Ark Invest Backs Solmate's $300M Solana Treasury Plan
Solmate Secures $300M for Solana Treasury with Ark Invest Support
Ark Invest, led by Cathie Wood, has participated in an oversubscribed $300 million private placement that will see NASDAQ-listed Brera Holdings (BREA) rebrand as Solmate. The funding will facilitate the creation of a Solana-based digital asset treasury (DAT) and expand cryptocurrency infrastructure in the United Arab Emirates (UAE).
The investment round was spearheaded by the UAE-based Pulsar Group, with contributions from RockawayX and the Solana Foundation, according to a press release. Solmate intends to accumulate and stake Solana tokens ($SOL), developing infrastructure to generate yield for investors.
New Leadership and Board Members
Marco Santori, formerly Chief Legal Officer at Kraken, will assume the role of CEO. Santori, a digital asset treasury expert, described Solmate as more than just a treasury, emphasizing its role in building infrastructure within the UAE.
The new board will include economist Dr. Arthur Laffer, known for the “Laffer Curve,” as a director. Viktor Fischer, CEO of RockawayX and an early Solana supporter, will also join the board. The Solana Foundation will appoint two additional members. Solmate's trajectory mirrors that of SOL Strategies, another Solana treasury firm that recently secured NASDAQ-listing approval.
Infrastructure Development in Abu Dhabi
Part of the raised capital will be allocated to supporting bare metal servers in Abu Dhabi. These validators aim to surpass traditional strategies, providing local investors access to Solana's native yields in the Middle East. Pulsar Group CEO Alyazi Al Khattal stated that Solmate would position Solana as a central component of the UAE’s digital transformation efforts.
DeFi Development Corp. Expands Solana Treasury Accelerator
DeFi Development Corp. (NASDAQ: DFDV) is also advancing the Solana treasury model. In a press release, the company announced the expansion of its Treasury Accelerator program, planning to deploy between $5 million and $75 million per vehicle into various digital asset treasuries globally.
DeFi Development Corp. intends to fund these commitments using cash or Solana tokens. Any profits will be reinvested into $SOL, increasing its treasury holdings. CEO Joseph Onorati stated the objective is to support promising treasuries and enhance Solana per share for shareholders.
The company already operates its own validator infrastructure and generates staking rewards, demonstrating increased adoption of treasury models by publicly traded companies.
Solana Price Reacts Positively
Solana's price saw an increase following the announcements, reaching $246.93 according to TradingView data. Corporate treasuries currently hold 15.83 million SOL tokens, valued at nearly $4 billion, according to data from Strategic Solana Reserve. This represents 3% of the total Solana in circulation, suggesting growing institutional confidence in SOL.