Solana Secures $300 Million Treasury Company Known as 'Solmate', Amidst Stock Soaring Reaching 500% Increase
In a significant move for the cryptocurrency industry, Brera Holdings has announced its rebranding as Solmate, a Solana-based digital asset treasury. This decision follows a series of strategic moves that have seen Solana gain significant momentum in recent months.
Solmate, led by former Kraken Chief Legal Officer Marco Santori, has raised a substantial $300 million via a private investment in a public equity round. The company's holdings of Solana's native coin, SOL, are now valued at a substantial amount, making Solmate one of the biggest Solana treasuries.
The news of Brera's rebranding sent the stock price of Brera (BREA) soaring 500%, reaching close to $46, before settling to about $40. Forward Industries, another public company, currently holds the largest amount of SOL among such companies, having picked up 6.22 million SOL this week.
Solana, a cryptocurrency that competes with Ethereum on the Solana blockchain, has seen a 39% increase over the last month and has a recent all-time high of over $293. As of recent data, SOL was trading for a little over $249 per coin.
The move by Brera Holdings is not an isolated incident. Lion Group Holding Ltd., a private investment firm, converted all its SUI holdings into HYPE tokens and holds 6,707 Solana (SOL) tokens. This decision involved over $1.4 million worth of Solana tokens as part of their treasury assets.
The growing interest in Solana is not limited to the financial sector. Visa has announced it would use the Solana network to speed up credit card payments, further boosting the cryptocurrency's reputation.
Solmate aims to build 'real crypto infrastructure' in the UAE and differentiate itself from other digital asset treasuries. The company also plans to establish the United Arab Emirates as the global capital of the Solana ecosystem. Solmate will continue to run its multi-club sports ownership business alongside its new focus on Solana.
Developers use the Solana blockchain to build various projects, including crypto exchanges, meme coins, and games with tokenized, user-owned assets. With the backing of prominent entities such as Ark Invest, the Solana Foundation, RockawayX, and Pulsar Group, Solana and its associated projects are poised for continued growth.
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