Solmate Infrastructure (NASDAQ: SLMT) experienced a heavy bounce in its inventory value on Thursday after making public a series of important updates to its business, including progress with its validator setup, an aggressive M&A strategy, and the extension of its PIPE financing. The company’s new initiatives are giving it a solid competitive advantage in the Solana ecosystem.
The company announced that it has chosen a data center to host its bare metal validators — the hardware for Solmate’s first validator has already been built, and configuration testing is being done with SOL tokens that were bought at a “historic discount to market prices.”
Solmate, a Nasdaq-listed company, changed its name from Brera Holdings to Solmate last month. The change was made to emphasize the company’s focus on Solana-based digital asset infrastructure. The change was supported by a $300 million private investment in public equity (PIPE) raised from the main investors such as Solana Foundation, Ark Invest, Pulsar Group,
CEO Marco Santori, formerly Chief Legal Officer at Kraken, said that Solmate’s goal is to “differently and durably execute a strategy” by creating real crypto infrastructure in the UAE, thereby separating itself from other crypto that operate mainly as financial entities.
On Wednesday, apart from the other news, the firm also revealed that it revised the registration rights agreement with PIPE investors, thereby deferring the anticipated date for the SEC filing to November 22. The modification gives Solmate “maximum flexibility” for completing new infrastructure projects and future announcements, the firm said.
In addition to its validator improvements, Solmate announced a plan to implement an aggressive M&A strategy by looking for acquisitions along the Solana value chain. Santori pointed out that the company takes a very selective approach, aiming at those businesses where Solmate’s SOL treasury can be “fuel for their engine of growth.”
Just a week ago, Solmate obtained a $50 million discount on SOL tokens from the Solana Foundation, which will be the source of its growing infrastructure in the UAE. At the time of writing, the SLMT stock was up by 40% to $11.70; thus, the company’s market capitalization was $754 million
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