Sui Group Holdings Limited

rather than a breakdown in the system. Unlike prior cycles, particularly 2022, this volatility was not driven by institutional failures or misconduct. We believe the underlying infrastructure performed as intended. Stablecoin markets, now a record scale of over $300 billion, remain functional and institutional participation across ETFs, treasury strategies, and regulated derivatives provided a stabilizing presence that has not existed in previous downturns. We believe the long-term use case for digital assets is resilient. Regulatory clarity is improving, institutional engagement is increasing, and the asset class is entering a more mature phase of development. Periods like this tend to reward disciplined capital allocation conviction in the asset, and a long-term perspective. Our decision to anchor Sui Group's strategy around the Sui blockchain reflects that mindset. We believe Sui represents a meaningful advancement in blockchain architecture. Its object-centric design and the use of the move programming language enable parallel transaction execution, allowing the network to process transactions simultaneously rather than sequentially. This results in sub-second finality, horizontal scalability, and performance characteristics that are well suited for real-world applications at scale. These capabilities are already being validated by growing activity across decentralized finance, gaming, artificial intelligence, and stablecoin infrastructure. Sui Group is uniquely positioned within the ecosystem as the only publicly traded company with an official relationship with the Sui Foundation. That positioning provides differentiated access, credibility, and the ability to deploy capital alongside ecosystem growth. We are not approaching this as passive holders of an asset. We are building an operating platform that participates directly in the expansion of the network. Our objective is to grow SUI per share for our shareholders by actively deploying capital into high quality opportunities within the ecosystem. This includes supporting leading protocols, providing liquidity, and helping scale infrastructure that generates on-chain economic activity. We have established a scalable framework that aligns our balance sheet with the growth of high impact protocols and emerging financial infrastructure. The early initiatives we have taken are intended to demonstrate how this model can be expanded over time with an emphasis on consistency, selectivity, and long-term value creation. To bring this together, the volatility we have seen in recent months has reinforced several key aspects of our strategy. Institutional infrastructure is proving more resilient. On-chain utility continues to grow through cycles The latest foray of crypto hacks are a short and medium-term headwind. Disciplined capital deployment during periods of dislocation can create meaningful long-term value. SUI Group aims to be at the center of that opportunity. We hold a treasury of over 108 million SUI tokens and are actively deploying it within the ecosystem to build partnerships with protocols that are creating durable utility on one of the most scalable blockchain platforms in the market today. We are committed to increasing SUI per share in a disciplined, transparent manner with a long-term orientation that reflects the nature of this asset class. With that, I'll turn the call over to Stephen to walk through our first quarter operational performance.

Thank you, Marius, and good afternoon, everyone. I want to begin with an update on our SUI treasury position. As of May the 4th, 2026, we hold approximately 108.7 million SUI, including digital asset loans. The majority of this position is actively staked, generating roughly 5,200 SUI per day. Since initiating our treasury strategy in July 2025, staking and lending activity have generated approximately 1.3 million SUI in cumulative income. While this base yield is important, we view it as the foundation of our return profile, not the upper bound. Our strategy is focused on deploying capital that can generate returns above the native staking rate. We partner with institutional quality teams across the SUI ecosystem, structure transactions that produce incremental yield to nominated, and build a portfolio of protocol linked economics designed to compound alongside network growth. Our work with Bluefin and Ember Protocol, along with our role in launching the SUI-USDE stablecoin infrastructure, are clear examples of this approach in action. Each initiative is designed to outperform passive staking while expanding our participation in the ecosystem's financial layer. The ecosystem itself continues to evolve in meaningful ways. Total value locked on SUI increased significantly. In February, SUI became the fifth digital asset accessible through a spot exchange traded product joining Bitcoin and Ethereum in regulated investment vehicles, as well as recently launched trading on the CME. In March, the network introduced Hashi, a Bitcoin native lending and borrowing protocol developed by Miston Labs with participation from leading institutional players. This initiative is designed to bring institutional grade BTC collateral into on-chain credit markets. These developments reflect a rapidly maturing ecosystem with increasing institutional relevance. I also want to detail why we believe SUI is particularly well positioned for what may be the next major phase of on-chain activity, which is agentic artificial intelligence. By the end of this year, we expect that a significant majority of enterprises will invest in autonomous software systems capable of planning, transacting, and coordinating with limited human input. These systems require a settlement layer with specific characteristics, including sub-second finality, parallel execution, programmable access controls, and reliable stablecoin infrastructure. SUI was designed with these capabilities in mind. We are already seeing practical applications emerge. Autonomous trading systems that operate across decentralized markets require the ability to process concurrent transactions without delay, which is enabled by SUI's parallel execution model. More complex financial workflows where software agents manage capital allocation and supplements across multiple protocols require clear state management and predictable execution. So it's object centric architecture provides that foundation. In addition, native tools such as seal for programmable data access and walrus for decentralized storage support the memory and coordination requirements of these systems. Stablecoin transfer volume on SUI surpassed 1 trillion in the first quarter, which highlights the level of settlement activity that these applications can build upon. We believe SUI Group is positioned at the intersection of these trends. We hold a scaled and productive treasury on a network that is rapidly building out both financial and computational infrastructure. We are deploying that treasury into the protocols driving the most meaningful activity within the ecosystem. and we are doing so with a clear objective of compounding SUI per share over time through disciplined and transparent capital allocation. I'll now turn the call over to Doug Polinski to provide an update on our specialty finance operations.

Thank you, Stephen, and thank you all for joining today's call. Our legacy specialty finance platform continues to serve an important role within SUI Group, even as our strategic focus has shifted toward digital assets. As we had discussed in prior periods, this business was built on a foundation of selective underwriting and structured lending. We continue to focus on opportunities where we have strong visibility into collateral, cash flow, and borrower quality while maintaining a conservative posture on how we deploy the capital. At the same time, the relative contribution of this segment to our overall financial profile has evolved. As our SUI treasury strategy has scaled, digital asset related activities have become the primary driver of both our balance sheet and our forward-looking strategy. The legacy portfolio remains in place, but is now intended as a complementary component rather than the core engine of the business. The specialty finance platform is designed to provide a base level of cash generation, while our digital asset strategy offers exposure to higher growth opportunities within the SUI ecosystem. Though this quarter saw increased credit risk and uncertainty regarding borrower delinquencies, we believe the specialty finance platform can help create a balanced framework as we continue to transition SUI Group toward a more integrated digital asset platform. While we are opportunistic in specialty finance, our strategic center of gravity is firmly aligned with building a differentiated, institutionally oriented digital asset treasury platform anchored to the SUI blockchain. With that, I'd like to turn the call over to our Chief Financial Officer, Joseph Geraci, to take you through our financial results.