Solmate stock loses more than 98% after $300 million Solana pivot

Solmate, the publicly listed company backed by Cathie Wood that raised a $300 million funding round to build a Solana treasury, has lost more than 98% of its value. The stock currently trades around $4,90. compared with approximately $249 on a split-adjusted basis shortly after the funding. A dramatic fall for a company that was firmly in the spotlight barely a year ago.

Solana is available at OKX and Bybit.

From football holding to crypto treasury

Until recently, the company operated under the name Brera Holdings and held stakes in football clubs across Italy, North Macedonia, Mozambique and Mongolia. In September 2025, it announced a rebranding to Solmate after completing an oversubscribed private placement of $300 million. Investors including ARK Invest, Abu Dhabi-based Pulsar Group, RockawayX and the Solana Foundation took part.

The plan was ambitious: the proceeds would be used to build a Solana treasury and crypto infrastructure business in the United Arab Emirates. Solmate currently holds approximately 2 million SOL, but that position has also fallen sharply in value. The Solana price now stands at $69,78. a decline of roughly 50% over the past year.

Painful share price decline for investors

For investors who bought in during or shortly after the funding round, the deal has turned out particularly badly. The stock trades on Nasdaq and has lost nearly all its value in a relatively short period. The combination of a falling Solana price and weak market sentiment surrounding treasury companies is weighing on the firm.

Solmate’s strategy resembles that of other companies that put crypto on their balance sheets, such as Strategy with Bitcoin. Yet this case shows how risky such a pivot can be, especially when the underlying cryptocurrency is also under pressure. Whether Solmate can turn the tide remains to be seen.