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

(Reuters) -Cathie Wood's Ark Invest-backed Solmate Infrastructure 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 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. (Reporting by Medha Singh in Bengaluru; Additional reporting by Nathan Gomes; Editing by Anil D'Silva and Pooja Desai)

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