From football to SOL, the cost of transformation with a 90% drop is a bit brutal.

News from Biquan/Jie: Nasdaq-listed Brera Holdings (now renamed Solmate) has secured $300 million in preferred stock financing led by Ark Invest and Abu Dhabi’s Pulsar Group, but after it transitioned into a Solana Treasury / crypto holdings company, its share price has faced significant pressure. The company originally held shares in lower-tier football clubs in Italy, North Macedonia, Mozambique, and Mongolia, but after a “strategic transformation” last year it began buying and stockpiling SOL. As the craze around the crypto treasury concept has cooled off, Solmate’s share price has fallen by more than 90% since the financing. The FT said its Mongolian club, Brera Ilch FC, had previously been relegated from the Mongolian Super League and did not appear on the roster of lower-tier leagues for the new season.