Cathie Wood’s ARK Invest ETFs (exchange-traded funds) made just a single trade on Tuesday, October 7, according to daily fund disclosures. The prominent hedge fund manager continued trimming the fund’s exposure to Brera Holdings (SLMT), a company that has recently undergone a significant transformation.
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Yesterday, the ARK Innovation ETF (ARKK) sold 17,828 shares of Brera, totaling about $390,611. This sales volume is notably small compared to the typical size of trades made by ARK funds. Given that the market was volatile on the day, the limited trading activity, especially with no new stock purchases, was surprising. It may suggest a cautious stance from Wood’s team amid broader market uncertainty.
Is Brera Holdings a Good Stock to Buy?
Wood initially invested $49 million in Brera’s private placement as the company transitioned from a multi-club sports ownership group to become Solmate, a Solana (SOL-USD)-based digital asset treasury and crypto infrastructure firm. In late September, Wood added another $162 million to the position, reinforcing her conviction in the company’s new direction.
Solmate plans to build Solana-based infrastructure in the UAE, including establishing validator servers in Abu Dhabi. It also plans to maintain Brera’s existing sports ventures. The company has signed a letter of intent (LOI) with the Solana Foundation for preferred pricing of $SOL token and has also changed its ticker symbol to “SLMT” from “BREA,” effective October 3.
Since the company announced its change to Solmate, the price of SLMT stock has gone up by more than 156% in the last three months, with most of the increase happening soon after the announcement.
Wood has also undertaken smaller sales of Brera Holdings over the past couple of trading sessions. She appears to be capitalizing on this quick rise in the stock price by selling a small portion of the fund’s shares. This likely means she is earning some profit while still keeping most of her investment in case the stock goes up more in the future.
