PANews, June 23 – According to The Block, RBCH, the largest external shareholder of Solana digital asset treasury company Solmate Infrastructure, has sued the company’s current executives and directors, accusing them of breach of fiduciary duty and self-dealing. RBCH is affiliated with Viktor Fischer, founder and CEO of RockawayX, and holds approximately 22.74% of Solmate. Fischer stated that Solmate’s share price is trading at about a 50% discount to its net asset value due to mismanagement and board self-dealing.

The lawsuit alleges the board engaged in multiple questionable transactions: after the PIPE financing closed, the board entered into a 10-year strategic advisory agreement, granting five insiders approximately 10.7% equity options and a 0.85% annual management fee, while simultaneously selling shares at over $33 to cash out more than $1.6 million, even as PIPE investors remained locked up. Additionally, on May 21, directors Ron Sade and Keren Maimon exclusively purchased 2.298 million Class B shares at $4.97 per share (approximately 34% of net asset value), diluting existing shareholders by about 20%. RBCH is asking the court to rescind that issuance, claw back improper compensation, and prevent the use of the new shares to vote at the June 26 shareholder meeting. Fischer is also seeking to replace the board and management with independent experts.