ARK Invest and Abu Dhabi’s Pulsar Group pumped $300mn of preferred equity into Nasdaq‑listed Brera Holdings last year, backing a portfolio of minor football clubs that had recently shifted to hoarding Solana tokens. The company rebranded as Solmate, and its shares fell from $249 to around $5, a decline of more than 90% since the deal, and sparked investor scepticism.

The crypto‑treasury craze that Wood praised as a “revolution” has collapsed, dragging Solmate’s market value into the dust as Solana itself slid 53% over the past year. Former board member Arthur Laffer quit, CEO Marco Santori resigned, and the firm sold its Italian club Juve Stabia for €1 plus liabilities, leaving a €378,000 net loss in 2025, raising doubts about similar strategies.

Rockaway X sued Solmate in New York, accusing the Pulsar‑appointed board of self‑dealing and issuing shares to lock in voting control. The complaint also blocks ARK and other investors from selling because Solmate missed its annual filing deadline. With the football assets stripped and crypto holdings devalued, the saga underscores the risk of speculative treasury models for public investors, for future capital allocations.