Michael Saylor’s Strategy (NASDAQ: MSTR) has been the inspiration behind many companies picking up a crypto treasury model.
One such firm was Brera Holdings. Founded in 2022, it began as an owner of small football clubs across Italy, North Macedonia, Mozambique, and Mongolia.
After its public debut in 2023, it joined the hundreds of firms racing to stockpile crypto tokens in imitation of Michael Saylor’s Strategy, which surged after pivoting to bitcoin accumulation in 2020.
Abu Dhabi-based Pulsar Group in September 2025 sponsored a $300 million private placement to convert Nasdaq-listed Brera Holdings into a solana treasury, with backing from Cathie Wood’s ARK Invest, the Solana Foundation and crypto venture firm RockawayX. It was rebranded as Solmate (SLMT).
Then, in October 2025, Ark took 11.5% stake in the company.
Since the pivot, Solmate has unwound its football portfolio. Its Mongolia and Mozambique teams were disbanded, and it sold its majority stake in Italian second-tier club Juve Stabia in April.
But the pivot has not turned out to be fruitful.
Related: Cathie Wood predicts Bitcoin to $1.25 million as supply vanishes
Shares crater as the treasury boom fizzles
Solmate traded at $249 after the ARK and Pulsar investment, but now hovers near $4. The stock has seen a decline of over 93% in the past year. In the past month, the stock has dropped over 27.88%.
Solana itself has fallen 50% over the past year.
As per Decibel, it was trading near $71.7, after a 3.85% increase in the past 24 hours.
Many crypto-hoarding companies have gone into freefall as investors question their worth amid a prolonged sector rout.
SLMT closed Friday 19% lower at $4.63, though it traded 2.59% higher in after-hours trading at press time.
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Boardroom battle spills into court
RBCH, a RockawayX affiliate and Solmate’s largest outside backer, filed a derivative suit in New York on June 22, alleging self-dealing.
Its central claim is a May offering in which the board issued 2,298,000 shares or 21.4% of the company to two members, chief executive Ron Sade and Keren Maimon, at $4.97 each, a third of net asset value.
A late annual report has left investors, including ARK, unable to sell. The board called the suit a control grab by a spurned suitor while RBCH says its concerns came first. Shareholders backed the board on June 26, re-electing all five directors despite ISS’s opposition.
