Shares of Nasdaq-listed Brera Holdings, now better known as Solmate (NASDAQ: SLMT), plunged on March 11.
The sharp sell-off came shortly after the company revealed plans to transform itself into an Abu Dhabi-centered Solana (SOL) infrastructure firm.
But this move includes selling several soccer teams that it currently owns.
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Brera Holdings originally built its reputation as the first multi-club football ownership group to list on Nasdaq, operating teams across Europe, Africa and South America.
In September, Brera announced a $300 million strategy focused on the Solana ecosystem and a rebranding to Solmate, marking the first major step in its transition away from sports-only operations.
By October, the firm had selected a data center in the UAE to host its first Solana validator node.
As part of the transition, the company will now sell Brera Tchumene and Brera IIch, two football clubs currently competing in leagues in Mozambique and Mongolia.
The company described the teams as “underperforming soccer clubs,” saying the capital freed from their sale will be redirected toward expanding its Solana operations in the United Arab Emirates.
Brera will still retain SS Juve Stabia, its flagship club in Italy’s Serie B league.
Some institutional investors appear to be reducing exposure.
Cathie Wood’s Ark Invest previously disclosed an 11.5% stake in Solmate Infrastructure as of Sept. 30.
However, recent filings show the investment firm began trimming its position earlier this month.
On March 9, Ark sold approximately:
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$49,500 worth of shares from its ARKW fund
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$27,400 worth of shares from its ARKF fund
The stock dropped more than 19% intraday, with shares briefly falling to $0.84 before recovering slightly to trade around $0.95.
The decline adds to an already difficult year for investors, with the company’s stock down 52.5% year-to-date and 85.6% over the past year.
Meanwhile, Solana was trading at $87.24 at press time after climbing by 1.4% in the past 24 hours.
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This story was originally published by TheStreet on Mar 11, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
