Solana Treasury Firm Solmate's Largest External Shareholder Sues the Board

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

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

The lawsuit alleges that the Solmate board engaged in several actions detrimental to shareholder interests, including selling shares while other investors were still under lock-up agreements, entering into 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 dilution of approximately 20% for shareholders. The plaintiff claims this transaction was unlawful.

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