Solmate Secures $300 Million to Build Solana Treasury in UAE
Solmate began operations with a massive $300 million investment to create a Solana treasury in the UAE. Formerly known as Brera Holdings, the entity emerged from an oversubscribed private placement backed by heavyweights like Ark Invest and UAE’s Pulsar Group.
According to an declaration on September 18, the funds came via a PIPE deal. This transaction fully rebranded Nasdaq-listed Brera Holdings PLC into solmate. The financing drew interest from Cathie Wood’s Ark Invest, Solana infrastructure specialist RockawayX, and the Solana Foundation.
New developments include appointing crypto legal expert Marco Santori as CEO. Economist Arthur Laffer and rockawayx’s Viktor Fischer joined the board.
Solmate believes Solana outperforms other blockchains. It handles more transactions and generates higher on-chain revenue than other networks. Unlike Bitcoin, Solana offers native yield generation through proof-of-stake, providing treasuries a real revenue stream from staking.
- Solmate aims to capitalize on Solana’s growth.
- The company plans to accumulate SOL through market cycles.
- A position that benefits as Solana expands in institutional markets, defi, NFTs, and AI.
To support this strategy, solmate arranged preferential access to SOL tokens at a lower price. A chunk of the $300 million will fund a staking infrastructure in Abu Dhabi. The project involves deploying specialized servers to run a Solana validator.
After the news, Brera Holdings’ stock skyrocketed by over 400%, trading at $39.22.
