Since transforming into a Solana treasury company, Solmate’s stock price has plummeted by over 98%.

ChainCatcher reports, according to Cryptobriefing, that NASDAQ-listed company Solmate (formerly Brera Holdings) has seen its share price plunge more than 98% after transforming into a Solana treasury company following the completion of a $300 million financing round. The company, which has received investments from institutions such as ARK Invest, Pulsar Group, RockawayX, and the Solana Foundation, currently holds about 2 million SOL. However, SOL has dropped by roughly 50% in the past year, and the company’s financial status is highly dependent on the price and liquidity of SOL.

Previously, Solmate’s largest shareholder sued the board of directors, accusing them of disclosure violations and self-dealing.