Journalist
Hassan Shittu
Journalist
Hassan Shittu
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Solmate Infrastructure, a Cathie Wood-backed Solana-focused digital asset treasury, saw its shares soar by nearly 50% on Wednesday after unveiling plans for an aggressive mergers and acquisitions strategy and confirming additional Solana (SOL) purchases at discounted market prices.
The Nasdaq-listed company, SLMT, which recently rebranded from Brera Holdings, announced that it has completed assembly of its first validator hardware in the United Arab Emirates and is preparing to launch what it calls the region’s first “performant Solana validator.”
The validator, housed in a newly selected UAE data center, is part of Solmate’s plan to integrate real infrastructure with its expanding digital asset treasury.
Solmate Buys SOL at Discount After $50M Acquisition
According to a company release, Solmate purchased SOL tokens “at a historic discount to market prices” to support its validator operations.
The company did not disclose the purchase size, but earlier this month, it confirmed a $50 million acquisition of SOL tokens at a 15% discount during what it described as “the worst liquidation event in crypto history.”
The company’s stock climbed to an intraday high of $12.55 before settling at $11.70, giving Solmate Infrastructure a market capitalization of roughly $754 million.
The move follows Ark Invest’s recent disclosure of an 11.5% ownership stake in Solmate, signaling growing institutional interest in Solana-based treasury and infrastructure ventures.
Chief Executive Officer Marco Santori, former Chief Legal Officer at Kraken, said the company’s M&A push will focus on strategic acquisitions across the Solana value chain rather than simple revenue-driven deals.
“We aren’t interested in bolting on smaller companies,” Santori said. “We’re targeting businesses for which our SOL treasury will be fuel for their engine of growth — just like it is for ours.”
The company also announced an amendment to its registration rights agreement for its oversubscribed $300 million private investment in public equity (PIPE) financing.
The registration statement for PIPE investors is expected to be filed with the U.S. Securities and Exchange Commission by November 22.
Solmate said the amendment provides greater flexibility as it completes infrastructure projects and prepares for additional acquisitions.
Notably, Solmate’s $300 million financing round, completed in September, drew backing from ARK Invest, the Solana Foundation, early Solana investor RockawayX, and UAE-based Pulsar Group.
The company’s board includes economist Dr. Arthur Laffer and RockawayX CEO Viktor Fischer, while the Solana Foundation holds the right to appoint two directors.
Solana Sees Record Institutional Holdings as 20 Firms Control $3.86B in SOL
Notably, data from the Strategic Solana Reserve shows that 20 institutional entities now hold more than 20.3 million SOL, valued at roughly $3.86 billion, representing about 3.5% of the token’s circulating supply.
The combined staking reserves among these entities exceed $1.8 billion, yielding an average of 7.7%.
Forward Industries leads institutional holdings with 6.82 million SOL worth approximately $1.29 billion.
The company recently established a 25-member crypto advisory board, including industry figures such as Helium founder Amir Haleem, Drift Labs’ Cindy Leow, and Superstate CEO Robert Leshner.
Helius Medical Technologies, rebranded as HSDT Solana Company, holds about 2.2 million SOL valued at $417 million. The firm recently announced additional acquisitions less than three weeks after completing a $500 million private placement led by Pantera Capital, with potential expansion to $1.25 billion through stapled warrants.
DeFi Development Corp. also deepened its SOL reserves this month, increasing holdings by 4.7% to $426 million despite a recent market downturn. The company said the purchase reflects its confidence in Solana’s long-term value, even as major institutions such as BlackRock reportedly reduced exposure amid geopolitical volatility.
The company said the purchase reflects its confidence in Solana’s long-term value, even as major institutions such as BlackRock reportedly reduced exposure amid geopolitical volatility.
Other notable players include Sharps Technology, with 2.14 million SOL worth $405 million; Upexi Inc., holding 2 million SOL valued at $379 million; and Solana-focused biotechnology firm Solana Company (HSDT), now controlling over $500 million in combined assets.
Across the market, institutional adoption of Solana continues to deepen. VisionSys AI recently unveiled a $2 billion Solana treasury initiative in partnership with Marinade Finance, while Fitell Corporation secured a $100 million credit line to build a Solana-based treasury under its planned rebrand as Solana Australia Corporation.
