Recently, I have studied multiple micro strategy treasury plans for cryptocurrency stocks. To be honest, the most restrained and compliant ones are SOL and SUI. Perhaps because they are domestic projects in the United States, there are not so many crazy leverage tricks. Most ATM stock sales, perpetual special shares, etc. only use fixed growth models, restrained and conservative. In the current situation where everyone is crazily adding leverage, restraint is precisely a manifestation of long termism. When I first saw the story of @ officianSUIG, it immediately reminded me of the early path of MicroStrategy+BTC. MSTR was once a listed company addicted to buying BTC, but now there are many similarities in what SUIG is doing, but also many differences. The core is to exchange BTC for SUI. The difference lies in: MSTR is an IT software company that used enterprise cash flow to leverage and buy BTC in the early days, followed by issuing corporate bonds and later ATM+convertible bonds; SUIG, formerly known as Small Loan Company (MCVT, later renamed SUIG), had a small scale but directly raised $450 million in private equity financing, so it simply changed its main business to "SUI Treasury". Behind it, not only is the SUI Foundation involved, but also a group of major cryptocurrency institutions (Galaxy, Pantera, Electric Capital, etc.) have been mobilized, which is equivalent to three in one endorsement, funding, and ecological binding. In addition to the financing model, the background of SUIG's investors is also very interesting. This time, SUIG's financing adopted a targeted private placement (PIPE) model, raising $450 million in one go, which is about several times the market value at that time. Karatage, the leading investor, is already a deep investor in SUI and has a partnership with Mysten Labs. This is not purely a financial investment, but rather a strategic binding; The SUI Foundation's equal investment is equivalent to the official collaboration of SUIG to create SUI's "listed treasury"; 98% of the raised funds will be used to buy SUI, and the remaining 2% will be used to maintain the original small loan business. This is different from MicroStrategy: MSTR's early business was still software, but its balance sheet was filled with BTC; SUIG directly announced that its main business is to hold and operate SUI treasury, and its business model is a complete transformation. The most interesting thing is that SUIG's stock is still breaking through net worth. Let's take a look at the valuation situation. The data disclosed by SUIG in early September: • Holding approximately 102 million SUIs; Based on the current market price ($3.5), the treasury is approximately $357 million; Currently, the market value of SUIG is only $352 million; Each share corresponds to 1.24 SUIs, and the current stock price is $4.28, which is undervalued. So from the perspective of current net worth, the stock price is actually lower than the net asset value, which belongs to a typical state of breaking net worth. From a common sense perspective, whether it is ETH micro strategy leader BMNR or BTC micro strategy leader MSTR, their market value is generally higher than the net value of their actual holdings of cryptocurrency assets (currently BMNR is also in a short-term net loss state). Additionally, it is worth mentioning that SUIG recently completed a $2 million stock buyback, repurchasing 318743 shares at an average price of $4.30 per share. The newly approved $50 million repurchase plan by the board of directors is currently on its way, which also demonstrates SUIG's long-term value and shareholders' firm belief in SUI. On the whole, SUIG, as "the first SUI micro strategy company in NASDAQ", I think it gambles not on diversification but on All in SUI. The logic is that if SUI can really become the next generation of Internet infrastructure, SUIG is the "proxy" for the listing of this chain. If you like me and are optimistic about the future growth of SUI, you can pay attention to SUIG shares. What we buy is not existing assets, but a leveraged story of SUI's growth, which is worth looking forward to.