The race to build the biggest Solana treasury is on. Nasdaq-listed sports holding company Brera Holdings said Thursday that it will pivot to a Solana-based digital asset treasury, changing its name to Solmate. And now its stock is skyrocketing.

Brera, which buys football and volleyball clubs, said it had raised $300 million via a private investment in a public equity round, with Ark Invest, the Solana Foundation, and RockawayX all backing the company. United Arab Emirates-based Pulsar Group led the funding round. 

The firm’s stock—which trades under the ticker BREA—rocketed on the news and was recently up 500% on the day, with shares priced at close to $46. Shares have since settled to a price of about $40. Brera said it expected dual listings on the Nasdaq and the Abu Dhabi Securities Exchange once it converts to Solmate.

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Author: Mathew Di Salvo