Solmate Infrastructure (NASDAQ: $SLMT), formerly known as Brera Holdings, provided an update on its digital asset treasury holdings on Tuesday, showing a significant increase in Solana (CRYPTO: $SOL) tokens.
The company reported holding 1,235,834 SOL tokens at the end of February, valued at roughly $129.4 million.
Todays update follows the board's recent approval to formally rebrand from its legacy multi-club football business to become a Solana infrastructure provider centered in Abu Dhabi.
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"We founded Solmate to bring investors exposure to the Solana ecosystem," said Marco Santori, Chief Executive Officer of Solmate. "The ecosystem is advancing quickly, so regular updates and financial transparency will be key to this mission. We plan to continue publishing regular treasury updates and investor communications as we scale operations and remain focused on building a durable, infrastructure-driven platform designed to generate long-term value for our shareholders."
The Abu Dhabi based company, said it maintains a strong balance sheet with no long-term debt, providing what management describes as "significant financial flexibility" to scale its validator and staking services.
Earlier this month the firm noted that it would wind down underperforming legacy assets, including two of its three soccer teams and redirect capital into bare-metal Solana validators and specialized hardware deployments.
The transition also included a proposed 10-for-1 reverse stock split, scheduled for a shareholder vote on April 7, the company said. Management believes the split will position the company's shares in a trading range more attractive to institutional investors.
Shares have seen significant volatility, trading well off its 52 week high. However, analysts note that the company’s recent $300 million private placement, backed by ARK Invest and the Solana Foundation provides the necessary capital to roll out its long-term roadmap.
SLMT shares are trading at 86 cents on the Nasdaq stock exchange, up 0.99 percent.