Inside the uncollateralized deal that locked up 6 million SUI until 2028 while SUI Group trades at a 25% NAV discount

SUI Group Holdings has lent 6 million SUI tokens to Bluefin Markets under an uncollateralized agreement that lets the borrower reuse the assets and gives the Nasdaq-listed treasury company a share of Bluefin’s revenue. The arrangement may improve income, but SUI Group has not disclosed the revenue base needed to show that it can compensate for the added counterparty and liquidity risk.The company’s Aug. 6 results filing said it held 109.1 million SUI as of Aug. 3, including the 6 million SUI recorded as loan receivables. It marked the total position at $75.3 million using a $0.69 SUI reference price. Its management-defined, non-GAAP mNAV calculation put market capitalization at 0.72 times its company-calculated net asset value, implying a 28.4% discount.How the revenue share worksA June 19 amendment increased Bluefin’s loan from 2 million to 6 million SUI and raised SUI Group’s fee from 5% to 11%. The agreement defines that fee as 11% of gross operating revenue across Bluefin and specified associated companies, including revenue tied to acquired Suilend assets. Payments are normally due twice monthly in SUI.The 11% applies to qualifying revenue, leaving the return on the 6 million ...