According to Odaily Planet Daily, RBCH, the largest external shareholder of Solana digital asset treasury company Solmate Infrastructure (SLMT), has filed a lawsuit against the company's current executives and directors in the Supreme Court of New York State, alleging breach of fiduciary duty, misleading statements, and self-dealing. RBCH is associated with Viktor Fischer, founder and CEO of RockawayX, and currently holds approximately 22.74% of Brera Holdings, Solmate's parent company.
Lawsuit Details and Key Allegations
RBCH led Solmate's $300 million PIPE financing in September 2025 and committed $50 million. However, the lawsuit claims that Solmate's board engaged in multiple actions harmful to shareholder interests, including selling stock while other investors were still in a lock-up period, signing advisory agreements that favored 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 roughly 20% dilution of shareholders. The plaintiff alleges the transaction violated the law.
Company Performance and Market Impact
Viktor Fischer stated that Solmate has significantly underperformed, with its stock trading at approximately a 50% discount to net asset value, attributing the problems to mismanagement and board self-dealing. Data shows Solmate holds about 2 million SOL on its books, but its stock price has fallen approximately 78% year-to-date, making it one of the worst-performing SOL DATs. In comparison, SOL itself has dropped about 50% over the same period.