New solana treasury entrant, Solmate, soars on rebrand
Solmate backers include the Solana Foundation, Ark Invest, and Pulsar Group.
The solana ecosystem has been shining this week with the launch of several solana treasuries. Solana, the sixth-largest crypto by market cap, crossed $250 yesterday for the first time since January, though the token’s price is roughly flat on the week.
On Thursday, Nasdaq-listed Brera Holdings, a multi-club sports holding company, announced it is rebranding as Solmate, a solana-based treasury and crypto infrastructure company, sending the stock up over 200% yesterday. Marco Santori, who was formerly chief legal officer for Kraken, will become its CEO.
The stock continued to rise early Friday before reversing course around 9:45 a.m. ET. The company raised $300 million via a PIPE deal, with backers including the Solana Foundation, Ark Invest, and Pulsar Group.
When asked about the launch’s timing, Santori told Sherwood News that “it’s always a good time to stack SOL.”
“I’d go back in time and start sooner if I could, but I’ll have to settle for today. Solana is the most performant and most used blockchain. I think developers are going to prefer it for a long time to come,” Santori said.
Earlier this week, Helius Medical announced it raised more than $500 million in a private placement deal to launch a solana treasury company. Pantera Capital and Summer Capital led the financing.
In other solana news:
Today, Grayscale launched the Grayscale CoinDesk Crypto 5 ETF, which provides exposure to solana, bitcoin, ether, XRP, and cardano. Zach Pandl, Grayscale’s head of research, dubbed solana “crypto’s financial bazaar” and told Sherwood, “Regulatory approval of diversified crypto ETPs, altcoin ETPs, and eventually staking in listed crypto investment products will drive more capital to the solana ecosystem.”
Solana treasury Forward Industries announced it launched a $4 billion at-the-market program to acquire more solana. The company is now the largest solana holder after acquiring 6.82 million solana this week. This represents 1.26% of the total supply, according to CoinGecko.
Finally, the second-largest solana holder, DeFi Development Corp., acquired 62,745 solana. The company now holds 1.95 million solana.
