Digital asset treasury (DAT) companies are facing long-term sustainability challenges tied to balance-sheet volatility, according to Solmate CEO Marco Santori, who says firms must build real operating businesses to avoid overreliance on token valuations. Speaking on Cointelegraph’s Chain Reaction X show, Santori outlined how Solmate is pursuing an infrastructure-led model to reduce exposure to swings in net asset value.
Santori said many DAT firms depend heavily on trading at a premium to their net asset value, known as multiple-to-net-asset value (mNAV). When that premium is high, companies can raise capital by issuing shares and reinvesting proceeds into their core digital assets. However, he noted that this approach becomes fragile when interest in the underlying token declines, limiting growth and capital efficiency.
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He explained that Solmate deliberately moved away from a “pure-play” treasury structure to avoid what he described as an “mNAV roller coaster.” Instead, the firm is combining token exposure with revenue-generating infrastructure operations, allowing it to support token accumulation without relying solely on market sentiment.
Digital asset treasuries emerged as a prominent trend in 2025, with multiple firms holding large blockchain-native assets on their balance sheets. Santori previously helped establish a Solana-focused treasury at DeFi Development Fund, gaining firsthand experience with the limitations of a balance-sheet-only model. Those lessons informed Solmate’s decision to pursue a different strategy after Santori assumed the CEO role.
Solmate’s approach centers on operating bare-metal servers and validator infrastructure. Bare-metal servers provide dedicated hardware resources, which Santori said are essential for proof-of-stake networks that require high performance and low latency. By running validators and offering co-location services, Solmate aims to participate directly in transaction validation, governance, and infrastructure services.
Santori highlighted Solana’s suitability for this model, citing its design for high-throughput applications such as exchanges and trading platforms. According to him, institutional participants, including hedge funds, are willing to pay for reliable, low-latency access to blockchain infrastructure. Solmate intends to meet that demand by operating dedicated hardware and deploying significant digital assets into validator operations.
The revenue generated from infrastructure services is reinvested into the company’s treasury, creating what Santori described as an “infrastructure flywheel.” This model allows Solmate to grow its asset holdings through operational cash flow rather than reliance on equity issuance tied to market premiums.
On December 4, 2025, Solmate and RockawayX announced a non-binding term sheet for a proposed business combination involving validator infrastructure, liquidity services and investment funds. The announcement described more than $2 billion in combined assets under management and third-party stake. Completion remained subject to due diligence, definitive agreements and required approvals.
Industry observers note that Solmate’s strategy reflects a broader shift among digital asset treasury firms toward blending token exposure with traditional business models. As proof-of-stake networks mature, infrastructure operators are increasingly positioned as service providers rather than passive asset holders.
The proposed combination formed part of Solmate’s stated infrastructure strategy. The December announcement did not establish that the acquisition had closed.
Correction — 2026-09-07: An earlier version described the RockawayX transaction as a completed acquisition. The December 4, 2025 announcement concerned a non-binding proposal subject to further agreements and approvals. This historical article has been corrected to distinguish the proposal from a completed transaction.