Solmate’s top investor sues board as stock tanks 78%

• Lawsuit alleges Solmate directors sold $1.6M in shares and diluted shareholders by 20%
• Investor RBCH seeks to block insider votes, reverse share issuance before June 26 meeting

On June 23, 2026 (UTC), Cryptopolitan reported that Solmate, a Solana treasury firm, faces a New York court fight after its largest outside investor, RBCH, accused the board of insider self-dealing and leaving shareholders in the dark. The suit, filed in New York State Supreme Court, names board members Ron Sade and Keren Maimon, who allegedly sold over $1.6 million in personal Solmate shares at prices above $33 while PIPE investors were still subject to lockup restrictions.

RBCH claims the board further diluted external shareholders by issuing 2.298 million Solmate shares to insiders at just $4.97 per share—about 20% of the float—while approving advisory deals that routed benefits to board affiliates. The investor also accuses directors of blocking a $7.19 per share buyout proposal from reaching a shareholder vote. As Solmate’s stock price plummeted by 78% in 2026, RBCH’s filing argues that the interests of outside investors were sidelined.

RBCH is asking for emergency court action before Solmate’s June 26 annual meeting: specifically, to block Sade and Maimon from voting their newly issued shares, claw back any wrongful compensation, and reverse the disputed share issuance.

As of publication, neither Solmate nor its board has responded to the lawsuit, according to Cryptopolitan.

As of June 23, 2026, 15:09 UTC, Solana (SOL) trades at $68.938, down nearly 6% in 24-hour volume, highlighting continued volatility in the crypto sector.