Solana Treasury Company Solmate's Largest External Shareholder Sues the Board of Directors

ME News, June 23 (UTC+8) — Solana digital asset treasury company Solmate Infrastructure (SLMT)’s largest external shareholder RBCH has filed a lawsuit in the New York State Supreme Court against the company’s current executives and directors, alleging breach of fiduciary duty, misleading statements, and self-dealing. RBCH is associated with RockawayX founder and CEO Viktor Fischer and currently holds approximately 22.74% of Solmate’s parent company Brera Holdings. The institution led a $300 million PIPE financing for Solmate in September 2025 and committed to invest $50 million.

The lawsuit alleges that the Solmate board engaged in multiple actions that harmed shareholders’ interests, including selling shares while other investors were still within lock-up periods, signing advisory agreements that favored parties related to the board, and directors Ron Sade and Keren Maimon personally buying about 2.298 million Class B shares at $4.97 per share, resulting in roughly 20% dilution to shareholders. The plaintiff claims the transaction may be unlawful.

Fischer said Solmate has been performing severely poorly and is currently trading at about a 50% discount to net asset value, with the problems stemming from mismanagement and self-dealing by the board. Solmate currently has about 2 million SOL on its books; since the beginning of the year, the share price has fallen approximately 78%, making it one of the worst-performing SOL DATs. By comparison, SOL has dropped about 50% over the same period. (Source: ODAILY)