Cathie Wood-backed Solmate scoops up solana in last week's drawdown

Cathie Wood's Ark Invest-backed Solmate Infrastructure SLMT said on Tuesday it had picked up cryptocurrency solana during last week's sharp pullback in the market for digital assets.

Risk-off sentiment hit cryptocurrencies on Friday as Sino-U.S. tensions flared, triggering the sector's biggest wave of leveraged liquidations, market participants said, with solana SOLUSD tumbling nearly 22% in just two days to a two-month low by Saturday.

Solmate said it acquired the token for $50 million, a 15% discount to the market price.

"We bought the dip," said Marco Santori, CEO of Solmate Infrastructure, a solana-focused digital asset treasury company.

Wood's Ark Investment Management was the top holder in the $1 billion market value firm Solmate as of September 30, LSEG data showed.

Solmate was rebranded from Brera Holdings - an Irish holding company focused on multi-club ownership - last month following a $300 million investment from the Solana Foundation, ARK Invest, RockawayX and UAE-based Pulsar Group.