Solana Treasury Firm Solmate Sued by Top Outside Shareholder Over Self-Dealing Claims

Solana digital-asset treasury firm Solmate Infrastructure has been sued by its largest outside shareholder, which is targeting the company’s board and management.

Odaily reported on June 23 that RBCH filed a lawsuit in New York State Supreme Court against Solmate’s current officers and directors, alleging breaches of fiduciary duty, false and misleading statements, and self-dealing. RBCH owns about 22.74% of Brera Holdings, Solmate’s parent company.

RBCH led Solmate’s $300 million PIPE, or private investment in public equity, in September 2025 and also committed to invest $50 million. The complaint alleges the board acted against shareholder interests by selling shares while other investors remained subject to lockup restrictions and by entering into advisory contracts that favored board-linked parties.

The filing also alleges that directors Ron Sade and Keren Maimon bought about 2.298 million Class B shares at $4.97 each, diluting existing shareholders by about 20%. The plaintiffs argue the transaction amounted to unlawful self-dealing, according to the complaint.

Solmate currently holds about 2 million Solana tokens. Its shares have fallen about 78% since the start of the year, while Solana has dropped 50% over the same period.