Brera (BREA) said Thursday it will become Solmate, a Solana-based crypto infrastructure company, following a $300 million private investment in public equity, or PIPE, offering.

The PIPE deal was sponsored by United Arab Emirates-based Pulsar Group, with backing from the Solana Foundation, RockawayX, and investment firms like ARK Invest, the company said.

Former Kraken Chief Legal Officer Marco Santori was named as Solmate's chief executive, it said.

Shares of the company were up nearly 30% in recent Friday trading.

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