Solmate Infrastructure’s $300 million Solana treasury initiative has been overshadowed by a shareholder dispute, placing its crypto pivot under legal and corporate pressure. The plan was backed by ARK Invest, Abu Dhabi-based Pulsar Group, RockawayX, and the Solana Foundation, with the company aiming to build crypto operations in the United Arab Emirates. The report also says Solmate has lost 98% of its market value.
Derivative suit targets executives and board members
RBCH Ltd., an entity linked to RockawayX founder Viktor Fischer, filed a derivative lawsuit in New York against Solmate executives and board members. The complaint accuses them of breaching fiduciary duties, oppressing shareholders, and engaging in conflicted transactions. In a derivative case, a shareholder brings claims on behalf of the company, arguing that the company itself was harmed.
According to RBCH, CEO Ron Sade and board member Keren Maimon bought about 2.3 million newly issued shares at $4.97 per share, diluting existing shareholders by roughly 20%. RBCH says it owns more than 10% of Solmate’s capital and argues that the share issuance took place before another investment proposal was rejected. That offer, from Forward Industries, valued the company at $7.19 per share. RBCH is asking the court to suspend voting rights tied to the disputed issuance and reverse the transaction.
Dispute intensifies ahead of the June 26 meeting
Solmate rejected the allegations and said the lawsuit grew out of a failed business negotiation rather than evidence of misconduct. Management said it was acting to protect shareholders against what it described as a “fraudulent campaign” connected to Fischer and RockawayX.
RBCH answered by accusing Solmate of issuing false and misleading statements. The confrontation escalated before the company’s June 26 annual general meeting in Abu Dhabi, where RBCH urged shareholders to vote against the reelection of Ron Sade and Keren Maimon to the board.
Asset sales and listing measures show wider strain
Legal friction is only one part of the picture. Solmate has also been shrinking its older football-related operations, closing businesses in Mozambique and Mongolia and selling its stake in Italy’s Juve Stabia club for 1 euro together with a debt transfer.
The company reported an approximate 2025 net loss of 378,000 euros. To maintain its Nasdaq listing, it also carried out a 1-for-10 reverse stock split. Those steps point to broader financial strain as Solmate tries to reposition itself around a crypto treasury model.
Forward Industries’ SOL transfer revives treasury debate
During the dispute, Forward Industries reportedly moved 455,784 SOL to Coinbase Prime earlier this month, valued at about $31.87 million at the time. That transfer brought fresh attention to the company’s wider crypto treasury strategy and renewed discussion about its position as one of the larger institutional holders of Solana.
With litigation, dilution claims, asset disposals, and a reverse split all unfolding at once, Solmate’s move into a Solana-centered treasury structure remains under scrutiny from both shareholders and the market.