A fastening nut for fastening a receiving body and a collet together is disclosed. The fastening nut comprises a main body having an outer surface, a first end, and a second end distal to the first end and a plurality of blades located radially on the outer surface of the main body, wherein each blade is at an angle to the second end. The fastening nut is attachable on the receiving body for coaxial retention of the collet. Furthermore, axial rotation of the fastening nut creates a suction proximate the second end of the fastening nut. In one embodiment of the fastening nut, the plurality of blades protrude axially past the second end of the main body in a direction away from the first end. A tool bit holding system and a system and method for machining specimens comprising the fastening nut are also disclosed.