管理層發言
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 Barnett; Chief Executive Officer, Douglas Polinsky; and Chief Financial Officer, Joseph Geraci. 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 risks associated with investing in SUI. 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 Barnett.
Thank you, and good afternoon, everyone. Digital asset markets remained volatile during the second quarter, but the institutional development of the sector continued 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 sustained 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, and 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, Bullish, 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 10 and June 10, 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. SUI'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 August 3, 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 SUIG common stock and SUI on August 3, we are trading at an approximate mNAV of 0.72x. A full mNAV calculation is included in the back of our Q2 2026 earnings press 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 SUI's network 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. It 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 the 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 suiUSDe. Stablecoins are an essential component of on-chain financial markets because they provide the monetary base for payments, trading, lending and settlement. Our participation in suiUSDe 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-conviction themes at the intersection of digital assets, financial technology and artificial intelligence, where we believe some of the most consequential developments in agentic finance are beginning to take shape. One early example is Walrus, a decentralized storage network built on SUI that allows AI agents to persist and retrieve memory on chain. Its Walrus memory product recorded its first full month of agentic use in June with more than 3,500 unique agent owners and over 80,000 memories 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 agentic finance, we invested $3 million through a SAFE in Nof1, 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 Nof1's thesis that effective AI-driven trading will require specialized training, infrastructure and execution capability. Nof1 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. Nof1 and Recursive address different parts of the opportunity. Nof1 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 Kristina Campbell as an independent director and chair of SUI Group's audit committee is an important example of that effort. Kristina 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 Wrapbook and previously served as Chief Financial Officer of Ripple Labs and PayNearMe. Her 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 organizational 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 specialty finance operations.
Thank you, Marius, 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 have discussed in prior periods, that business is 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 30, 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 SUI 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 the quarter 2, 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 noncash 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 U.S. 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 noncash 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 noncash 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 $0.23 per diluted share compared to net income of approximately $677,000 or $0.11 per diluted share in the quarter 2 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.
分析師問答
We will now open the lines for questions. Please follow the instructions to ask a question. Our first question is from Brian Kinstlinger with Alliance Global Partners.
This is Kevin for Brian. First question is, while the price of SUI is being pressured, what are management's top two or three priorities?
Kevin, yes. Our priority for a long time has been looking at risk across the whole business, and we've taken a very disciplined approach. We maintain a significant amount of cash on our balance sheet so that we're not under pressure to sell SUI or to sell shares in the market to fund the business. We also have not taken on any debt. So we're in a comfortable position from an operating perspective. The second priority is looking at yield and return. We continue to look at risk-adjusted ways to generate significant return on the balance sheet. As you know, we removed all SUI tokens from DeFi in the previous quarter. However, we expanded the partnership with Bluefin. That loan is yielding approximately 5% to 6% and has a lot of embedded optionality if DeFi returns to prior levels. That arrangement is bilateral. We're also looking at different lends to market makers and institutional lenders to continue to enhance return.
Got it. And 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 what milestones or growth on the Bluefin platform would drive a more material contribution to the company?
The Bluefin platform acquired the largest lending business on the SUI ecosystem called Suilend as part of an acquisition. The additional lend was part of us financing that acquisition, which materially increased the size of their lending business. It wasn't a single transaction; on a risk-adjusted basis they were increasing revenues within their business. We believe consolidation in these markets is happening more and more, and that these businesses can become substantially larger as they add product sets. We viewed the acquisition positively based on how it was negotiated and the strategic fit.
Makes sense. With crypto prices and particularly the pressure on SUI, what is the demand like for similar partnerships to Bluefin that can result in outsized yield? Has that pressure on SUI resulted in the pipeline shrinking, or are there any delays?
There are opportunities, but the key for us is risk. We need to be certain that we have the right structures in place and the counterparties have strong balance sheets. We don't treat these arrangements as equity investments; if we want our SUI tokens returned at the end of the term, we expect to receive them back. We take a deep approach to assessing risk. With SUI price weakness and general reductions in DeFi activity across chains—partly because pricing is down and partly because of hacks earlier in the year—opportunities have changed. Protocols have tightened up and security is improving, but many potential transactions fail to meet our risk criteria. We therefore favor institutional lending relationships with market makers and institutional businesses that have stronger balance sheets. That may mean slightly less yield than DeFi markets, but from a risk perspective it makes more sense for us.
Got it. And last question: as of some June reports, the SUI blockchain was performing differently relative to some competing smart contract blockchains like Ethereum and Solana. What can be done to improve user churn on-chain? Would that be building more dApps, greater adoption of stablecoins, or something else?
SUI has an extremely focused team and business. There are approximately 1,400 developers on the chain, and it ranks among the top 10 blockchains by developer activity. The team has been vocal about key focus areas. Stablecoin volumes hit all-time highs recently. The chain can maintain very high throughput—297,000 transactions per second—and there is development work on privacy transactions on-chain. Longer term, the outlier that could move crypto markets is agentic commerce and agentic finance. Payments, wallets and rails are natural fits for blockchain. It may require a proof case from a major AI company to accelerate adoption. In short, building compelling applications—especially those that leverage agentic capabilities, payments, stablecoins and privacy—will drive sustained on-chain activity.
Our next question is from Gareth Gacetta with Cantor.
We were pretty excited to see the OpEx profile this quarter; you improved to the tune of nearly $40 million. Could you talk about where we sit from a run rate perspective, maybe excluding the mark-to-market on your digital assets? In terms of the operating cost base, where might additional efficiencies be achieved over time and where might traditional run rates play out?
We spent a lot of time reducing the operational cost of the business. Over the last 12 months, we reduced costs by about 50% and there remain areas where we can bring costs down further. Excluding the treasury and looking only at cash on hand, we currently have over two years of runway for operating costs, and that excludes any yield or returns from the balance sheet or loan income. So from a runway and operating perspective, we are sitting comfortably at the moment.
That's great. How do you weigh using excess cash for buybacks of common stock versus investments like Nof1 or Recursive Superintelligence? If you have excess cash, could you potentially put it to use elsewhere to generate shareholder value?
We constantly evaluate options. It's a question of risk and strategic fit. We look both at the underwriting of a transaction—whether it's a good investment with the potential to move the needle materially—and how it fits strategically. We're not going to invest capital for a low-return outcome; there's a balance between risk, return and strategic alignment. We have seen many opportunities that we don't consider a fit, so we prioritize transactions that align with our risk profile and strategic objectives. As a significant shareholder myself, we're always seeking ways to enhance return, but any deployment needs to meet our criteria.
Understood. Lastly, thinking about management structure enhancements, can you provide color on what this might mean for SUIG's next phase? What did the structure look like in the past, and in a perfect world what might you see one to two years down the line?
We're continually assessing how to enhance management structure and alignment for the company. At this point, we can't provide an update, but we have publicly said we're looking at this for the longer term, and we hope to provide more clarity in the next quarter.
Our next question is from Devin Ryan with Citizens Bank.
This is Noah Katz on for Devin. I appreciate all the comments today about the agentic economy. To start, focusing on your recent investments in both Nof1 and Recursive, you are positioning yourselves as a player within the agentic economy. Established platforms are introducing AI tools for research and investing. As you think through the next phase of agentic tools and products and your pipeline within agentic finance, where are you seeing the most interesting new products or companies being built? How will SUI help these businesses bring agentic activity onto SUI?
AI is advancing very quickly, with many announcements each week. We continuously assess developments. Many protocols and functionalities make sense to run with blockchain rails. Rather than waiting for these businesses to build on-chain, we proactively seek the right entry points where we can push that agenda. We underwrite investments based on their merits and then look for the potential to integrate SUI and collaborate with founders and the SUI team over the long term. These are long-duration plays. Key areas include payments using agentic agents and wallets on chains. The potential population of agents is vast; billions of people and potentially trillions of agents over time will need to transact, verify actions and store results. SUI's integrated stack is well positioned to support transaction processing and storage, with protocols like Walrus enabling agent memory, privacy capabilities, and other embedded functionality.
We're bullish on AI's potential. Crypto has faced headwinds over the last nine months due to multiple factors, but I believe there is greater stability now. Bitcoin miners pivoting to data centers used balance sheet sales to fund AI pivots; much of that adjustment is behind us. Retail has shifted a lot of attention to AI, but institutional interest is strong. Stablecoin adoption, derivatives and prediction markets are reaching high volumes, and real-world tokenization continues to advance. Agentic finance and commerce are key areas to watch for long-term growth.
I second everything you just said. As a follow-up: agents will favor infrastructure with low fees, faster settlement and programmable permissions. Can you speak to what SUI offers today and how you differentiate yourselves to attract more agents to transact?
Start at the bottom: SUI's architecture and scalability allow it to increase capacity and handle very large volumes; the chain offers what is effectively unlimited scalability as capacity is added. That enables rapid growth to high transaction volumes. Recently, SUI introduced gasless transactions for supported stablecoins, allowing free transfers for those tokens. For payments, understanding exact transaction fees is critical, and SUI has always offered predictable transaction costs. From an adoption perspective, you want on-chain transactions to be inexpensive—lower costs help drive user adoption. Stablecoins being 24/7 and far cheaper than traditional wire transfers provide a material efficiency advantage for businesses and institutions. Trust is important. Agentic commerce also needs storage and verification of agent actions and privacy. SUI provides an integrated stack—transaction processing, storage, privacy and other functionalities embedded together. Other chains can achieve similar functionality, but often require integrating multiple protocols. SUI's integrated approach resembles a turnkey stack, which we believe positions it well for agentic use cases.
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.