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solana

Solana Treasury Gains Traction As ARK Invest, UAE Commit $300 Million To Solmate

Ash Tiwari
by Ash Tiwari
1 minute ago
·
Posted in Solana
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

In an announcement made earlier today, Solana-based (SOL) digital asset treasury (DAT) and crypto infrastructure firm Solmate – formerly known as Brera Holdings – stated that it had raised $300 million in a private placement in public equity (PIPE) offering.

Solmate Raises $300 Million To Push Solana Adoption

Nasdaq-listed sports club owner, Brera Holdings – now known as Solmate – is set to foster Solana adoption as it became the latest DAT to raise as much as $300 million to buy and stake the SOL token.

Related Reading: Solana Takes The Crown As Leader In App Revenue Generation – Here’s How Much

Notably, the PIPE offering was sponsored by Pulsar Group, a UAE-based technology and blockchain advisory firm. It was also backed by the Solana Foundation, RockawayX, and other investment firms like ARK Invest.

Solmate aims to increase shareholder value by accumulating and staking SOL, and developing new revenue streams from the rapidly expanding Solana staking infrastructure. The firm also stated it plans to cement the UAE as the global capital of the Solana ecosystem.

The firm added that Marco Santori, former Chief Legal Officer at Kraken, will become Solmate’s first Chief Executive Officer. Solmate intends to invest some proceeds from the funds into bare metal servers in Abu Dhabi, configured to outperform typical DAT validator strategies. Santori noted:

Solmate is not just another treasury. It will execute on a durably differentiated strategy in a crowded field of look-alike DATs by building real crypto infrastructure in the UAE. Our stakeholders have deep, long-term conviction in the SOL ecosystem and will demand that we accumulate SOL through bull markets and bear markets alike. Solmate is well-positioned as Solana adoption accelerates across institutional markets, DeFi, NFTs, and AI.

Solmate’s planned SOL validator would enable regional investors to leverage SOL’s native yield-generating capability with a performant SOL validator in the Middle East. Interestingly, the Solana network is expected to outgrow both Bitcoin (BTC) and Ethereum (ETH) networks in the next three years due to its high monthly developer additions.

Following the development, Brera Holdings’ shares spiked significantly, trading at $32.32 according to data from Yahoo! Finance. Similarly, SOL surged beyond $250, trading about 14.8% below its all-time high (ATH) at the time of writing.

BREA
Source: Yahoo! Finance

Can SOL Compete With ETH?

While BTC remains the largest digital asset by market cap, SOL’s main competitor is ETH due to them both being smart contract platforms, unlike the Bitcoin network. Currently, ETH’s market cap is about $558 billion, compared to SOL’s $137 billion, but recent developments in the Solana ecosystem promise to bridge this gap.

Related Reading: Solana Price Prediction: September Outlook Brightens as Galaxy Digital Fuels Another Rally

For instance, publicly-traded firm Forward Industries recently bought $1.58 billion worth of SOL tokens as part of its treasury strategy. A recent report noted that close to 1.55% of Solana’s total circulating supply is now held by institutional investors.

SOL also received another nod of approval from Mike Novogratz recently, calling it the blockchain of choice for financial markets. At press time, SOL trades at $251.66, up 7.8% in the past 24 hours.

solana
Solana trades at $251 on the daily chart | Source: SOLUSDT on TradingView.com
Featured image from Unsplash.com, charts from Yahoo! Finance and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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