Cathie Wood’s investment company is among the backers to lose out from the unravelling of a football business turned cryptocurrency hoarder, as shares plunge and insiders trade lawsuits.
ARK Invest and Abu Dhabi-based investor Pulsar Group last year led a $300mn preferred equity investment in Nasdaq-listed Brera Holdings, a holding company for stakes in low-level football clubs that pivoted to buying and hoarding the crypto token solana.
But shares of Brera — which rebranded as Solmate — have lost more than 90 per cent of their value since the fundraising, as the boom in so-called crypto treasury companies fizzles.
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