Solmate Infrastructure has lost about 98% of its market value since launching a $300 million financing tied to its Solana treasury strategy, adding to the growing pressure on listed crypto treasury firms.
The Nasdaq-listed company, formerly known as Brera Holdings, was trading near $4.72 on Friday after a decline that followed its move from football investments to crypto infrastructure. The company secured backing for its Solana treasury initiative from ARK Invest, Abu Dhabi-based Pulsar Group, RockawayX and the Solana Foundation as it repositioned itself to build crypto operations in the United Arab Emirates.
Solmate Shares Drop Over 98% After $300M Financing and Solana Treasury Pivot
Cathie Wood-backed Solmate has fallen more than 98% since completing a $300 million financing and pivoting to a Solana treasury strategy. Formerly known as Brera Holdings, Solmate announced its… pic.twitter.com/czn5GnosKc
— Wu Blockchain (@WuBlockchain) June 26, 2026
Why is Solmate facing a shareholder lawsuit?
The company’s crypto move is now overshadowed by a legal battle with one of its largest shareholders.
RBCH Ltd., an entity linked to RockawayX founder Viktor Fischer, has filed a derivative lawsuit in New York against Solmate’s officers and directors. The complaint alleges breach of fiduciary duty, shareholder oppression and self-dealing.
RBCH, which says it owns more than 10% of the company, claims CEO Ron Sade and board member Keren Maimon acquired roughly 2.3 million newly issued shares at $4.97 each, diluting existing shareholders by about 20%.
The lawsuit also argues that the share issuance came before Solmate rejected a proposal from Forward Industries that allegedly valued the company at $7.19 per share. RBCH is asking the court to prevent the disputed shares from being voted on and to reverse the transaction.
Solmate pushes back against RockawayX allegations
Solmate has rejected the accusations, describing them as part of a failed business deal rather than evidence of wrongdoing.
We are currently engaged in a critical effort to protect the company and its shareholders from what we believe is a fraudulent campaign by the RockawayX Managing Partner and CEO, Viktor Fischer, aimed at exploiting the company and its assets for personal gain. What began as an…
— Solmate $SLMT (@Solmate) June 24, 2026
The company said it is defending shareholders against what it called a “fraudulent campaign” connected to Fischer and RockawayX. RBCH responded by accusing Solmate of issuing false and misleading statements in retaliation for the lawsuit.
The dispute comes just before the company’s annual general meeting in Abu Dhabi on June 26, at which RBCH has urged shareholders to vote against the re-election of Sade and Maimon.
Solana treasury firms remain under pressure
Beyond the courtroom, Solmate continues to face challenges tied to its crypto strategy.
The company has wound down parts of its legacy football business, shutting operations in Mozambique and Mongolia while selling its stake in Italian club Juve Stabia for €1 plus liabilities. It also reported a net loss of about €378,000 in 2025 and completed a one-for-ten reverse stock split to maintain its Nasdaq listing.
Meanwhile, earlier this month, Forward Industries transferred 455,784 Solana (SOL) tokens, worth approximately $31.87 million, to Coinbase Prime, sparking fresh discussion about the company’s massive crypto treasury strategy and its position as the largest corporate holder of Solana.
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