Cathie Wood’s Ark Invest has joined UAE-based Pulsar Group, RockawayX, and the Solana Foundation in a $300 million private placement that will turn Nasdaq-listed Brera Holdings into Solmate. The oversubscribed round will build a Solana digital asset treasury and expand blockchain infrastructure in the United Arab Emirates.
According to the press release, Solmate will focus on buying and staking Solana tokens to create value for shareholders while launching new infrastructure projects. Part of the funding will go into bare metal servers in Abu Dhabi, giving local investors access to Solana’s yield system through validators in the Middle East.
Marco Santori, a longtime figure in digital assets and former Chief Legal Officer at Kraken, has been named CEO. “Solmate is not just another treasury,” Santori said. “It will execute on a durably different strategy by building real crypto infrastructure in the UAE.”
The new board will include economist Dr. Arthur Laffer, best known for the “Laffer Curve,” and Viktor Fischer, CEO of RockawayX and an early backer of Solana. The Solana Foundation will appoint two more directors. Laffer said, “Sound money has been the foundation of strong economies. Digital assets represent one of the most positive steps forward in global monetary history.”
Pulsar Group, which led the round, said the project will help put Solana at the center of the UAE’s digital transformation. CEO Alyazi Al Khattal noted, “By empowering Solmate to build exclusive partnerships, we expect to accelerate adoption and facilitate blockchain innovation across the region.”
At the same time, DeFi Development Corp announced it would expand its Treasury Accelerator program with investments ranging from $5 million to $75 million into other digital asset treasuries worldwide. Its CEO Joseph Onorati said the goal is to reinvest profits into Solana and increase long-term holdings.
Following the announcements, Solana’s price rose to $248.48, a 9% push in the last 24h, With institutions now holding nearly $4 billion worth of SOL in corporate treasuries.
SOL Price action | Source: CoinMarketCap
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