Sui Group Holdings Limited

Good afternoon, everyone, and thank you for participating in today's conference call to discuss SUI Group's financial and operating results for the second quarter ended June 30, 2026. Joining us today are SUI Group's Chairman of the Board, Marius Burnett, Chief Executive Officer, Douglas Balinski, and Chief Financial Officer, Joseph Jirassi. By now, everyone should have access to the company's second quarter 2026 earnings press release, which was issued this afternoon at approximately 4.05 Eastern Time. The release is available in 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 the call up for questions. Please be advised this conference will contain statements that are considered forward-looking statements under the Private Securities Litigation Reform Act of 1995. These forward-looking statements can often be identified by the use of words such as believe, expect, intend, continue, will, may, should, estimate, potential, or similar expressions. 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, such as the inherent volatility and risk associated with investing in 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. During this call, we will also reference certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP financial measures are included in today's earnings press release and are also available on the investor relations section of our website. at www.suig.io. I will now turn the call over to the company's chairman of the board, Marius Burnett.

Thank you and good afternoon, everyone. Digital asset markets remain volatile during the second quarter, but the institutional development of the sector continue to advance. Across custody, staking, stablecoins, tokenization, and market infrastructure, the distinction between traditional and on-chain finance is becoming less pronounced. Established financial institutions are increasingly evaluating where blockchain can improve the movement, settlement, and ownership of financial assets. That progression is particularly relevant to the SUI network. We believe the network is moving beyond the period defined principally by technical differentiation and into one where that architecture is supporting increasingly substantive financial activity. For example, the network sustains 297,000 transactions per second with finality at 300 milliseconds, underscoring its horizontal scalability. SUI developer count has grown to 1,400 and ranks 10th amongst all chains by GitHub activity, reflecting the continued growth of its builder ecosystem. During the quarter, institutional access to SUI tokens continued to expand. Coinbase introduced direct staking giving eligible users and institutions a more established access point for participating in the network's proof-of-stake economics. We also saw further evidence of SUI's relevance to tokenized financial markets through the availability of a tokenized private market strategy from Mubadala Capital on the network. We believe developments like this demonstrate that institutional asset managers are not using the SUI network merely as a simple trading venue, but as infrastructure for delivering financial products on-chain. SUI has also been developing infrastructure to unlock the productive use of Bitcoin's more than $1 trillion in dormant capital. Hashi, SUI's native primitive for this purpose, lets Bitcoin be used as a verifiable collateral for lending and other financial products while it remains securely on its native chain. During the quarter, Cumberland, Fluid, SwissBorg joined the growing coalition of partners building on Hashi ahead of its global testnet launch this month, bringing the coalition to more than 20 marquee participants, including BitGo, Woolish, FalconX, and Ledger. Further evidence of institutional demand for verifiable on-chain infrastructure that can put Bitcoin's capital to productive use. Network activity continued to scale as well. SUI surpassed 4.5 billion cumulative transactions reflecting the breadth of applications and user activity developing across the ecosystem. SUI also introduced protocol level gasless stablecoin transfers, allowing supported stablecoins to move without requiring users to maintain a separate SUI balance for transaction fees. Between May the 10th and June the 10th, the network processed approximately 65 billion of stablecoin transfer volume, which we believe provides an early indication of the demand for low friction payment infrastructure. This is an important improvement for payments and other high frequency use cases because it reduces friction at the point of transaction. The combination of these developments shows the ecosystem advancing across dimensions at once. Institutional access, tokenized assets, payments, infrastructure, and underlying network usage. We believe this reinforces the long-term rationale for aligning SUI Group with the SUI ecosystem. Suey's parallel execution model, object-centric architecture, and low latency settlement were designed for applications that require high transaction volumes, predictable execution, and composability across financial products. These attributes become increasingly important as blockchain infrastructure is adopted for payments, trading, tokenized assets, and autonomous financial systems. In our view, institutional adoption will ultimately concentrate around networks capable of supporting those use cases reliably and at scale. Turning to our treasury, as of the 3rd of August, 2026, we have approximately 109 million SUI tokens. A significant majority of our holdings are staked, generating an estimated annual yield of approximately 1.7% and approximately 5,300 SUI per day. Based on the closing prices of SUI-G common stock and SUI on August the 3rd, we are trading at an approximate MNAV of 0.72 times. A full MNAV calculation is included in the back of our Q2 2026 earnings PR release before the call. Native staking is an important component of the treasury, but it is only one component. We are also evaluating opportunities to enhance balance sheet productivity by lending capital to our ecosystem and strategic partners on a risk-adjusted basis. Our expanded relationship with Bluefin reflects that approach. Bluefin has developed a broad financial platform on series networks spanning perpetual and spot trading, lending, liquidity, and vault infrastructure. During the quarter, we lent an additional 4 million SUI tokens to Bluefin, bringing our total commitment to 6 million SUI tokens. In exchange, our participation in certain Bluefin revenues increased from 5% to 11%, payable in SUI. The amended agreement has an initial term extending through September 2028. We view the infrastructure as more than a lending arrangement. gives SUI Group economic exposure to the development of what we believe to be a core financial venue within the ecosystem and creates a return profile that is distinct from passive staking. It also demonstrates the role we believe SUI Group can occupy over time, a source of strategic capital for businesses building meaningful financial infrastructure on the SUI network, where the terms provide an appropriate balance of return, risk, and alignment. Active treasury management also requires a willingness to reduce exposure when conditions change. During Q2, following a reassessment of the risks associated with certain DeFi activities, we unwound those positions and recovered all amounts deployed. We do not regard capital deployments as permanent simply because a position has been established. Counterparty, protocol, liquidity, and operational risks must be evaluated continuously, particularly in markets that are developing rapidly. Separately, as of June 30, 2026, we have approximately 10 million SUI USD. Stablecoins are an essential component of on-chain financial markets because they provide the monetary base for payments, trading, lending, and settlements. Our participation in SUI-USDE is currently strategic rather than a material source of near-term revenue. It is intended to support liquidity and adoption within the SUI ecosystem, while positioning SUI Group alongside infrastructure that could become more economically significant as the network develops. We also continue to selectively allocate capital into high-convection themes at the intersection of digital assets, financial technology, and artificial intelligence. where we believe some of the most consequential developments in the Gen-Tech finance are beginning to take shape. One early example is Walrus, a decentralized storage network built on CIRI that allows AI agents to persist and retrieve memory on-chain. Its Walrus memory product recorded its first full month of Gen-Tech use in June with more than 3,500 unique agent owners and over 80,000 memory registered by agents. This emerging activity reinforces our view that autonomous systems will increasingly require specialized intelligence and infrastructure designed to support complex financial decision-making. Acting on our conviction in the GenTech finance, we invested $3 million through a SAFE in NL1, an artificial intelligence research company developing frontier artificial intelligence models specifically for financial markets. Its Alpha Arena platform was designed as a live benchmark to evaluate whether leading AI models could generate returns using real capital and autonomous trading decisions. The initial results demonstrated the limitations of general purpose models in financial markets and reinforced N of 1's thesis that effective AI-driven trading will require specialized training, infrastructure, and execution capability. NF1 is now developing its own models with expanded reasoning, research, and multi-step execution capabilities. Over time, we intend to evaluate whether those models can be used to support treasury yield and return generation, subject to appropriate testing, oversight, and risk controls. We also invested $3 million in recursive superintelligence as part of its $650 million financing round, which valued the company at more than $4 billion. Recursive is developing open-ended algorithms and artificial intelligence systems designed to improve their own capabilities over time. Its work is focused on creating systems that can support continuous self-directed scientific discovery rather than operating within a fixed set of predefined tasks. The company's team includes researchers and entrepreneurs with experience across OpenAI, DeepMind, Google Brain, and Meta. We believe that combination of technical depth and long-duration research ambition provides SUI Group with exposure to foundational capabilities that could influence how advanced autonomous systems operate across finance and other industries. N of 1 and recursive address different parts of the opportunity. N of 1 is focused on the near-term application of specialized agentic artificial intelligence to financial markets. while Recursive is pursuing underlying capabilities that could define the next generation of artificial intelligence. Together, these investments reflect our view that agentic finance will be shaped by both sides of that equation, increasingly capable autonomous systems and programmable financial infrastructure through which those systems can transact. As our activities expand, we are also focused on strengthening the institutional capabilities required to support the next phase of our development, that includes deepening our leadership bench, enhancing financial oversight, and ensuring that our governance and operating structure continue to evolve with the scale and complexity of the platform. The recent appointment of Christina Campbell as an independent director and chair of SUI Group's audit committee is an important example of that effort. Christina brings more than two decades of experience across digital assets, fintech payments, and high growth technology companies. She currently serves as Chief Financial Officer of Ratbook and previously served as Chief Financial Officer of Ripple Labs and Pay Near Me. Experience building finance organizations, navigating evolving accounting and regulatory requirements, and overseeing digital assets related to financial governance will be directly relevant as we continue to scale. More broadly, the Board is continuing to assess the leadership, governance and organisational capabilities required to support SUI Group's long-term strategy. We want to ensure that our business has the depth of talent, financial discipline and operating infrastructure necessary to evaluate opportunities effectively and manage the balance sheet responsibly. Over the past year, SUI Group has progressed from establishing a treasury position to actively enhancing balance sheet productivity through risk-adjusted lending to our ecosystem and strategic partners and selectively allocating capital to technologies that we believe could shape the future of digital finance. Looking ahead, we remain focused on increasing SUI per share and improving the productivity of our balance sheet to generate attractive long-term returns. We believe these initiatives, coupled with our prudent approach to capital allocation, will enable us to deliver durable value to our shareholders. With that, I'll turn the call over to Doug Polinsky, our Chief Executive Officer, to provide an update on our speciality finance operations.

Thank you, Mariusz, and thank you, everyone, for joining today's call. I'll provide a brief update on our legacy specialty finance business, where our focus is on actively managing the existing portfolio and protecting the value of the remaining investments. As we've discussed in prior periods, that business was built around providing short-term non-bank financing solutions and generating returns through interest income, transaction fees, and related investments. While the portfolio is now substantially smaller than it was historically, we continue to apply the same disciplined approach to underwriting, credit oversight, and portfolio management. During the first half of the year, we received approximately $900,000 of repayments and redemptions from legacy investments. As of June 30th, 2026, our remaining traditional lending portfolio consisted primarily of approximately $2.2 million of non-bank loans measured at fair value. We're continuing to monitor borrower performance, evaluate collateral and available sources of repayment, and work through individual positions to maximize recoveries. Certain borrowers continue to face credit and refinancing challenges, and we are addressing those situations on a loan by loan basis while considering the full range of contractual remedies available to us. Given the size and current composition of the portfolio, we do not expect our lending business to be a significant driver of new originations in the near term. We will remain selective, however, and would consider an opportunity where we have appropriate collateral protection, clear visibility into repayment, and a return profile that adequately compensates us for the risk. Although we continue to see selective opportunities in specialty finance, our resources and long-term priorities are increasingly concentrated on maximizing the value of Zulig Group through scalable, transparent, and long-term value creation strategies. With that, I'd like to turn the call over to our Chief Financial Officer, Joseph Geraci, to take you through our financial results. Joe?

Thank you, Doug. A quick reminder, as we review our second quarter financial results, all comparisons and variance commentary refer to the prior year quarter, unless otherwise specified. Due to our strategic shift on July 31, 2025 from our specialty finance business toward blockchain native treasury management, our historical financial condition and results of operations for the period presented may not be comparable. Total revenue and other income for the second quarter of 2026 was $1.2 million compared to $948,000 in quarter two, 2025. The increase was primarily driven by the generation of SUI staking revenue and digital lending interest income from our SUI digital asset treasury strategy. Our second quarter 2026 results include approximately $16.6 million of non-cash losses on digital assets and receivables, consisting of $18.9 million in realized losses, partially offset by an approximately $2.3 million unrealized gain. The realized loss includes a $14 million loss recognized in connection with the additional SUI loan to Bluefin and a $2.4 million loss related to the return of SUI tokens from Galaxy Digital in its capacity as our asset manager. The realized gains and losses were primarily driven by mark-to-market adjustments due to the change in the price of SUI during the period. These US GAAP-required accounting treatments reflect changes in estimated fair value and strategic deployment of digital assets and do not represent an actual cash outflow or impact our liquidity. As a result, total operating expenses including the aforementioned non-cash losses on digital assets and receivables in Quarter 2, 2026 were $20.1 million compared to approximately $2,000 in Quarter 2, 2025. Excluding the non-cash losses on digital assets and receivables, operating expenses for the second quarter of 2026 were $3.4 million. Net loss for the second quarter of 2026 was $18.9 million or 23 cents per diluted share compared to net income of approximately $677,000 or 11 cents per diluted share in quarter two 2025. As of June 30, 2026, cash and cash equivalents were $3.1 million compared to $21.9 million as of December 31, 2025. This concludes our prepared remarks. We will now open it up for questions from those participating in the call. Operator, back to you.

Thank you. We will now be conducting a question and answer session. If you would like to ask a question, please press star 1 on your telephone keypad. A confirmation tone will indicate your line is in the question queue. You may press star 2 if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star keys. One moment please while we poll for questions. Our first question is from Brian Kingslinger with Alliance Global Partners. Please go ahead.

Hi, this is Kevin for Brian. Thank you for taking our questions. First question is, while the price of SUI is being pressured, what are management's top two or three priorities?

Hey, Kevin. Marissa. Yeah, I mean, look, obviously, our priority for a long time has been looking at risk across the whole business. And I think we've taken a very disciplined approach to risk. We maintain quite a lot of cash on our balance sheet, so that we're not under pressure to have to sell SUI or to sell shares in the market to fund the business. um and then you know we haven't taken any debt on the business so we're in a very comfortable position from uh from an operating perspective i think the second thing is is looking at uh yield return we continue to look at uh restricted uh ways to get significant return on the balance sheet um that obviously as you know we removed all three tokens from d5 in the last quarter the previous quarter However, we expanded the partnership with Bluefin. That loan is yielding approximately 5% to 6%, but has a lot of investment optionality in it if DeFi returns to the level that it was, and that's on a bilateral basis that we did that. We're also looking at different lends to market makers and institutional lenders to continue to enhance return.

Got it, thanks. And then I guess on the Bluefin partnership that you just spoke about, what drove the decision to increase the loan to 6 million SUI and raise your revenue share to 11%? And then what milestones or growth on the Bluefin platform would drive more material contribution to the company?

Yeah, so the Bluefin platform bought the biggest lending business on the SUI ecosystem called SUI Lend. It was part of an acquisition. So the extra lend was part of us actually financing them to actually buy SuiLend, which is the biggest lending platform, and increase the size of their business quite dramatically. It wasn't just a single transaction. So it was on a risk-adjusted basis. They were increasing revenues within their business. And we think that consolidation in these markets generally across the board is happening more and more. every day. So that actually, you know, they can be much bigger businesses in the longer term as they add product sets. And we felt it was a very good acquisition, how they negotiated it.

Got it. Makes sense. And then you talked about it a little bit, a little bit prior, but with the crypto prices and particularly the pressure on Surrey, What is the demand like for similar partnerships to that Bluefin deal that can result in outsized yield? And then has that pressure on SUI resulted in the pipeline shrinking or are there any delays in that?

Look, there are opportunities around, but the key for us is, as you say, risk. We need to be certain that we've got the right structures in place and that the company has the right balance sheet you know we don't look at this as a lend in any form as an equity investment we expect at the end of the term if we want our SUI tokens back that we will receive them back and that's why we take a deep deep approach to looking at risk now obviously with the SUI price being down and general DeFi across all different blockchains being dramatically reduced in the ecosystem. Number one, because pricing's down. And then number two, from Q1, you know, there were quite a lot of hacks in the market. That definitely seems to be getting under control slowly as we go along the hacks. I mean, there are still one or two that have happened in the last quarter. But certainly, you know, a lot of these protocols have tightened up and are using, you know, a lot more good people in the world than bad people. So, you know, the same way AI is used on a negative basis for security, you know, it's being used on a positive basis to enhance security as well. So, you know, we do see the opportunities, but I suppose because of our risk-adjusted approach of how we look at this and how we look at risk, a lot of them don't meet the criteria to do that. And that's why we look at what we call more like an institutional lending basis, where we develop relationships with market makers and institutional businesses that have better balance sheets to take on that risk. It may mean slightly less yield versus going into DeFi markets, but from a risk perspective, we believe it makes more sense.

Got it. That makes sense. And then, last question. As of some June reports, the Sui blockchain was Trailing considerably on some of the competing smart contract blockchains like Ethereum and Solana, what do you think can be done to improve the churn in users on-chain? And then would that be something like building more dApps, greater adoption of stablecoins, or something else?

Look, I think it's a extremely focused team and business. There are approximately 1,400 developers on the chain at the moment and it's in the top 10 blockchains there are. I think the team's been, Danny put out a great blog post and the team's been very vocal on the key areas that they've been focusing on. Stablecoin volumes hit all-time highs in the last month. The speed of the blockchain, they were able to maintain 297,000 transactions per second. There's a lot of work that's being put into privacy transactions on chain. And so I think there's some very exciting projects. And I think the key longer term is the outlier here, which can really move the crypto markets, in my view, is, you know, Gen Tech Commerce and the Gen Tech Finance. And for, you know, like we've always said, those sectors, are primed to use blockchains and payments and wallets and rails to operate. You know, in my view, it's a question of not if, but when that breakout app or, you know, company will use it.

Got it. Makes sense.

I think that, you know, needs one of the major AR companies to demonstrate it as a proof test.

Got it. Thank you very much.

Our next question is from Gareth Esita with Kantor. Please proceed with your question.

Hi, guys. Thanks for taking the question. We were pretty excited to see the OPEX profile this quarter. You guys improved to the tune of nearly $40 million there. So I was wondering if you could talk about where we sit from a run rate perspective, maybe excluding the mark-to-market on your digital assets, but in terms of kind of the operating cost base, where might there be any additional efficiencies achieved over time and where might kind of traditional run rates kind of play out?

Yeah, I think we spent a lot, and we've spoken about this before, of how much time we spent on bringing the operational cost of the business down. I think over the last 12 months, we've brought it down by about 50%, and there are certainly some areas we still can bring it down. I think from a cash and cash, excluding the treasury, just from cash and cash equivalents on the balance sheet at the moment, we've got over two years runway. of operating costs and that excludes any yield or return that we get from the balance sheet or income from the loans or anything. So I think we're sitting very comfortably at the moment.

Awesome. That's great to hear. And maybe you could just touch on, as you guys think about kind of the structure of the cost profile of the business and some of these additional investments or areas that you may look to go down, how do you think about weighing With this cash balance, you have buybacks of common stock versus an investment in something like N of 1 or recursive superintelligence. Just thinking about if you have some excess cash, and I know two years is a decent amount of time, but could you potentially put that cash to use elsewhere in terms of generating some shareholder value?

Definitely. I mean, we're constantly looking at that. um and seeing where we can we can do that which obviously as we always said it's a question of risk where we looked at these other transactions we look at not only you know the underwriting of the transaction itself that it's a good investment and can return better that it can also significantly move the needle you know we're not here to do you know invest in a high-risk transaction where we can you know also potentially get you know five percent rr for investor capital. So there's a balance here between looking at risk and capital and deploying it, and then making sure also that there is a strategic fit there. There's lots of transactions we've seen into some of these bigger companies that we don't see as a fit. So the key here is duty, and personally, as a big shareholder of the company, We're always looking at how we can enhance return and look at these transactions. But yeah, it needs to fit the right risk profile, and it needs to fit the right strategic profile as well.

Got it. That's really helpful. And I know it's still early days here, but I wanted to touch on the management structure. Can you provide any color on how you're thinking about kind of what this enhancement might mean for SUGI's next phase? what did the structure look like in the past and if you could have like a perfect world where you might see things like a year or two down the line?

Look, we're constantly looking at how we enhance the management structure and the right alignment for the company. At this point in time, we can't give an update, but we have made a public announcement that we're looking at it from a longer term and hopefully in the next quarter we can give you some more clarity on that.

Okay, great. Thanks for taking the questions. I'll hop back in the queue. Thanks.

Our next question is from Devin Ryan with Citizens Bank. Please go ahead.

Hey, this is Noah Katz on for Devin. Thanks for taking my questions. Appreciate all the comments today about the agenda economy. So to start, I think maybe we should focus on your recent investments with both NF1 and Recursive. positioning yourselves as a strong and ready player within the agentic economy. We're seeing some established platforms introduce AI tools for research and investing. As you think through the next phase of what agentic tools and products could look like, and also on your pipeline within agentic finance, where are you seeing the most interesting new products or companies being built, and how will SUI help these businesses, in effect, bring that agentic activity onto SUI? Thanks.

Yeah, thanks. A great question. Look, AI is moving extremely quickly. I think, you know, we look at it in an amount of announcements every week of advancements and breakthroughs and everything. It's hard to even keep up on an announcement basis on a weekly or weekly. So we're constantly assessing that. I think for us, the key here is having... you know on a piece of paper a lot of these protocols and these functionalities that they run make a lot of sense to use with blockchain or blockchain rails um instead of you know waiting for somebody to build on it is to go out and find you know the right fitting points so that you can also try push that agenda into some of these businesses i think the two transactions that we've made are very you know we underwrite them on a transaction basis that they're good investments and then that they've got the potential for us to to bring in SUI the founders of SUI and look at how we can collaborate with those businesses in the longer term you know these are not very short-term plays they're much longer term plays and to see how we can integrate those businesses from both sides from the investment target company investment side and from the SUI blockchain side um i think the key areas for me of it are are certainly the payment side of things using you know gentic agents and how they pay and use wallets on these chains and when we think about that we're no longer thinking of a finite population you know the world's population is I don't know the exact number, 8 billion or 9 billion or something. We could have hundreds of trillions of agents operating in time that connect with each other and then need a verifiable proof of that they've performed the operation and a place to store the operation. So we think that SUI's integrated stack is super well positioned for this to not only transact but be able to store the transactions with protocols like Walrus there to be able to use privacy on chain and various functionalities that are all embedded in the stack. So we're very bullish on AI and the potential for it. I think crypto has had many headwinds in the last nine months or so. I think that's been a combination of various different factors. I think there's a lot more stability in my personal view in the market at the moment. I think for Bitcoin miners who all pivoted to data centers and they used their, you know, the capex they required, a lot of them used by selling their Bitcoin on their balance sheet to then fund the pivot into AR data centers. I think a large majority of that is out the way. I think that There has been a lot of clean-out. I think we've always seen that crypto, the blockchains, and the market is driven a lot also by retail. Retail certainly has moved with AR mania across the world to different parts of the sector. I'm not sure if you saw in the last quarter, there was an article that over 300,000 or 400,000 retail accounts in Korea were liquidated in the Tech sector. So, you know, those type of things are sectors we're watching from the retail side. But then on the institutional side of the sector, you know, I think it's the most bullish I've seen it in, you know, a long, long time. Stablecoin adoption is really progressing. We see some major transactions in that part of the market on the perps and prediction markets. Those markets continue to reach all-time highs and volumes continue. And, you know, there's a big integration play with blockchains. Their real-world tokenization continues to advance. And then, you know, I think that a long-term agentic finance and commerce is a key area to watch.

Yeah, thanks for all that. I second everything you just said. So, and I think you, as a follow-up, I think you kind of went into it a little bit, but, you know, it's been argued agents are going to favor infrastructure with low fees, faster settlement, programmable permissions. Can you speak to what SUI offers today and how you differentiate yourselves towards building a platform that will drive more agents to transact?

Yes, I think the key thing about the SUI blockchain, you know, as you peel away the layers, is to start at the bottom. And because of the way that the blockchain is actually structured, you know, and the scalability of it, it's got infinite scalability. It's not necessarily about how many transactions it can handle. As you bring on more capacity in the chain, so the total, you know, the speed is not... uh prejudice and that you've got infinite scalability there within the chain and that allows you to go you know to serious amounts of volume very quickly I think recently in the last quarter you guys see we also introduced uh gasless transactions with stable coins so they're actually free I think when you're looking at payments one of the key things with payments when you're making payments is understanding what your transaction fees are for a payment and having an exact number for that. You know, Suey's always offered that, actually, so you're not dependent on what the block's going to cost. They always solve that problem. But, you know, bringing the cost down, a lot of these protocols, you know, I see it all over saying... You know, there was only this much revenue on the protocol. You know, from that KPI perspective, you know, I personally don't, you know, just look at it. That's one of the KPIs, revenue. But actually what you want to do is bring revenue down on chain, not up. you want to look at how many transactions are actually placed in place on train and what the user but users how many users are using it not the revenues because you want the revenues to be as cheap as possible because that's how you're going to get adoption here um you know the one thing about stable coins has always been that you know they 24 7 365 I don't know 100th of the price of a wire transfer So business and big business and institutions and users will adopt where you see that sort of efficiency and you can trust it. I think the trust is a big component. I think the second thing from a perspective of the GenTech commerce and finance is that you need to be able to store these transactions. You need to be able to verify that they've taken place. You need privacy. And I think what Sui's built is a fully integrated stack where this is all embedded in each other. Now, that's not to say other chains can't do this, but if you look at some of the other chains, they'll have to, if you want, they'll have to integrate it together with different protocols to get all that functionality. And I think what Sue's built is resembling, you know, in inverted commas, an AWS stack here, where it's a fully integrated stack with turnkey solutions for this to take place.

That sounds good. Thank you. Excited to hear more.

This now concludes our question and answer session. Ladies and gentlemen, thank you for your participation. This does conclude today's teleconference. Please disconnect your lines and have a wonderful day.