Solmate Infrastructure, listed on Nasdaq and formerly known as Brera Holdings, saw its market capitalization plummet by around 98% after announcing a $300 million finance package linked to its Solana treasury strategy. Shares of the company were trading near $4.72 on Friday, following its pivot from football investments to cryptocurrency infrastructure.
Legal dispute clouds crypto transition
The company launched its Solana-focused treasury initiative supported by ARK Invest, Abu Dhabi-based Pulsar Group, RockawayX, and the Solana Foundation as part of plans to establish crypto operations in the United Arab Emirates. However, this strategic shift quickly turned contentious as a major shareholder initiated legal proceedings.
RBCH Ltd., an entity linked to RockawayX founder Viktor Fischer, filed a derivative lawsuit in New York against Solmate executives and board members. The complaint alleges breaches of fiduciary duty, shareholder oppression, and conflicted transactions.
RBCH claims CEO Ron Sade and board member Keren Maimon purchased approximately 2.3 million newly issued shares at $4.97 per share, diluting existing shareholders by roughly 20%.
Stating it owns more than 10% of the company’s capital, RBCH also contends the share issue occurred before another investment offer—by Forward Industries at a $7.19 per share valuation—was dismissed. RBCH is seeking a court order to suspend voting rights and reverse the disputed share transaction.
Sides exchange accusations ahead of key vote
Solmate denied the allegations, describing them as part of a failed business negotiation rather than evidence of any misconduct. The company said it was protecting shareholders against what it called a “fraudulent campaign” linked to Fischer and RockawayX.
Solmate’s management stated that the lawsuit should be seen as a byproduct of a collapsed deal, not as proof of wrongdoing.
In response, RBCH claimed Solmate retaliated with false and misleading statements. The dispute has intensified ahead of the company’s annual general meeting on June 26 in Abu Dhabi. RBCH has urged shareholders to vote against the reelection of Ron Sade and Keren Maimon to the board.
Legacy operations scaled down amid financial pressure
Beyond the ongoing lawsuit, the company faces significant pressure regarding its crypto strategy. Solmate has liquidated portions of its previous football-related businesses, shuttering operations in Mozambique and Mongolia and selling its stake in Italy’s Juve Stabia club for 1 euro coupled with debt transfer.
Solmate reported a net loss of approximately 378,000 euros in 2025. To maintain its Nasdaq listing, the company conducted a 1-for-10 reverse stock split.
Solana holdings back in focus
As these issues unfolded, Forward Industries reportedly transferred 455,784 Solana tokens to Coinbase Prime earlier this month, an amount valued at roughly $31.87 million. The transaction reignited debate around the company’s broad crypto treasury strategy and its status as one of the largest Solana holders at the institutional level.
Glossary: A derivative lawsuit is a legal action brought by a shareholder on behalf of the company against executives or the board. These cases assert that harm was done to the company rather than directly to shareholders themselves.
