ARK Invest made an immediate splash on the latest publicly listed digital asset treasury company, buying just under $162 million worth of shares in Brera Holdings (BREA).
The Nasdaq-listed sports club owner rebranded as Solmate as part of plans to build a digital asset treasury based on Solana’s sol (SOL) token, raising $300 million from United Arab Emirates-based Pulsar Group, according to a Thursday announcement.
As it often does, Cathie Wood’s investment firm got in on the ground floor, 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.
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.