ARK Invest-backed Solmate sees stock collapse from $249 to $4 as its solana treasury strategy fails to deliver gains.
Shares of Solmate, formerly Brera Holdings, have dropped over 93% in the past year after pivoting to a solana treasury model backed by ARK Invest and Pulsar Group. The stock, which traded at $249 following a $300 million private placement in 2025, now hovers near $4, reflecting a 27.88% decline in the past month alone.
The company abandoned its football club portfolio to accumulate solana tokens, mirroring Michael Saylor’s bitcoin strategy. However, solana has fallen 50% over the past year, trading near $71.7 after a recent 3.85% gain. Solmate’s 11.5% stake acquisition by ARK in October 2025 failed to stabilize its performance.
The decline underscores broader struggles among firms adopting crypto treasury models, as market sentiment sours on the strategy.