorized $50 million share repurchase program. In Q4, we repurchased approximately 7.8 million shares of our common stock at an average price of $2.02 per share. These repurchases represented approximately 8.8% of SUIG's shares outstanding at the time of the implementation of the repurchases. At the time of execution, our stock was trading at a meaningful discount to its underlying net asset value and SUIG per share exposure. Supplying capital into our own equity under those conditions was a high conviction allocation decision. It increased SUI per share, improved per share exposure to staking yield and ecosystem activation strategies, and reflected confidence in the intrinsic value of the platform. Standing to ecosystem activation, our Bluefin partnership provides more than yield enhancements As Marius mentioned, Bluefin's perpetual futures platform has grown from roughly $1 billion in monthly volume to over $4 billion in monthly volume, with cumulative trading volume exceeding $80 billion and expanding lending markets. The protocol now integrates spot, PERPS, lending, and vault infrastructure within a unified trading environment. As derivatives and structured yield strategies expand on SUI, the presence of institutional-grade liquidity venues becomes critical. Our agreement to lend SUI into Bluefin and participate in revenue share aligns us directly with that growth factor. It also provides a return profile differentiated from passive staking. On the stable coin side, the launch of SUI-USDE and USDI marks an important evolution. Athena's USDE has scaled into one of the fastest-growing dollar-denominated digital assets in history. Bringing mass infrastructure natively to SUI expands the ecosystem's monetary base. Our $10 million Anchor deployment into the Amber-operated vault was designed to accelerate equity formation and institutional participation. Stablecoin Velocity underpins DeFi growth. By pairing treasury exposure with infrastructure participation, we create multiple pathways for value generation. Token appreciation, staking yield, protocol revenue share, and liquidity provisioning. As we move into the year ahead, our focus remains on A, scaling SUI per share through disciplined treasury growth. B, continuing to activate our treasury across staking, lending, derivatives, and stablecoin infrastructure. C, maintaining opportunistic capital allocation, including share repurchases when appropriate. And D, operating with institutional-grade transparency as the only publicly traded company with an official SUI foundation relationship. The digital asset market will continue to experience volatility. What endures is infrastructure quality, ecosystem adoption, and disciplined capital management. We are positioned at the intersection of all three. I will now turn the call over to Doug Kalinske, SUI Group's Chief Executive Officer, to provide an update on our specialty finance operations.