- Solmate shares fell 98% from $249 to $4.90 after its $300M Solana treasury move.
- Solmate holds 2 million SOL, but the token has dropped roughly 50% over the past year.
- RockawayX fired back, accusing the Solmate board of diluting shareholders by 20%.
A Cathie Wood-backed Solana treasury company has become one of the most dramatic post-pivot casualties in crypto markets. Solmate, formerly known as Brera Holdings, has seen its shares fall more than 98% since completing a $300 million financing round in late 2025, with the stock now trading near $4.90 against a split-adjusted post-financing price of roughly $249.
From Football Clubs to Solana Treasury
Brera Holdings previously held stakes in football clubs across Italy, North Macedonia, Mozambique, and Mongolia before announcing a complete strategic overhaul in September 2025. It rebranded as Solmate Infrastructure and raised a $300 million private placement backed by ARK Invest, Pulsar Group, RockawayX, and the Solana Foundation, with plans to build institutional-grade Solana staking and treasury infrastructure in the UAE.
The company deployed a significant portion of those proceeds into SOL, and now holds approximately 2 million tokens. The problem is that Solana has fallen roughly 50% over the past year, leaving Solmate’s balance sheet heavily exposed to a depressed asset. The company flagged in its annual filing that its financial position had become highly dependent on the price and liquidity of SOL.
A $200 Million Dispute Turns Into a Lawsuit
The stock’s collapse has been compounded by a legal dispute between Solmate and Viktor Fischer, the founder and CEO of RockawayX, one of its original backers.
Solmate’s board filed a lawsuit in Delaware against Fischer and RockawayX, alleging fraud and intentional misrepresentation. According to Solmate, what began as an attempt by Fischer to extract approximately $200 million from the company by selling his firm at a valuation based on misleading financial statements has since escalated into a broader campaign against the company. The board said it identified the misleading information during due diligence, walked away from the transaction, and filed suit.
“What began as an attempt to extract approximately $200 million from the Company has evolved into a broader false attack that has negatively impacted market perception and contributed to a significant discount in the Company’s valuation,” the company said in a statement.
RockawayX Fires Back
Fischer’s side has not stayed quiet. RBCH, a company affiliated with Fischer, filed a counter lawsuit in New York accusing Solmate’s officers and directors of breaching their fiduciary duties and using company resources to entrench their own control.
RBCH holds approximately 22.7% of the stock after committing $50 million to the original financing round. The complaint alleges that board members Ron Sade and Keren Maimon acquired 2.3 million new shares at $4.97 each shortly before the board rejected an acquisition proposal that valued shares at $7.19, diluting existing shareholders by roughly 20% in the process.
What Comes Next
Solmate insists its strategy remains intact and that the legal dispute is distorting the market’s ability to assess the company’s true value. The board said it remains confident it will prevail on both fronts, describing the underlying business and its Abu Dhabi positioning as fundamentally sound once the litigation clears.
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