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A massive $300 million investment led by Cathie Wood’s ARK Invest and Abu Dhabi-based Pulsar Group is set to transform a publicly traded football business into a dedicated cryptocurrency treasury, sending its stock price into the stratosphere.

Brera Holdings, which owns stakes in football teams across Italy, North Macedonia, Mozambique, and Mongolia, announced it will begin accumulating Solana’s native token, SOL. This radical pivot follows a $300 million private investment that caused shares in the Nasdaq-listed company to surge an incredible 225% in a single session, after initially spiking as high as 592%.

A Football Club’s Radical Pivot to Crypto

In a bold strategic shift, Brera Holdings will rebrand itself as Solmate. The newly formed entity plans to not only hold Solana on its balance sheet but also pursue a dual listing for its shares in the United Arab Emirates. An investor presentation highlighted that “Solmate’s UAE relationships” are expected to “supercharge SOL accumulation,” signaling an aggressive acquisition strategy.

The new CEO, Marco Santori, a veteran of the crypto industry who previously served as Chief Legal Officer at Kraken and was a general partner at Pantera Capital, emphasized the company’s unique position. “Solmate is not just another treasury,” Santori stated, pointing towards a more ambitious vision.

The “MicroStrategy Playbook” with a Solana Twist
This move is the latest example of a growing trend where thinly traded public companies pivot to a “crypto treasury” model. The goal is to emulate the phenomenal success of Michael Saylor’s MicroStrategy, which has seen its market value climb to approximately $100 billion by using debt and equity to accumulate around $75 billion worth of Bitcoin.

Solmate aims to replicate this playbook but with Solana, one of Bitcoin’s largest competitors, as its primary asset. The strategy offers investors a way to gain exposure to SOL through a traditional stock exchange.

High Risk, High Reward: A Volatile Trend

While the potential upside is enormous, this strategy is fraught with risk. In recent weeks, several prominent crypto treasury companies have seen their shares slump, with some even trading below the value of the digital assets they hold.

A stark cautionary tale is Eightco, a Pennsylvania-based packaging company. Last week, its announcement to buy tokens linked to Sam Altman’s Worldcoin project sent its shares up an astronomical 3,000% in one day, only to crash by 72% shortly after. Notably, the brokerage Cantor Fitzgerald advised the lead investors in both the Brera (Solmate) and Eightco private placements.

The Power Players Behind Solmate

The deal is backed by influential figures. Cathie Wood, who rose to fame in 2021 when her ARK Innovation ETF delivered massive returns, is a key investor. Her decision was reportedly swayed by the involvement of another high-profile figure: right-leaning economist Arthur Laffer.

Laffer, known for the “Laffer Curve” theory, has joined the Solmate board. Wood has previously described him as a “mentor,” and sources close to the deal confirmed she moved quickly to invest once Laffer’s participation was secured.

What’s Next for Solmate and the Solana Treasury Space?

Brera Holdings, soon to be Solmate, is entering a “crowded field” of companies betting on Solana. Just this week, Santori’s former investment group, Pantera, helped raise $1.25 billion for a medical device company that also plans to hoard SOL tokens.

Coming from a background of multi-club football ownership—where its teams have had mixed success—Brera’s transformation into Solmate represents one of the most audacious crypto plays of the year. Investors will be watching closely to see if it can successfully execute the MicroStrategy playbook or if it will succumb to the market’s notorious volatility.

Michael Saylor, the executive chairman of MicroStrategy (NASDAQ: MSTR), is a vocal advocate for Bitcoin (CRYPTO: BTC), positioning it as the “digital capital” that will fuel a transformative “rebuild of finance.” Speaking at the Bitcoin Treasuries Unconference, Saylor declared that “year one” of Bitcoin treasury companies has officially begun, marking a pivotal moment for the financial world.

Bitcoin: The New Frontier for Stranded Capital

Saylor’s core thesis revolves around Bitcoin’s ability to “recycle stranded capital, just as miners recycle stranded energy.” He highlighted two significant shifts underpinning this vision:

1. Institutional Re-engagement: After years of caution, traditional financial institutions are slowly but surely re-engaging with the crypto space. While Saylor believes major policy has “flipped to unequivocally pro Bitcoin,” he acknowledges that Western banks, as large and risk-averse organizations, are still navigating new regulatory guidance.
2. AI and Digital Assets Synergy: Saylor emphasized the disruptive potential of combining digital assets with artificial intelligence. He argued that firms leveraging both “digital intelligence” and “digital assets” will out-innovate traditional incumbents. He cited his own experience, noting how AI-driven structuring allowed him to develop financial products at a faster pace than conventional teams.

Refining Bitcoin into New Financial Instruments

Saylor envisions a future where Bitcoin, as “digital capital,” enables the creation of innovative financial products. These include perpetual preferreds, bespoke credit instruments, and yield products tailored to local regulatory frameworks.

He drew a compelling historical analogy to petroleum: just as crude oil was refined into kerosene, gasoline, and plastics, Bitcoin can be “refined” into equity, credit, and derivatives that institutions will readily adopt.

His goal is to facilitate the issuance of “digital securities and digital credit on digital capital,” ultimately enabling 24/7/365 trading in crypto-native channels. He pointed to examples like MetaPlanet (OTC: MTPLF) in Tokyo, illustrating how “there’s going to be a thousand ways to win” across global capital markets.

Ignoring the Critics: Building Robust Financial Structures

Saylor concluded his speech by positioning treasury companies as ideological evangelists for “perfect money.” He urged his audience to “Don’t listen to the critics and the whiners,” instead encouraging them to build robust, resilient financial structures that won’t be “liquidated on volatility.” This bold stance underscores his conviction in Bitcoin’s long-term stability and transformative power.

U.S. Dollar Strength Dominates the Market

The U.S. Dollar is building on its recent gains as traders continue to unwind short positions following the latest Federal Reserve interest rate decision. The overall market sentiment is fueling a significant rebound, putting pressure on major currencies across the board.

The U.S. Dollar Index (DXY), a key barometer of the dollar’s strength, has successfully breached the previous resistance zone of 97.10–97.30. Currently, it is attempting to establish a firm foothold above the 97.50 level. A decisive move above this mark would signal further bullish momentum, opening the path towards the next significant resistance area between 98.00–98.20.

EUR/USD Tests Critical Support at 1.1750

The EUR/USD pair is losing ground, largely driven by disappointing economic data from Germany. The latest Producer Prices report revealed a year-over-year decline of −2.2 in August, which was significantly weaker than the analyst forecast of −1.7. This data points to potential deflationary pressures in the Eurozone’s largest economy.

From a technical standpoint, if EUR/USD remains below the crucial 1.1750 level, it is likely to continue its downward trajectory. The next major target for sellers will be the support zone located between 1.1685–1.1700.

GBP/USD Retreats as UK Budget Deficit Concerns Loom

Despite a better-than-expected UK Retail Sales report, GBP/USD remains under significant pressure. Retail sales showed a healthy increase of +0.5 month-over-month in August, surpassing the consensus forecast of +0.3.

However, traders appear to be overlooking this positive data, focusing instead on growing concerns about the UK’s budget deficit. This underlying fiscal worry is currently outweighing the strong consumer spending figures. A successful test of the support at 1.3485–1.3500 would confirm further weakness and could push GBP/USD down towards the next support level at 1.3335–1.3350.

USD/CAD Pulls Back After Strong Canadian Retail Sales

In a move counter to the broader trend, USD/CAD has pulled back as the Canadian dollar shows strength. The catalyst for this move was an impressive Retail Sales report from Canada. The data indicated a +1.0 month-over-month increase in August, more than doubling the analyst consensus of +0.4.

This robust economic print has provided a significant boost to the Loonie. Should USD/CAD fail to reclaim the 1.3800 level, the pair will likely head lower to test the key support area between 1.3735–1.3750.

USD/JPY Consolidates Near 148.00 as BoJ Stays Pat

The USD/JPY pair is trading in a tight range with little directional momentum. The primary focus for traders was the Bank of Japan’s (BoJ) Interest Rate Decision. As widely anticipated, the BoJ left its key interest rate unchanged at 0.5.

The lack of any monetary policy surprises has resulted in consolidation for the pair. The critical resistance level to watch is the 147.50–148.00 zone. A breakout above this area would be a strong bullish signal, potentially pushing USD/JPY towards the next major resistance level at 151.00–151.50.

For a comprehensive look at all of today’s economic events that could impact these currency pairs, be sure to check our economic calendar.

The first-ever spot Dogecoin exchange-traded fund (ETF) in the United States, trading under the ticker DOJE, made an impressive market debut on Thursday, September 18, 2025. However, before the market could fully digest the launch, its issuer, Rex-Osprey, has already filed plans for a second, much riskier fund designed to amplify the daily returns of the popular meme coin.

This rapid development signals strong institutional interest in crypto-based financial products, while also highlighting the sophisticated and high-risk options becoming available to traders.

A Strong Start: Spot Dogecoin ETF (DOJE) Makes its Market Debut

The Rex-Osprey Dogecoin ETF (DOJE) launched with significant investor interest, generating approximately $17 million in trading volume on its first day. According to Bloomberg Senior ETF Analyst Eric Balchunas, this strong performance places it in the top five for first-day volume among all ETF launches in 2025.

The successful rollout provides a regulated, accessible way for investors to gain exposure to Dogecoin’s price movements without directly holding the cryptocurrency.

What’s Next? A Leveraged Dogecoin ETF Is Already in the Works

On the same day as DOJE’s launch, Rex-Osprey filed a registration with the U.S. Securities and Exchange Commission (SEC) for the REX DOJE Growth & Income ETF.

This new exchange-traded product is not for the faint of heart. Its primary goal is to provide investors with 105% to 150% (or 1.05x to 1.5x) exposure to the daily price return of the standard DOJE ETF. The fund aims to achieve this through a complex strategy involving:

A Clear Warning: Understanding the High Risks of Leveraged ETFs

Rex-Osprey makes it unequivocally clear in its filing that this leveraged product is a high-risk tool intended for a specific type of investor.

“The fund is not suitable for all investors,” the prospectus reads. It is designed for “knowledgeable investors who understand the potential consequences of seeking targeted daily leveraged investment results… and are willing to monitor their portfolios frequently.”

Key risks associated with this daily leveraged fund include:

This type of fund is generally considered a short-term trading instrument, not a long-term buy-and-hold investment.

Market Context: DOGE Price and XRP ETF Performance

The launch comes amid a dynamic period for the crypto market. As of Saturday, the price of Dogecoin (DOGE) is trading at $0.265, down 6% over the past 24 hours but still up more than 22% in the last month.

Interestingly, Rex-Osprey also launched a spot XRP ETF on the same day, which saw even more explosive demand. The XRP fund topped this year’s ETF rollout list with nearly $38 million in first-day trading volume, showcasing the significant and varied appetite for regulated crypto products.

Gold prices continued their impressive rally on Friday, September 19, 2025, securing a fifth straight week of gains as investor optimism grows for another interest rate cut from the U.S. Federal Reserve. The precious metal has been a strong performer throughout September, driven by a combination of monetary policy expectations and robust physical demand.

The market’s focus has intensified following the Fed’s 25-basis-point rate cut earlier in the week. While the central bank’s commentary was seen by some as “less dovish than expected,” investors are overwhelmingly betting on further easing to come.

Investors Bet Heavily on October Rate Cut

The primary catalyst for gold’s recent strength is the widespread expectation of lower U.S. interest rates. Lower rates decrease the opportunity cost of holding non-yielding assets like gold, making it a more attractive investment compared to bonds or cash.

According to analysis from ADM Investor Services, financial markets are now pricing in a 92% probability of another rate cut at the Fed’s October meeting. This strong conviction is providing significant upward momentum for gold prices.

Key Drivers Supporting the Gold Price Rally

Beyond interest rate speculation, several other fundamental factors are contributing to the bullish sentiment in the gold market.

Weekly Market Performance: Gold and Silver Prices (as of Sept. 19, 2025)

Precious metals closed the week on a high note, with silver posting particularly strong gains on Friday.

Swiss Gold Export Data Shows Temporary Disruption

In other market news, newly released Swiss customs data showed a temporary but dramatic disruption in trade flows. Bullion exports from Switzerland to the U.S. plunged by over 99% in August, falling to just 0.3 metric tons. The collapse was attributed to a “shock customs ruling” that briefly imposed tariffs on gold bars.

The White House later clarified the tariff exemption for gold, which was formalized in early September, allowing shipments to normalize.

Popular Gold and Silver ETFs: (GLD), (IAU), (GDX), (GDXJ), (SLV), (SIL), (SILJ), (NUGT), (PHYS), (SGOL), (BAR)

Allica Bank has announced a significant expansion of its soft asset finance services, a move designed to provide greater flexibility and support for brokers and their clients, particularly established UK businesses.

The challenger bank has broadened its portfolio of financeable soft assets to include a diverse range of items previously considered non-standard. The newly eligible assets include restaurant and office fit-outs, specialized software, park homes, holiday pods, and air conditioning systems. This initiative builds upon Allica’s existing support for financing traditional assets such as IT and office equipment, scaffolding, security systems, and gym equipment.

This strategic expansion is a direct response to recent market feedback, including a survey that highlighted a strong demand from mature businesses for more flexible funding solutions to fuel growth and manage operational needs. Demonstrating the immediate implementation of this new policy, Allica Bank confirmed it has already completed a deal to finance a new paddle court for an established operator.

In a complementary move to stimulate larger investments, Allica Bank has also introduced a temporary rate reduction for hard asset financing. A rate cut of 0.35% is being offered for all hard asset deals valued over £150,000. This promotional rate is available until the end of October 2025, providing a timely incentive for businesses planning significant capital expenditures.

Brandon Hall, Head of Asset Finance Sales at Allica Bank, emphasized the importance of listening to the market. “It is important that we listen to the brokers that are supporting established businesses,” he stated. “They see firsthand what their clients need, and by broadening our support for soft assets, it will make it easier for established businesses to say yes to more opportunities and invest with confidence.”

Hall also commented on the challenging lending environment, noting, “Business owners are fighting an uphill battle… with the UK now having the lowest lending rates in the G7. At Allica, we want to help to fix that, which means keeping broker deals moving and giving established businesses access to finance where it matters most.”

Separately, the bank continues to invest in its brand presence, recently announcing a sponsorship deal with young racing driver Daniella Sutton. The partnership, which names Allica Bank as her official banking partner, will run until the end of 2026.

The U.S. dollar staged a notable recovery against most major currencies on Wednesday and Thursday, pushing back against earlier weakness after the Federal Reserve’s recent interest rate decision. While the Fed delivered an expected quarter-point rate cut, its cautious forward guidance fell short of the highly dovish sentiment that financial markets had priced in, prompting a dollar rebound.

Adding to the dollar’s strength, new data revealed a decrease in U.S. unemployment benefit claims, reversing an earlier surge and underscoring a resilient labor market.

Fed’s “Risk-Management” Cut and Cautious Tone

The Federal Reserve reduced its benchmark interest rate by 25 basis points on Wednesday, a move widely anticipated by analysts. However, Fed Chair Jerome Powell characterized the action as a “risk-management cut” in response to a weakening labor market, rather than the start of a rapid easing cycle. Crucially, Powell emphasized that the central bank did not need to rush further cuts.

“Powell’s words fell short of the unequivocal dovishness that the markets were expecting,” noted Eric Theoret, FX strategist at Scotiabank. This perceived lack of aggressive easing, combined with the week’s earlier heavy dollar selling, provided the catalyst for the greenback’s recovery.

Immediately after the Fed’s decision, the dollar initially dipped to its lowest level since February 2022 at 96.224 against a basket of major peers. However, it quickly sprang back, trading up 0.4% at 97.347 by Thursday.

Global Currency Reactions: Pound, Euro, Yen, and Krone

The dollar’s broad strength put pressure on other major currencies:

Bitcoin Performance

Amidst the currency fluctuations, cryptocurrency Bitcoin (BTC=) saw a positive movement, trading 1.9% higher at $117,837.

The divergent messages from central banks and incoming economic data are setting the stage for continued volatility in global foreign exchange markets, as investors adjust their expectations for future monetary policy.