Brera Holdings (ticker symbol BREA), recently transformed into SOL Reserve Strategies, will change its name to Solmate. With support from the Solana Foundation and Ark, the company plans a dual listing in the UAE to attract capital from wealthy individuals in the Middle East. Arthur Laffer, a renowned economist and a key mentor to Cathie Wood, will join the board of directors. Ark continues to increase its holdings in BREA, and although the stock price has fallen from its high of $52, the company has already made significant profits from the transaction.
Brera transforms into a SOL reserve strategy company, supported by the Solana Foundation and Ark
Brera Holdings was originally a sports holding company focused on multi-club operations. It is listed on the Nasdaq under the ticker symbol BREA.
Brera Holdings will rebrand as Solmate and transform into SOL Reserve Strategies, having secured $300 million in funding through a private placement offering (PIPE). The PIPE was sponsored by Pulsar Group, a UAE-based technology and blockchain consulting firm, and received support from traditional investment firms including the Solana Foundation, RockawayX, and ARK Invest. Marco Santori, former Kraken General Counsel, will serve as Solmate's CEO.
Santori said the Solana Foundation will sell some of its tokens to Solmate at a discount and acquire two seats on its board of directors. Solmate will share revenue from their joint UAE projects with the foundation.
CEO Marco Santori endorses, Arthur Laffer joins board of directors
CEO Marco Santori was previously a general partner at Pantera. Prior to that, he served as Chief Legal Officer at cryptocurrency exchange Kraken. He is well-known in the cryptocurrency community for creating the Simple Agreement for Future Tokens (SAFT), which aims to provide cryptocurrency projects with a legal path for public token sales.
At Kraken, he managed a legal team of nearly 70 attorneys and assisted the exchange in defending two lawsuits filed against the company by the U.S. Securities and Exchange Commission (SEC). Until this week, he also served as a director of DeFi Development Corp., another fund management company under Solana.
Economist Arthur Laffer, who received the Presidential Medal of Freedom in 2019, will join the board. Laffer, influential among Republicans and more libertarian policymakers, is known for creating the Laffer curve, which plots the relationship between tax rates and government revenue.
Ark founder Cathie Wood received a Bachelor of Science degree in Finance and Economics from the University of Southern California. One of her professors was Arthur Laffer. Under his guidance, she got a job as an assistant economist at Capital Group. Wood has spoken publicly about Laffer's guidance on many occasions.
Solmate plans dual listing in the UAE; capital is key to success
Santori, who said he recently reviewed about 80 financing proposals from finance companies, believes Solmate stands out in part because of its access to funding channels in the Middle East. Liquidity provider RockawayX and asset manager Ark Invest also backed the deal.
In addition to continuing its listing on Nasdaq under the ticker symbol BREA, Solmate also plans a dual listing in the UAE to attract more investor funds.
Santori said in an interview:
"The most successful of these financial companies are often those closest to capital. And the capital capital of the world today is the UAE. This is why I was initially attracted to this field. Solmate has a lasting and differentiated accumulation strategy, and it is precisely this proximity to capital that makes it possible. With the support and backing of the UAE, I believe our flywheel will spin at full speed."
Ark continues to increase its investment in BREA
Ark Invest, led by Cathie Wood, purchased a total of 6.81 million shares of BREA through its three funds. The details are as follows:
- ARKK: bought 4,629,604 shares
- ARKW: bought 1,395,691 shares
- ARKF: bought 788,053 shares
According to Coindesk , Ark acquired an additional 6.5 million BREA shares last Friday, following its PIPE investment, bringing its holdings to 13 million. However, Ark's official website only lists 6.81 million shares, which I speculate is because PIPE investments do not require immediate subscription.
BREA surged to $52
BREA's stock price surged from around $8 to $52 last week, an increase of more than eight times, but it also fell back very quickly, closing at $18.6 yesterday. However, Ark has already made a lot of profit from this transaction.
The article " Ark doubles down on BREA, why did Solmate attract Cathie Wood's attention?" originally appeared on ABMedia ABMedia .
