“This transformation is the culmination of Brera’s strategic shift toward infrastructure opportunities we see in Abu Dhabi,” said Solmate CEO Marco Santori in a statement. “By focusing our capital and corporate identity on Solana, we are positioning ourselves to be a central player in the region’s rapidly expanding digital economy.”
As part of its repositioning, the firm will be dumping legacy business assets Brera Tchumene and Brera IIch, two soccer clubs participating in leagues in Mozambique and Mongolia, respectively.
Capital “liberated” from those clubs, which it identified as “underperforming soccer teams,” will be utilized to implement its Solana strategy in the UAE. However, the firm will maintain its flagship soccer team, Juve Stabi, which plays in the second tier of professional soccer leagues in Italy.
Brera also intends to conduct a reverse 10-for-1 stock split with an effective date expected sometime after April 7, the day of a scheduled shareholder meeting seeking approval for its new initiative.
Shares in the firm were recently changing hands around $0.89, down over 19% on the day after dipping as low as $0.84. SLMT shares have dropped almost 35% in the last week of trading. During that time, one of its most notable shareholders—Cathie Wood’s investment firm, Ark Invest—began offloading shares of Brera for the first time.
Brera announced its intentions to shift to a Solana treasury strategy in September, raising $300 million via its PIPE. The firm also purchased $50 million in discounted Solana tokens directly from the Solana Foundation.
