Solmate secures $50 million in discounted SOL from Solana Foundation as Ark Invest takes big stake
Quick Take
- Solmate bought directly from the Solana Foundation and says the tokens will power its UAE infrastructure footprint.
- Cathie Wood’s firm also disclosed a stake following the company’s $300 million treasury raise last month.
- Discounted SOL placements have fueled a wave of listed SOL treasuries, The Block’s analysis shows.
Solmate Infrastructure said Tuesday it directly purchased $50 million worth of Solana (SOL) from the Solana Foundation at a 15% discount, deepening its push to build Solana-focused infrastructure in the United Arab Emirates.
At the same time, Cathie Wood's Ark Invest disclosed an approximately 11.5% ownership stake in Solmate (ticker SLMT), according to a statement.
The deal was struck during last weekend's market turmoil and will be used to "power" Solmate's bare-metal infrastructure in the UAE under the foundation's "Solana By Design" program. As part of the agreement, the Solana Foundation obtained rights to nominate up to two directors to Solmate’s board, the company said.
Last month, Solmate announced a $300 million private placement supporting a Solana-based digital asset treasury strategy, with participation from the Solana Foundation, Ark Invest, RockawayX, and UAE-based investors. The firm, a rebrand of Brera Holdings, aims to combine token holdings with staking and infrastructure build-out rather than a pure treasury model.
Discounted token sales by the Solana Foundation have become a recurring feature of the ecosystem this quarter, helping seed a roster of SOL-accumulating public companies and purpose-built treasuries, according to a recent analysis by The Block.
Supporters argue that the arrangements accelerate network growth, while critics caution that a widening field of buyers could dilute the advantages for early participants. Public company SOL balances have climbed alongside these deals. The Block’s data dashboard shows more than $3 billion in cumulative holdings across Solana treasuries.
SLMT shares were down 6% to $14.58 at publication time. The company has a market capitalization of around $947 million.
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