Nasdaq-listed sports holding company Brera Holdings PLC has announced a major pivot to become a Solana-based digital asset treasury, rebranding itself as Solmate. The company revealed it secured a $300 million private investment led by UAE-based Pulsar Group, with additional backing from Ark Invest, the Solana Foundation, and RockawayX.
The news triggered an explosive market reaction, with Brera's stock (ticker: BREA) rocketing 500% on the day, reaching nearly $46 per share before settling around $40. The company plans dual listings on Nasdaq and Abu Dhabi Securities Exchange following its conversion to Solmate.
Former Kraken Chief Legal Officer Marco Santori has been appointed CEO of Solmate. He emphasized the company's differentiated strategy, stating: "Solmate is not just another treasury. 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 initiative aims to establish the United Arab Emirates as the global capital of the Solana ecosystem. While maintaining its multi-club sports ownership business, Solmate will focus on developing Solana infrastructure and digital asset treasury operations.
This development comes amid growing competition among public companies to build Solana treasuries. Forward Industries recently acquired 6.22 million SOL (valued at $1.7 billion) to lead the sector. SOL was trading at over $249 at the time of the announcement, having gained 6% in 24 hours and 39% over the previous month.