Ark Invest's $300M bet on SOL accumulator Solmate plummets 97%

Ark Invest, led by CEO Cathie Wood, is facing significant losses after leading a $300 million investment in Solmate, a publicly traded company that strategically accumulates SOL, the Financial Times (FT) reported. Last year, Ark Invest co-led the preferred stock investment in Solmate alongside United Arab Emirates-based investment firm Pulse Group. However, amid the cryptocurrency bear market, Solmate's stock price has plummeted by over 97%, falling from $249 at the time of Ark's investment to its current price of $5. Furthermore, Solmate's failure to file its annual report with regulators on time has left Ark Invest and other investors unable to sell their shares.