Solana treasury company Solmate's largest external shareholder sues the board of directors

Odaily Odaily: Solmate Infrastructure (SLMT), a Solana digital asset treasury company, and its largest external shareholder, RBCH, has sued the company's current executives and directors in the New York State Supreme Court, accusing them of breach of fiduciary duty, misleading statements, and self-dealing transactions.

Associated with RockawayX founder and CEO Viktor Fischer, RBCH currently holds approximately 22.74% of shares in Brera Holdings, Solmate's parent company. The institution led Solmate's $300 million PIPE financing in September 2025 and committed $50 million.

The lawsuit alleges that the Solmate board has engaged in multiple actions detrimental to shareholder interests, including selling shares while other investors were still in lock-up periods, signing advisory agreements biased towards board-related parties, and directors Ron Sade and Keren Maimon personally purchasing approximately 2.298 million Class B shares at $4.97 per share, resulting in a ~20% dilution for shareholders. The plaintiff claims the transaction was illegal.

Fischer stated that Solmate's performance has been severely poor, currently trading at approximately a 50% discount to net asset value, with the issue stemming from poor management and board self-dealing. Solmate currently holds approximately 2 million SOL on its books, with its share price down approximately 78% year-to-date, making it one of the worst-performing SOL DATs. By comparison, SOL has fallen approximately 50% over the same period.