ARK Doubles Down on Solmate, Buys $162M of Shares After Funding SOL Treasury Purchase
ARK Invest doubled down on the latest publicly listed digital asset treasury company, buying just under $162 million worth of shares in Solmate (BREA) after taking part in the company's $300 million funding round.
The Nasdaq-listed sports club owner raised the money and rebranded from Brera Holdings as part of plans to build a digital asset treasury based on Solana's sol (SOL) token. Ark Invest joined United Arab Emirates-based Pulsar Group in the fundraise, which also included RockawayX and the Solana Foundation, according to a Thursday announcement.
As it often does, Cathie Wood's investment firm got in on the ground floor acquiring digital asset treasury firm shares, adding a total of 6.5 million BREA shares to three of its exchange-traded funds: Innovation (ARKK), Next Generation Internet (ARKW) and Fintech Innovation (ARKF), it said in an emailed disclosure on Friday.
From trading at $7.40, BREA jumped as high as $52.95 before pulling back to close at $24.90, a gain of over 225% on the day.
Brera Holdings shares jumped another 41% in morning trading on Friday.
SOL has ascended to its highest price levels since January this week, eclipsing $250 on Thursday. It was recently trading around $244, an increase of over 20% this month.
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