Solana treasury firm Solmate says RockawayX campaign damaged shareholder value

Solana-focused treasury and infrastructure company Solmate Infrastructure has accused RockawayX CEO Viktor Fischer of leading a campaign that damaged shareholder value after a proposed acquisition between the two companies collapsed.

In a statement released on June 24, Solmate, formerly known as Brera Holdings, said it is defending shareholders from what it described as a fraudulent effort by Fischer and RockawayX to exploit the company for personal gain.

Solmate claimed the dispute began as an attempt to extract roughly $200 million through a proposed transaction. It later became a broader campaign that hurt market perception and contributed to a significant discount in the company’s valuation.

Solmate expands legal battle against RockawayX

The latest statement follows an SEC filing that gives more details on the dispute.

In a June 12 letter, lawyers representing Solmate alleged that RockawayX, its affiliates, and other related parties may have acted together to influence or obtain control of the company.

The letter questioned whether investors had been properly informed of a potential Section 13(d) group under U.S. securities laws.

Solmate also pointed to the timing of several events. According to the filing, RockawayX-linked affiliates sought to replace the company’s board before Forward Industries submitted an unsolicited proposal to acquire Solmate.

The filing also noted existing investment ties between Forward Industries and RockawayX through OnRe.

Solmate argued that shareholders deserve clarity on whether those actions were independent or part of a coordinated effort involving Fischer, RockawayX, and affiliated entities.

Failed acquisition sits at center of dispute

The SEC filing also included a Delaware complaint filed by Solmate against RockawayX, RockawayX Holding, and Fischer.

According to the lawsuit, Solmate explored acquiring RockawayX in late 2025 and publicly announced a non-binding term sheet in December.

The complaint alleges that RockawayX presented financial materials portraying the company as a rapidly growing and profitable digital asset business that could support a substantial acquisition valuation.

Solmate claims its due diligence later found that projected profitability relied heavily on speculative future revenue streams, unrealized investment valuations, contingent economics, and other assumptions that overstated recurring operating performance.

The lawsuit alleges that those discrepancies caused the proposed transaction to collapse in February.

At the time of writing, RockawayX and Fischer had not publicly responded to Solmate’s latest statement.

Final Summary

• Solmate says a campaign linked to RockawayX CEO Viktor Fischer harmed shareholder value after a proposed acquisition collapsed.
• The dispute now includes a Delaware lawsuit, SEC disclosures, fraud allegations, and questions over potential coordinated shareholder activity.