Nasdaq-listed company Brera Holdings is rebranding to Solmate, having raised $300 million in an oversubscribed private investment in public equity (PIPE) to launch a digital asset treasury and infrastructure company focused on Solana.
According to a Thursday announcement, the deal is supported by UAE's Pulsar Group, ARK Invest, RockawayX, and the Solana Foundation.
Brera, a sports ownership group with football clubs across Italy and Europe, stated that Solmate will shift its core focus to a Solana-based digital asset treasury (DAT) and infrastructure business, accumulating and staking Solana (SOL), while building validator operations in Abu Dhabi.
Marco Santori, a partner at Pantera Capital and former Chief Legal Officer at Kraken, will lead the company, with economist Arthur Laffer and RockawayX CEO Viktor Fischer joining the board, while reserving two seats for the Solana Foundation.
PIPE is the financing method used by Solmate, where a public company raises funds by directly selling shares to private investors, typically at a discounted price.
Solmate plans to establish bare-metal servers in Abu Dhabi to run Solana validators as part of its expansion of blockchain infrastructure in the UAE, and it expects to seek a dual listing on the UAE exchange while maintaining its Nasdaq listing.
"Our stakeholders have a deep, long-term belief in the Solana ecosystem and will require us to accumulate SOL in both bull and bear markets," said CEO Marco Santori.
According to Solmate, the letter of intent executed with the Solana Foundation provides it with the opportunity to acquire SOL at a discounted price.
Institutional interest in Solana continues to rise, with 16 tracked entities now holding a total of 15.83 million SOL, equivalent to about 2.75% of the total token supply.
According to data from Strategysolanareserve.org, 9.35 million SOL are actively staked, representing 1.63% of the supply, generating an average yield of 7.7%.
Leading the pack is Forward Industries, holding 6.82 million SOL, valued at approximately $1.63 billion at current prices, followed by Sharps Technology with 2.14 million SOL and DeFi Development Corp with 2.10 million SOL.
The wave of corporate accumulation shows no signs of slowing, with more companies continuing to disclose significant Solana holdings.
On Monday, Galaxy Digital disclosed that it purchased 6.5 million SOL within five days, valued at approximately $1.55 billion, including a single-day purchase of $306 million. The company also participated in Forward Industries' $1.65 billion private placement alongside Multicoin Capital and Jump Crypto, although it did not confirm whether its SOL acquisition was directly related to that transaction.
On the same day, Nasdaq-listed Helius Medical Technologies announced a $500 million private placement to establish a corporate treasury focused on Solana, led by Pantera Capital and Summer Capital, with plans to expand its SOL holdings over the next two years while exploring staking and lending opportunities.
As the price of SOL rises, interest in Solana as a treasury asset is growing. According to CoinGecko data, as of the time of writing, SOL is trading at approximately $249—up 38.7% over the past 30 days and nearly 10% this week, although it is still down about 15% from its all-time high of $293.31 on January 19, 2025.
Related: Forward Industries plans to sell up to $4 billion in shares to expand its Solana (SOL) treasury
Original article: “Sports Group Brera Rebrands to Solmate, Invests $300 Million to Establish Solana (SOL) Treasury”
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