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A Solana Spaces store that once existed in Miami (Joe Raedle/Getty Images)

New solana treasury entrant, Solmate, soars on rebrand

Solmate backers include the Solana Foundation, Ark Invest, and Pulsar Group.

Yaël Bizouati-Kennedy

The solana ecosystem has been shining this week with the launch of several solana treasuries. Solana, the sixth-largest crypto by market cap, crossed $250 yesterday for the first time since January, though the token’s price is roughly flat on the week.

On Thursday, Nasdaq-listed Brera Holdings, a multi-club sports holding company, announced it is rebranding as Solmate, a solana-based treasury and crypto infrastructure company, sending the stock up over 200% yesterday. Marco Santori, who was formerly chief legal officer for Kraken, will become its CEO.

The stock continued to rise early Friday before reversing course around 9:45 a.m. ET. The company raised $300 million via a PIPE deal, with backers including the Solana Foundation, Ark Invest, and Pulsar Group.

When asked about the launch’s timing, Santori told Sherwood News that “it’s always a good time to stack SOL.”

“I’d go back in time and start sooner if I could, but I’ll have to settle for today. Solana is the most performant and most used blockchain. I think developers are going to prefer it for a long time to come,” Santori said.

Earlier this week, Helius Medical announced it raised more than $500 million in a private placement deal to launch a solana treasury company. Pantera Capital and Summer Capital led the financing.

In other solana news:

  • Today, Grayscale launched the Grayscale CoinDesk Crypto 5 ETF, which provides exposure to solana, bitcoin, ether, XRP, and cardano. Zach Pandl, Grayscale’s head of research, dubbed solana “crypto’s financial bazaar” and told Sherwood, “Regulatory approval of diversified crypto ETPs, altcoin ETPs, and eventually staking in listed crypto investment products will drive more capital to the solana ecosystem.”

  • Solana treasury Forward Industries announced it launched a $4 billion at-the-market program to acquire more solana. The company is now the largest solana holder after acquiring 6.82 million solana this week. This represents 1.26% of the total supply, according to CoinGecko.

  • Finally, the second-largest solana holder, DeFi Development Corp., acquired 62,745 solana. The company now holds 1.95 million solana.

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Bitcoin’s price finally breaks past $113,000 but ETFs continue to bleed

Bitcoin has seemed stalled around $112,000, but is finally breaking past the $113,000 mark on Wednesday as whales have led a rush to sell. The token’s price is still down nearly 2% over the past week.

David Siemer, CEO of Wave Digital Assets, told Sherwood News that the wave of liquidations is due to a combination of factors hitting at once, including the fact that crypto markets have become heavily leveraged after bitcoin’s run past $120,000.

“Once bitcoin slipped through key price levels, stop-losses and liquidations snowballed against relatively thin liquidity, which amplified the move,” he said, adding that at the same time, stronger-than-expected US inflation data lifted the dollar and dampened risk appetite, giving traders another reason to unwind positions.

“Short-term holders were quick to sell into the weakness, further accelerating the downside,” he said.

Meanwhile, bitcoin ETFs continue to bleed, with outflows reaching $466.7 million since Monday, SoSoValue data shows. Reflecting the risk-off sentiment, gold ETFs, in contrast, experienced their largest inflow since January 2021 on Friday as gold itself hits all-time highs.

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Adam Back and the Winklevoss brothers have backed the company, which plans to go public via a reverse IPO.

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Dogecoin fails to rally despite doge ETF launch and more upcoming funds

Even though more parties are entering the dogecoin ETF arena, the token is falling along with the broader crypto market.

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Strive to merge with Semler Scientific to form “the fastest growing corporate Bitcoin holder”

Meanwhile, Metaplanet made its largest acquisition to date of 5,419 bitcoin.

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SEC paves way for speedier crypto ETF listings as XRP and dogecoin ETFs launch

Rex Osprey launched the first spot XRP and doge ETFs today, while Grayscale will soon launch its just-approved multi-asset fund.

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