Cathie Wood-backed crypto stock drops over 90%

Michael Saylor's Strategy (NASDAQ: MSTR) has been the inspiration behind many companies picking up a crypto treasury model.

One such firm was Brera Holdings. Founded in 2022, it began as an owner of small football clubs across Italy, North Macedonia, Mozambique, and Mongolia.

After its public debut in 2023, it joined the hundreds of firms racing to stockpile crypto tokens in imitation of Michael Saylor's Strategy, which surged after pivoting to bitcoin accumulation in 2020.

Abu Dhabi-based Pulsar Group in September 2025 sponsored a $300 million private placement to convert Nasdaq-listed Brera Holdings into a solana treasury, with backing from Cathie Wood's ARK Invest, the Solana Foundation and crypto venture firm RockawayX. It was rebranded as Solmate (SLMT).

Then, in October 2025, Ark took 11.5% stake in the company.

Since the pivot, Solmate has unwound its football portfolio. Its Mongolia and Mozambique teams were disbanded, and it sold its majority stake in Italian second-tier club Juve Stabia in April.

But the pivot has not turned out to be fruitful.

Related: Cathie Wood predicts Bitcoin to $1.25 million as supply vanishes

Solmate traded at $249 after the ARK and Pulsar

Fuente original: Yahoo Finance (https://finance.yahoo.com/markets/crypto/articles/cathie-wood-backed-crypto-stock-132913331.html)