Brera Holdings is pivoting to a Solana-based digital asset treasury, changing its name to Solmate. The company raised $300 million with backers like Ark Invest and the Solana Foundation. Stock under the ticker BREA soared 500%, settling around $40, with plans for dual listings on Nasdaq and Abu Dhabi Exchange.

Solmate CEO Marco Santori aims to establish the UAE as a global capital of the Solana ecosystem. Brera’s move to a crypto treasury follows a trend among publicly traded firms to boost shareholder returns. Brera’s pivot to Solana is expected to drive further growth and innovation in the UAE.

Brera’s shift to a Solana treasury would position it as one of the biggest in the industry, joining other public companies adding billions of dollars in cryptocurrency to their balance sheets. Forward Industries leads the list with 6.22 million SOL valued at $1.7 billion. SOL is the native coin of the Solana blockchain, favored for low cost and high speeds.

Solana’s popularity has surged due to its efficiency and speed, attracting notable users like Visa to enhance credit card payments. SOL’s current trading price is around $249 per coin, with a 6% increase in the last 24 hours and a 39% rise in the past month. Its all-time high was over $293 in January.

Read more at Yahoo Finance: Solana Gets ‘Solmate’ via $300 Million Treasury Firm as Stock Surges 500%