{"id":33094,"date":"2026-06-26T05:32:24","date_gmt":"2026-06-26T05:32:24","guid":{"rendered":"https:\/\/bitunikey.com\/news\/ark-backed-solmate-crashes-98-as-board-faces-self-dealing-lawsuit\/"},"modified":"2026-06-26T05:32:30","modified_gmt":"2026-06-26T05:32:30","slug":"ark-backed-solmate-crashes-98-as-board-faces-self-dealing-lawsuit","status":"publish","type":"post","link":"https:\/\/bitunikey.com\/news\/ark-backed-solmate-crashes-98-as-board-faces-self-dealing-lawsuit\/","title":{"rendered":"ARK-backed Solmate crashes 98% as board faces self-dealing lawsuit"},"content":{"rendered":"<p><\/p>\n<div class=\"post-detail__content blocks\">\n<p class=\"is-style-lead\">Solmate Infrastructure has lost about 98% of its market value since ARK Invest and Abu Dhabi-based Pulsar Group backed a $300m financing tied to its Solana treasury plan.\u00a0<\/p>\n<div id=\"cn-block-summary-block_e9c11c5fd75401a89a09b5c60a2207f6\" class=\"cn-block-summary\">\n<div class=\"cn-block-summary__nav tabs\">\n        <span class=\"tabs__item is-selected\">Summary<\/span>\n    <\/div>\n<div class=\"cn-block-summary__content\">\n<ul class=\"wp-block-list\">\n<li>Solmate shares collapsed after its football-to-Solana pivot tied public equity value closely to SOL prices.<\/li>\n<li>RockawayX-linked RBCH claims directors diluted shareholders while Solmate says the claims are retaliatory and false.<\/li>\n<li>The case lands before Solmate\u2019s AGM where disputed shares may affect board voting power control.<\/li>\n<\/ul><\/div>\n<\/div>\n<p><!-- .cn-block-summary --><\/p>\n<p>The Nasdaq-listed company, formerly Brera Holdings, traded near $4.72 on Friday after its sharp post-pivot selloff.<\/p>\n<p>The company had run a football holding business with stakes across Italy, North Macedonia, Mozambique and Mongolia. It changed course in 2025, raising capital to build a Solana treasury and crypto infrastructure business in the United Arab Emirates.\u00a0<\/p>\n<p>    <!-- .cn-block-related-link --><\/p>\n<p>As previously reported, Solmate launched with $300m to establish a Solana treasury in the UAE with backing from ARK Invest, Pulsar Group, RockawayX and the Solana Foundation.<\/p>\n<figure class=\"wp-block-embed is-type-rich is-provider-x wp-block-embed-x\">\n<div class=\"wp-block-embed__wrapper\">\n<blockquote class=\"twitter-tweet\" data-width=\"550\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Solmate Shares Drop Over 98% After $300M Financing and Solana Treasury Pivot<\/p>\n<p>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\u2026 <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/t.co\/czn5GnosKc\">pic.twitter.com\/czn5GnosKc<\/a><\/p>\n<p>\u2014 Wu Blockchain (@WuBlockchain) <a rel=\"nofollow\" target=\"_blank\" rel=\"nofollow\" href=\"https:\/\/x.com\/WuBlockchain\/status\/2070363018693947410?ref_src=twsrc%5Etfw\">June 26, 2026<\/a><\/p><\/blockquote>\n<\/div>\n<\/figure>\n<h2 class=\"wp-block-heading\"><strong>Lawsuit adds pressure before AGM<\/strong><\/h2>\n<p>RBCH Ltd., an entity linked to RockawayX founder Viktor Fischer, <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2026\/06\/22\/3315611\/0\/en\/rbch-ltd-files-derivative-lawsuit-against-brera-holdings-plc-directors-and-officers-for-breach-of-fiduciary-duty-shareholder-oppression-and-self-dealing.html\" target=\"_blank\" rel=\"nofollow\">filed<\/a> a derivative lawsuit against Solmate\u2019s officers and directors in New York. The complaint accuses the board of breach of fiduciary duty, shareholder oppression and self-dealing. RBCH says it owns more than 10% of Solmate and wants the court to block recently issued shares from being voted.<\/p>\n<p>The lawsuit centers on share deals involving CEO Ron Sade and board member Keren Maimon. RBCH claims they bought about 2.3m new shares at $4.97 each, diluting shareholders by about 20%. It also says the deal came before the board rejected a Forward Industries proposal that valued Solmate at $7.19 per share.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Solmate rejects RockawayX claims<\/strong><\/h2>\n<p>Solmate has <a rel=\"nofollow\" target=\"_blank\" href=\"https:\/\/www.globenewswire.com\/news-release\/2026\/06\/25\/3317746\/0\/en\/rbch-ltd-responds-to-brera-holdings-statement.html\" target=\"_blank\" rel=\"nofollow\">denied<\/a> RBCH\u2019s claims and framed the dispute as part of a failed business transaction. The company said it is trying to protect shareholders from what it called \u201ca fraudulent campaign\u201d linked to Fischer and RockawayX. RBCH later said Solmate\u2019s response was \u201cfalse, misleading, and a retaliatory response\u201d to its lawsuit.<\/p>\n<p>The fight comes ahead of Solmate\u2019s June 26 annual general meeting in Abu Dhabi. RBCH wants shareholders to withhold support from Sade and Maimon. It also wants the court to reverse the disputed share transaction and review advisory and pay arrangements tied to directors. The case also follows leadership changes, including the departure of former CEO Marco Santori.<\/p>\n<h2 class=\"wp-block-heading\"><strong>Football exits and treasury risks<\/strong><\/h2>\n<p>Solmate has also reduced its legacy football operations. Its teams in Mozambique and Mongolia were discontinued, while its stake in Italian club Juve Stabia was sold for \u20ac1 plus liabilities. The company reported a net loss of about \u20ac378,000 in 2025 and completed a one-for-ten reverse stock split in May to meet Nasdaq\u2019s minimum bid price rule.<\/p>\n<p>The company\u2019s Solana strategy has faced the same pressure hitting other listed crypto treasury firms. SOL trades near $68, far below levels seen during the prior market cycle. As crypto.news reported, Solmate raised $11.4m in a premium stock offering in May as it kept building its treasury plan.<\/p>\n<p>Previously, crypto.news explored how the crypto treasury boom split as Solana treasury firms faced losses. In a previous article, crypto.news discussed Forward Industries nearing a $1b Solana paper loss. Solmate now faces both market pressure and a boardroom dispute at the same time.<\/p>\n<p>    <!-- .cn-block-related-link --><\/p><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Solmate Infrastructure has lost about 98% of its market value since ARK Invest and Abu Dhabi-based Pulsar Group backed a $300m financing tied to its Solana treasury plan.\u00a0 Summary Solmate&hellip;<\/p>\n","protected":false},"author":1,"featured_media":30055,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-33094","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33094","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/comments?post=33094"}],"version-history":[{"count":1,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33094\/revisions"}],"predecessor-version":[{"id":33095,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/posts\/33094\/revisions\/33095"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media\/30055"}],"wp:attachment":[{"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/media?parent=33094"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/categories?post=33094"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/bitunikey.com\/news\/wp-json\/wp\/v2\/tags?post=33094"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}