Recently, I researched several cryptocurrency and stock micro-strategy treasury solutions. To be honest, the most restrained and compliant ones are #SOL and #SUI. Perhaps because they are domestic projects in the United States, they do not employ many crazy leverage tactics, such as ATM stock sales or perpetual preferred stocks. Most only use fixed increase models, which are restrained and conservative. In a time when everyone is crazily leveraging, restraint is precisely a manifestation of long-termism.

When I first saw the story of @officialSUIG, I was reminded of the early path of #MicroStrategy + #BTC. $MSTR was a publicly traded company that was "addicted to buying #BTC." Now, #SUIG is doing many similar things, but there are also many differences, with the core being that #BTC has been replaced with #SUI.

The differences are:

• #MSTR is an IT software company that initially used corporate cash flow to leverage and buy #BTC, later issuing corporate bonds, and then using ATM + convertible bonds;

• #SUIG was originally a small loan company (#MCVT, later renamed #SUIG), which is very small but directly raised $450 million in private financing, simply changing its main business to "SUI treasury." Behind it, not only is the SUI Foundation involved, but it also brought in a bunch of major crypto institutions (Galaxy, Pantera, Electric Capital, etc.) to endorse it, effectively combining endorsement, funding, and ecosystem binding into one.

In addition to the financing model, the background of #SUIG's investors is also very interesting. This time, #SUIG's financing adopted a private investment in public equity (PIPE) model, raising $450 million at once, which is several times the market value at that time.

• The leading investor, Karatage, is itself a deep investor in SUI and has a partnership with Mysten Labs. This is not purely a financial investment; it is equivalent to a strategic binding;

• The SUI Foundation invested an equal amount, which means the official support for #SUIG to create the "listed treasury" for SUI;

• 98% of the raised funds are used to buy #SUI, with the remaining 2% maintaining the original small loan business.

This is different from #MicroStrategy: MSTR's main business was still software in its early days, just with a balance sheet filled with #BTC; whereas #SUIG has directly announced that "its main business is to hold and operate the SUI treasury," and its business model is a complete transformation.

Interestingly, #SUIG's stock is currently in a state of being below its net asset value. Let's look at the valuation situation; at the beginning of September, #SUIG disclosed the following data:

• Holds approximately 102 million #SUI;

• Based on the current market price ($3.5), the treasury is about $357 million;

• Currently, #SUIG's market value is only $352 million;

• Each share corresponds to 1.24 #SUI, and the current stock price is $4.28, which is indeed undervalued.

So from the current net asset perspective, the stock price is actually lower than the net asset value, which is a typical state of being below net asset value. From a common sense perspective, whether it is the #ETH micro-strategy leader #BMNR or the #BTC micro-strategy leader #MSTR, the market value generally exceeds the actual net value of the held crypto assets (currently, #BMNR is also in a short-term state of being below net asset value). Additionally, it is worth mentioning that #SUIG recently completed a $2 million stock buyback, repurchasing 318,743 shares at an average price of $4.30 per share. A newly approved $50 million buyback plan is currently underway, which also highlights #SUIG's long-term value and shareholders' firm belief in #SUI.

Overall, as the "first SUI micro-strategy company on NASDAQ," I believe #SUIG is not betting on diversified assets but is all in on SUI. The logic is: if #SUI can truly become the next generation of internet infrastructure, #SUIG is the listed "agency" of this chain. If you, like me, are optimistic about #SUI's future growth, you might want to pay attention to #SUIG's stock. We are not buying existing assets but rather the leveraged growth story of #SUI, which is worth looking forward to. 🧐

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