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SUI Group lends 6 million SUI to Bluefin Markets under uncollateralized deal
The uncollateralized arrangement runs through Sept. 30, 2028, with Bluefin paying an 11% fee on qualifying gross operating revenue, while SUIG reported 109.1 million SUI held as of Aug. 3 including the 6 million SUI loan receivable.
SUI Group Holdings said it has lent 6 million SUI tokens to Bluefin Markets under an uncollateralized agreement that allows the borrower to reuse the assets. In exchange, the Nasdaq-listed company receives a share of Bluefin’s revenue, an arrangement that CryptoSlate reports may support income but leaves SUI Group without a disclosed revenue base sufficient to quantify the added counterparty and liquidity risk.
According to the company’s Aug. 6 results filing, SUI Group held 109.1 million SUI as of Aug. 3, including the 6 million SUI recorded as loan receivables. The filing valued the total position at $75.3 million using a $0.69 reference price, while its management-defined, non-GAAP mNAV calculation put market capitalization at 0.72 times company-calculated net asset value, implying a 28.4% discount.
The June 19 amendment increased Bluefin’s loan from 2 million to 6 million SUI and raised SUI Group’s fee from 5% to 11%. Payments are normally due twice monthly in SUI, and the 11% applies to qualifying gross operating revenue across Bluefin and specified associated companies, including revenue tied to acquired Suilend assets, with the filing not identifying Bluefin’s specific contribution after the amendment.
CryptoSlate also notes that the deal restricts SUI access, since Bluefin may pledge, rehypothecate, sell, or lend the tokens, and repayment timing depends on the agreement’s termination conditions, including up to six months to return SUI after a continuing termination event makes repayment due. In the quarter, SUI Group reported $35.6 million of digital-lending income and described an $18.91 million realized digital-asset loss, including $14 million tied to the additional Bluefin transfer, as a noncash derecognition and lower-valued receivable effect.
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