 
 
Brera Holdings, a Nasdaq-listed sports holding company with football clubs in Italy and across Europe, has become the latest entrant into the race to build the largest Solana treasury, raising $300 million to accumulate the sixth-largest cryptocurrency.
The company rebranded to Solmate to reflect its SOL pivot, while maintaining its core sports-ownership business.
Solmate Raises $300 Million To Accumulate SOL
According to a Thursday press release, Solmate secured $300 million in funding from the United Arab Emirates-based Pulsar Group, Cathie Wood’s ARK Invest, RockawayX, and the Solana Foundation in a private investment in public equity (PIPE) offering.
The firm’s stock soared on the news and was recently up 450% on the day, with shares priced at close to $46. Brera said it expected dual listings on the Nasdaq and the Abu Dhabi Securities Exchange after the rebrand.
Former chief legal officer at Kraken crypto exchange, Marco Santori, will lead Solmate as CEO.
 
“Solmate is not just another treasury,” said Santori. “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 will secure a discount on at least some of the Solana tokens it plans to purchase. “Solmate expects to enter into a definitive agreement, following an already-executed letter of intent with the Solana Foundation, which would lower the entry price for SOL accumulation,” the announcement reads.
Solmate intends to hold and stake SOL, develop validator infrastructure in Abu Dhabi, and seek revenue from various Solana-native projects.
“Our stakeholders have deep, long-term conviction in the Solana ecosystem and will demand that we accumulate SOL through bull and bear markets alike,” continued Santori.
Increasing Solana Treasuries
Solmate’s debut follows a number of other public companies beginning to add billions of dollars in SOL to their balance sheets as the digital asset treasury trend expands beyond Bitcoin.
Leading the charge is Galaxy-backed Forward Industries, holding 6.82 million SOL worth a staggering $1.63 billion at current prices, followed by DeFi Development Corp with 2.10 million SOL and SOL Strategies’ 435,064 SOL stockpile.
According to CoinGecko, SOL was valued at $245 at press time after jumping 4% in the past 24 hours. The token has gained 39.5% over the 30 days alone. Solana remains 15.3% away from its current record high of $293.31 set in January.