Nasdaq-listed Brera secures $300 million fund to introduce Solana Treasury under the name Solmate.
In a significant move for the Solana ecosystem, Brera Holdings, a Nasdaq-listed company, has announced its rebranding as Solmate. The new company, Solmate, will be led by Marco Santori, a prominent figure in the crypto industry, who serves as a partner at Pantera Capital and was formerly the chief legal officer at Kraken.
Solmate's primary focus will shift from sports ownership to building a Solana-based digital asset treasury (DAT) and developing infrastructure around the cryptocurrency. This move aligns with the company's goal of expanding blockchain infrastructure in the United Arab Emirates.
The new CEO, Marco Santori, will be joined on the board by Arthur Laffer, an economist known for the 'Laffer Curve,' and RockawayX CEO Viktor Fischer. The identities of the other three board members are not yet publicly disclosed.
The Solana Foundation will appoint two additional board members for Solmate.
Solmate has raised $300 million for its Solana-based digital asset treasury and infrastructure company. The company's strategy is in line with the growing trend of institutional interest in Solana.
At the time of writing, Solana's native token, SOL, is trading around $249. This represents a 38.7% increase over the past 30 days and a nearly 10% rise over the week. However, SOL remains about 15% below its all-time high of $293.31, which it reached on January 19, 2025.
Institutional holders of SOL include Forward Industries, which leads with 6.82 million SOL worth approximately $1.63 billion. 16 tracked entities hold a combined 15.83 million SOL, equivalent to about 2.75% of the token's total supply and worth nearly $4 billion at current prices.
Notable purchases of SOL include Galaxy Digital's acquisition of 6.5 million SOL worth approximately $1.55 billion over five days, including a single-day purchase of $306 million. DeFi Development Corp. also expects to deploy between $5 million and $75 million per vehicle into other digital asset treasuries worldwide, with any gains to be reinvested into more SOL.
Currently, 9.35 million SOL is actively staked, accounting for 1.63% of the supply and generating an average yield of 7.7%.
In a bid to further strengthen Solana's presence, Solmate plans to establish bare-metal servers in Abu Dhabi to run Solana validators. The company's decision to pursue a dual listing on a UAE exchange while maintaining its current Nasdaq presence is a testament to its commitment to the Solana ecosystem and the broader crypto industry.
