Solana Gets ‘Solmate’ via $300 Million Treasury Firm as Stock Surges 500%
The post Solana Gets ‘Solmate’ via $300 Million Treasury Firm as Stock Surges 500% appeared on BitcoinEthereumNews.com. In brief Sports holding company Brera Holdings is becoming a Solana treasury, the Nasdaq-listed firm announced Thursday. The company’s stock rocketed 500% on the news after receiving big backing to buy the cryptocurrency. It is the latest in a crowded market of altcoin treasuries—but it promises it will be different. The race to build the biggest Solana treasury is on. Nasdaq-listed sports holding company Brera Holdings said Thursday that it will pivot to a Solana-based digital asset treasury, changing its name to Solmate. And now its stock is skyrocketing. Brera, which buys football and volleyball clubs, said it had raised $300 million via a private investment in a public equity round, with Ark Invest, the Solana Foundation, and RockawayX all backing the company. United Arab Emirates-based Pulsar Group led the funding round. The firm’s stock—which trades under the ticker BREA—rocketed on the news and was recently up 500% on the day, with shares priced at close to $46. Shares have since settled to a price of about $40. Brera said it expected dual listings on the Nasdaq and the Abu Dhabi Securities Exchange once it converts to Solmate. Brera said it would continue to run its multi-club sports ownership business while working to establish the United Arab Emirates as the global capital of the Solana ecosystem. “Solmate is not just another treasury,” said Solmate CEO Marco Santori, who was previously Chief Legal Officer at crypto exchange Kraken. “It will execute on a durably differentiated strategy in a crowded field of look-alike digital asset treasuries by building real crypto infrastructure in the UAE.” The company is the latest publicly traded firm to pivot to buying and holding crypto. A number of firms have bought Bitcoin, Ethereum, and other altcoins to get better returns for shareholders. Such firms have often seen…
The post Solana Gets ‘Solmate’ via $300 Million Treasury Firm as Stock Surges 500% appeared on BitcoinEthereumNews.com.
In brief Sports holding company Brera Holdings is becoming a Solana treasury, the Nasdaq-listed firm announced Thursday. The company’s stock rocketed 500% on the news after receiving big backing to buy the cryptocurrency. It is the latest in a crowded market of altcoin treasuries—but it promises it will be different. The race to build the biggest Solana treasury is on. Nasdaq-listed sports holding company Brera Holdings said Thursday that it will pivot to a Solana-based digital asset treasury, changing its name to Solmate. And now its stock is skyrocketing. Brera, which buys football and volleyball clubs, said it had raised $300 million via a private investment in a public equity round, with Ark Invest, the Solana Foundation, and RockawayX all backing the company. United Arab Emirates-based Pulsar Group led the funding round. The firm’s stock—which trades under the ticker BREA—rocketed on the news and was recently up 500% on the day, with shares priced at close to $46. Shares have since settled to a price of about $40. Brera said it expected dual listings on the Nasdaq and the Abu Dhabi Securities Exchange once it converts to Solmate. Brera said it would continue to run its multi-club sports ownership business while working to establish the United Arab Emirates as the global capital of the Solana ecosystem. “Solmate is not just another treasury,” said Solmate CEO Marco Santori, who was previously Chief Legal Officer at crypto exchange Kraken. “It will execute on a durably differentiated strategy in a crowded field of look-alike digital asset treasuries by building real crypto infrastructure in the UAE.” The company is the latest publicly traded firm to pivot to buying and holding crypto. A number of firms have bought Bitcoin, Ethereum, and other altcoins to get better returns for shareholders. Such firms have often seen…
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