Solana Foundation, Cathie Wood's Ark Invest join $300 million placement for new SOL treasury Solmate

Solmate, a new SOL-based digital asset treasury (DAT), is launching with the backing of the Solana Foundation and Cathie Wood’s Ark Invest, according to a statement Thursday.

UAE-based Pulsar Group "sponsored" an oversubscribed $300 million private investment in public equity, or PIPE, offering to rebrand Brera Holdings PLC as Solmate. Former Kraken Chief Legal Officer Marco Santori will serve as the company's CEO.

Solmate will secure a discount on at least some of the Solana it intends to acquire. "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 statement said.

The DAT boom shows no signs of slowing down as investors continue to pile into publicly-listed companies that have decided to rebrand themselves and focus on accumulating specific cryptocurrencies. Measured by total U.S. dollar value, Bitcoin, Ethereum, and Solana are by far the three most popular digital assets across all DATs.

"Solmate is not just another treasury. It will execute on a durably differentiated strategy in a crowded field of look-alike DATs by building real crypto infrastructure in the UAE," Santori said.

Despite the Solana-inspired name change, Solmate said it "will continue to operate Brera Holdings' existing multi-club sports ownership business."

The company is aiming for a dual listing on the Nasdaq and in the UAE. Brera's shares were up 14% as of 10:27 a.m. ET, according to Yahoo Finance.

Dr. Arthur Laffer and RockawayX CEO Viktor Fischer will sit on Solmate's board of directors. Wood's Ark Invest has also invested in Ethereum DAT, BitMine Immersion.