Cathie Wood-backed crypto stock drops over 90%

Michael Saylor's Strategy (NASDAQ: MSTR) has been the inspiration down galore companies picking up a crypto treasury model. 

One specified steadfast was Brera Holdings. Founded successful 2022, it began arsenic an proprietor of tiny shot clubs crossed Italy, North Macedonia, Mozambique, and Mongolia. 

After its nationalist debut successful 2023, it joined the hundreds of firms racing to stockpile crypto tokens successful imitation of Michael Saylor's Strategy, which surged aft pivoting to bitcoin accumulation successful 2020.

Abu Dhabi-based Pulsar Group successful September 2025 sponsored a $300 cardinal backstage placement to person Nasdaq-listed Brera Holdings into a solana treasury, with backing from Cathie Wood's ARK Invest, the Solana Foundation and crypto task steadfast RockawayX. It was rebranded arsenic Solmate (SLMT).

Then, successful October 2025, Ark took 11.5% involvement successful the company. 

Since the pivot, Solmate has unwound its shot portfolio. Its Mongolia and Mozambique teams were disbanded, and it sold its bulk involvement successful Italian second-tier nine Juve Stabia successful April.

But the pivot has not turned retired to beryllium fruitful.

Related: Cathie Wood predicts Bitcoin to $1.25 cardinal arsenic proviso vanishes

Shares crater arsenic the treasury roar fizzles

Solmate traded astatine $249 aft the ARK and Pulsar investment, but present hovers adjacent $4. The banal has seen a diminution of implicit 93% successful the past year. In the past month, the banal has dropped over 27.88%. 

SLMT implicit the yearYahoo Finance

Solana itself has fallen 50% implicit the past year.

As per Decibel, it was trading adjacent $71.7, aft a 3.85% summation successful the past 24 hours. 

SOL/USDDecibel

Many crypto-hoarding companies person gone into freefall arsenic investors question their worthy amid a prolonged assemblage rout. 

SLMT closed Friday 19% little astatine $4.63, though it traded 2.59% higher successful after-hours trading astatine property time.

Popular connected TheStreet Roundtable:

• Analyst compares Saylor's Strategy to bankrupt crypto company

• Standard Chartered predicts 5,000% upside for struggling token

• Analyst who nailed Bitcoin's 2025 rally makes caller prediction

Boardroom conflict spills into tribunal

RBCH, a RockawayX affiliate and Solmate's largest extracurricular backer, filed a derivative suit successful New York connected June 22, alleging self-dealing. 

Its cardinal assertion is simply a May offering successful which the committee issued 2,298,000 shares oregon 21.4% of the institution to 2 members, main enforcement Ron Sade and Keren Maimon, astatine $4.97 each, a 3rd of nett plus value. 

A precocious yearly study has near investors, including ARK, incapable to sell. The committee called the suit a power drawback by a spurned suitor portion RBCH says its concerns came first. Shareholders backed the committee connected June 26, re-electing each 5 directors contempt ISS's opposition.