Brera Holdings CEO says ‘genuinely optimistic’ despite ‘significant’ challenges

Brera Holdings (SLMT) issued a letter from Ron Sade, CEO, which read in part, “I would like to begin this letter, as I step into the role of CEO, with optimistic notes. But despite my deep optimism, I want to treat you with the respect you deserve as the intelligent investors you are, and start instead with a realistic message – without trying to dress up the reality. Regrettably, I am taking on this role at a time when the Company is far from where we want it to be, trading well below both its mNAV and the PIPE financing price, mainly due to the sharp decline in Solana value, which is currently a primary driver of returns generated through yield on our digital asset treasury alongside our broader operating activities. While we knew that a bear market was a possibility, the timing has pulled the Company into a negative cycle. When I agreed to take on this role and bring the experience I have accumulated over decades of leading companies and investing across the technology and blockchain sectors into Solmate, one of my first actions was focused on meaningful reductions in the Company’s operating budget. As you have already seen reflected in the Company’s announcements over the past two weeks – we have eliminated millions of dollars in annualized operating costs across the board. We will provide a more thorough discussion of the 2026 financial overview with the release of our 2025 annual report. Setting the tone at the top and leading by example, the structure of my compensation has been deliberately designed to align directly with shareholders. My base compensation is significantly lower than that of my predecessor, and the substantial majority of my potential earnings is tied directly to long-term share price performance and value creation for shareholders. These are not easy times, and as I said, I have no interest in glossing over the reality. Yet despite the significant challenges ahead, I am genuinely optimistic…Our strategy is anchored in three pillars: Capital Discipline and Stewardship – We will manage the Company with rigorous capital allocation discipline, prudent treasury management, and a clear focus on creating sustainable, long-term value for our shareholders. Institutional Infrastructure Expansion – We are building a global, institutional-grade validator and staking platform designed to serve banks, funds, and large allocators seeking exposure to the Solana ecosystem. Bridge to Institutional Capital – We are positioning Solmate as the preferred gateway for institutional investors across the Middle East and Asia to access Solana through structured, compliant investment solutions. Importantly, our focus is not only long-term. In the coming quarters, management will prioritize initiatives aimed at strengthening market understanding of the Company’s value, expanding institutional relationships, and driving measurable progress across our core operating pillars. Our objective is simple: to enhance shareholder value and build scalable, profitable infrastructure for the years to come through disciplined execution, transparency, and consistent delivery.