The Nasdaq-listed firm, formerly known as Brera Holdings, shifted its business model in 2025 to focus on crypto infrastructure in the United Arab Emirates. Backed by ARK Invest and the Pulsar Group, the company secured $300 million in financing to underpin its Solana treasury. However, the pivot tied the company's equity performance directly to the volatility of SOL, which currently trades near $68, far below previous market peaks.
The legal challenge, brought by an entity linked to RockawayX founder Viktor Fischer, accuses CEO Ron Sade and board member Keren Maimon of breaching fiduciary duties. RBCH alleges that the duo issued 2.3 million new shares at $4.97, diluting existing shareholders by 20% while rejecting a more lucrative $7.19-per-share buyout offer from Forward Industries. Solmate management has dismissed these claims, labeling the lawsuit a retaliatory campaign. As the company prepares for its June 26 annual general meeting in Abu Dhabi, the court is being asked to block the disputed shares from voting, potentially shifting control of the board.
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