Solmate

Strategy, a major Bitcoin hoarder, sold $216 million in Bitcoin in its largest crypto sale to date, citing the need to build cash reserves and avoid issuing more equity. The sale caused its stock to drop 5% initially, while Bitcoin's price fluctuated. The company, which previously emphasized accumulating Bitcoin, now faces market pressures amid broader crypto bearishness.

Strategy may sell up to $1.25 billion in Bitcoin to strengthen cash reserves, cover investor payouts, and fund stock buybacks. The company, led by executive chairman Michael Saylor, previously advocated holding Bitcoin but now faces stock and preferred share declines, prompting a strategic shift. Bitcoin and Strategy shares rose slightly after the announcement.

The largest stakeholder of Solmate, a Solana treasury firm, has sued the board members Ron Sade and Keren Maimon for self-dealing and breaches of fiduciary duty. The board members personally purchased approximately 2.298 million SLMT shares at $4.97, resulting in a ~20% dilution of shareholders.