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.
Summary
- Solmate shares collapsed after its football-to-Solana pivot tied public equity value closely to SOL prices.
- RockawayX-linked RBCH claims directors diluted shareholders while Solmate says the claims are retaliatory and false.
- The case lands before Solmate’s AGM where disputed shares may affect board voting power control.
The Nasdaq-listed company, formerly Brera Holdings, traded near $4.72 on Friday after its sharp post-pivot selloff.
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.
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.
Lawsuit adds pressure before AGM
RBCH Ltd., an entity linked to RockawayX founder Viktor Fischer, filed a derivative lawsuit against Solmate’s 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.
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.
Solmate rejects RockawayX claims
Solmate has denied RBCH’s 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 “a fraudulent campaign” linked to Fischer and RockawayX. RBCH later said Solmate’s response was “false, misleading, and a retaliatory response” to its lawsuit.
The fight comes ahead of Solmate’s 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.
Football exits and treasury risks
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 €1 plus liabilities. The company reported a net loss of about €378,000 in 2025 and completed a one-for-ten reverse stock split in May to meet Nasdaq’s minimum bid price rule.
The company’s 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.
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.
