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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 said the dispute began as an attempt to extract roughly $200 million through a proposed transaction. It later characterized the matter as a broader campaign that hurt market perception and contributed to a significant discount in the company’s valuation.
The latest statement follows an SEC filing that provides additional 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 further 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.
Solmate said it explored acquiring RockawayX in late 2025 and publicly announced a non-binding term sheet in December.
According to the complaint included in the SEC filing, RockawayX presented financial materials portraying the company as a rapidly growing and profitable digital asset business that could support a substantial acquisition valuation.
Solmate alleged that 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.
Solmate said those discrepancies caused the proposed transaction to collapse in February.
Solmate said the alleged campaign harmed shareholder value after the acquisition collapsed, contributing to a significant discount in the company’s valuation.
The SEC filing also included a Delaware complaint filed by Solmate against RockawayX, RockawayX Holding, and Fischer.
At the time of writing, RockawayX and Fischer had not publicly responded to Solmate’s latest statement.
The crypto bear market remained in force on Wednesday, with bitcoin slipping back toward the $60,000 area. Sharp pullbacks in gold and oil also weighed on the 2025 “debasement trade,” which had supported hard assets amid concerns about government debt and fiat currencies. Meanwhile, tech—particularly the AI boom—continued…
