Solmate Stock Falls 98% as CEO Exits and Board Members Resign Following $300M Solana Treasury Pivot

Solmate (Nasdaq: SLMT) shares have collapsed approximately 98% from their post-financing peak, trading at roughly $4.90 on June 26 against a split-adjusted high of around $249 reached after the company closed a $300 million private placement in September 2025 and pivoted entirely into a Solana digital asset treasury.

The company, formerly the Ireland-based football holding company Brera Holdings, rebranded as Solmate Infrastructure after raising the oversubscribed PIPE (backed by ARK Invest, Abu Dhabi-based Pulsar Group, RockawayX, and the Solana Foundation) and began acquiring SOL as its primary treasury asset. SOL itself has fallen roughly 50% from the price at the time of the raise, and the company's governance structure collapsed in April 2026, with CEO Marco Santori terminated and two board members departing within days of each other.

CEO Fired, Laffer and Fischer Exit in April

Santori, who had previously served as chief legal officer at Kraken before joining Solmate as its first CEO, was terminated in late April 2026. Economist Arthur Laffer (whose name is attached to the Laffer Curve) resigned from the board on April 2. RockawayX founder Viktor Fischer followed on April 5. Both resignation filings stated the departures were "unrelated to any disagreement over Company's operations, policies, or practices."

Fischer has been less diplomatic in public. Speaking to The Block, he said Solmate "is really underperforming" and "trading at a 50% discount to NAV." He attributed the gap not to the underlying assets but to management: "The problem is that it's mismanaged and the current board is self-dealing."

The annual general meeting, held June 26, proposed two new board candidates: Jonathan Bates, a former executive at Bitmine, and Lucas Bruder, the founder of Jito.

The Derivative Lawsuit and the Governance Breakdown

The executive departures unfolded against the backdrop of a shareholder dispute that had been building since the PIPE closed. RBCH Ltd., a company affiliated with Fischer, holds 22.74% of Solmate and filed a derivative lawsuit in the Supreme Court of New York on June 22. As we reported on June 24, RBCH alleges the board engaged in self-dealing that destroyed shareholder value.

Among the specific claims: RBCH alleges that board members Ron Sade and Keren Maimon received approximately $18 million in value through undisclosed compensation arrangements, advisory agreement warrants representing roughly 10.7% of equity, and insider share sales at prices above $33 per share executed the same day as the PIPE close, well above the price at which the PIPE itself priced. RBCH also alleges the board set the annual general meeting record date in a way designed to entrench incumbent directors, and granted a "poison pill" waiver exclusively to Sade and Maimon. The lawsuit seeks emergency injunctive relief, disgorgement, rescission of the subsequent registered direct offering, and board replacement.

Fischer also told The Block: "They are milking this for truly every cent it's worth."

Solmate has pushed back. The company filed a counter-suit against RockawayX and Fischer in Delaware Superior Court, claiming Fischer made misleading financial representations in connection with a failed acquisition and that the dispute "stems from a failed business transaction," not governance failures.

The Treasury Math After SOL's Decline

Solmate held approximately 1,235,834 SOL as of February 28, 2026, alongside roughly $7.07 million in crypto-related securities and $9.11 million in cash, according to a March 24 company filing. At the SOL price of $91.58 at that time, the combined treasury was valued at approximately $129.4 million. With SOL trading near $80 in late June per Crypto Briefing, and the company having acquired approximately 2 million SOL in total, the treasury's nominal value has moved substantially lower, though Solmate has not provided a more recent public figure.

The company executed a one-for-ten reverse stock split in May 2026 to maintain Nasdaq minimum bid price compliance, a technical consequence of the share price declining into single digits pre-split. In late May, it also raised a supplementary $11.4 million via a registered direct offering at $4.97 per share, per The Block, without liquidating treasury SOL.

Consolidation Attempts That Went Nowhere

The company's instability had already attracted unwanted attention from rival SOL treasury firms. Forward Industries, which holds approximately 7 million SOL, submitted an all-stock acquisition bid at $7.19 per share in June 2026, representing a 30.7% premium to Solmate's then-price. The Solmate board rejected it on June 6, as we reported at the time.

That rejection looks different now. The $7.19 bid represented more than the share currently trades for, and the board that rejected it is now the same one RBCH accuses of self-dealing. The allegations are unproven, and Solmate contests them.

The 98% decline is partly a function of SOL's own price action: any company that holds the majority of its assets in a single volatile token will see its equity respond to that token's moves. The simultaneous loss of its CEO, two board members, and its largest outside shareholder points to something beyond asset price exposure.

Solmate's annual meeting on June 26 represents the first formal shareholder mechanism for addressing the governance dispute. Whether the proposed board replacements carry or the incumbent board retains control will determine the company's next chapter, as will the outcome of parallel litigation in two separate courts.