The largest external shareholder of Solana digital asset treasury company Solmate Infrastructure (SLMT), RBCH, has filed a lawsuit in the New York State Supreme Court against the company's current executives and directors. The plaintiff alleges breach of fiduciary duty, misleading statements, and self-dealing that have severely harmed shareholder interests.
Lawsuit Background and Key Allegations
RBCH is affiliated 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 entity led a $300 million PIPE financing for Solmate in September 2025 and committed $50 million. The lawsuit claims that the Solmate board sold shares while other investors were still under lock-up periods and signed advisory agreements favoring board-related parties.
Specifically, directors Ron Sade and Keren Maimon personally purchased approximately 2.298 million Class B shares at $4.97 per share, a transaction that diluted other shareholders by about 20%. The plaintiff argues that this transaction violates applicable laws.
Company Performance and Market Reaction
Viktor Fischer stated that Solmate's performance has been severely lagging, with its stock trading at approximately a 50% discount to net asset value, attributing the issues to poor management and board self-dealing. Data shows that Solmate currently 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-related digital asset trusts. By comparison, SOL itself has fallen about 50% over the same period. The lawsuit highlights ongoing governance disputes at Solmate, with the market awaiting further legal developments.