Things are getting ugly at Solmate, the Solana treasury company. The firm’s largest stakeholder has filed a lawsuit against board members Ron Sade and Keren Maimon, alleging self-dealing and breaches of fiduciary duty.
The core accusation: Sade and Maimon personally bought roughly 2.298 million SLMT shares at $4.97 each, a move that diluted existing shareholders by about 20%. The lawsuit claims the purchases were made under terms that benefited the board members at the expense of other investors.
Solmate has positioned itself as a Solana-focused treasury firm, holding SOL on its balance sheet and offering investors exposure to the token through equity. But internal governance disputes like this can spook the market fast — especially in the DAT (digital asset treasury) space, where trust in management is everything.
The case is still developing, and Solmate hasn’t made a public statement addressing the specific allegations. We’ll update as more details emerge.
