The stock of sports-focused Brera Holdings briefly surged by over 280% on Sept. 18 after the Nasdaq-listed firm revealed it will become a Solana ( SOL)-based digital asset treasury and crypto infrastructure company. After opening trading under $10, the stock reached a high of $43.98 before retreating to $30 by 2:18 p.m. EST.

Data shows Brera Holdings’ stock has traded below $10 since the beginning of the year, with the last time it was above that level being for a few days in October 2024. According to a press release, the company, which is set to assume the name Solmate, saw its $300 million private investment in public equity (PIPE) offering oversubscribed.

The PIPE offering is sponsored by Pulsar Group, a technology and blockchain advisory firm based in the United Arab Emirates (UAE). It has secured backing from major players, including the Solana Foundation, RockawayX, and Cathy Wood’s ARK Invest.

As reported by Bitcoin.com News, Solmate’s strategy is to accumulate and stake SOL through both bull and bear cycles while monetizing infrastructure with high-performance validators and staking operations in Abu Dhabi. Early plans include deploying bare-metal servers to enhance validator performance, giving Middle Eastern investors a new entry point to Solana’s yield-generating mechanics.

Brera Holdings has become the latest publicly traded company to experience a sharp surge in its stock price following the announcement of its strategic pivot into a digital asset treasury. Other examples include Eightco Holdings, a Nasdaq-listed company, saw its stock skyrocket by over 4,300% after announcing its intention to launch a WLD treasury strategy.

Hong Kong-based QMMM saw its stock price increase by 1,730% after revealing its plan to launch a diversified digital asset strategy.

While investors have largely embraced the shift, viewing it as a forward-thinking move in an increasingly decentralized financial landscape, critics are voicing concern over the rapid proliferation of such transitions. Nakamoto Holdings CEO David Bailey lamented that the digital asset treasury narrative has been “hijacked by failed companies” that are “allocating capital to failed altcoins.”

Skeptics argue that the rush to adopt digital asset treasuries may be driven more by speculative hype than by sound financial planning, raising questions about long-term sustainability, regulatory oversight and market stability.

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