BREA Stock Rips 500% After Raising $300 Million To Fund Solana Treasury, Company Rebrands As Solmate

Brera Holdings Plc. (BREA) shares surged by more than 500% on Thursday after the company announced that it had raised $300 million to fund its transformation into a Solana-based (SOL) digital asset treasury.

The fundraising was done through a private investment in public equity (PIPE) offering, sponsored by UAE-based technology and blockchain advisory firm Pulsar Group. The backing was secured by the Solana Foundation, RockawayX, and ARK Invest.

The company also announced its rebranding as Solmate and the appointment of a new CEO, Marco Santori, a former Kraken chief legal officer.

Brera shares were up 369% in Thursday’s midday trade. Retail sentiment on Stocktwits around the company trended in the ‘extremely bullish’ territory. Solana price was up 0.84% at the time of writing, with retail sentiment on Stocktwits around the cryptocurrency trending in the ‘extremely bullish’ territory.

“Solmate aims to place Solana’s blockchain-based solutions at the heart of the UAE’s digital transformation agenda through the deployment of cutting-edge infrastructure and performant staking strategies,” the company said in a release, adding that it intends to use a portion of the funds raised to invest in revenue-generating crypto infrastructure projects in the UAE.

The first of these investments will be made toward setting up bare metal servers in Abu Dhabi, which will be “configured to outperform typical DAT validator strategies,” the company added.

“Solmate is not just another treasury. It will execute on a durably differentiated strategy in a crowded field of look-alike DATs by building real crypto infrastructure in the UAE. Our stakeholders have deep, long-term conviction in the Solana ecosystem and will demand that we accumulate SOL through bull markets and bear markets alike,” said CEO Santori.

BREA stock is up 336% year-to-date and 365% in the past 12 months.

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