Brera Holdings' board has approved a strategic pivot towards Solana infrastructure and treasury operations. The Nasdaq-listed company plans to rebrand as Solmate Infrastructure, concentrating on Solana staking, validation, and treasury services, with Abu Dhabi serving as its primary operational hub.
This significant shift involves winding down two underperforming soccer teams, Brera Tchumene and Brera II, while retaining the Italian club Juve Stabia. Funds from the closed teams will be redirected to bolster the Solana infrastructure strategy in the United Arab Emirates.
The company's board also supports a 10-for-1 reverse stock split, a proposal to be presented to shareholders on April 7. This move aims to elevate the share price to a level more attractive to institutional investors. Following approval, the company will trade on Nasdaq under the ticker SLMT.
Solmate intends to establish institutional-grade Solana staking and validation infrastructure in the UAE, backed by regional partners and investors including ARK Invest, RockawayX, and Pulsar Group. The company previously raised $300 million in a PIPE offering, supported by these firms and the Solana Foundation.