SOL Strategies has agreed to acquire privacy-focused cross-chain aggregator HoudiniSwap in a deal worth $18 million, as it expands its Solana-focused infrastructure and institutional offerings.
Summary
SOL Strategies will acquire HoudiniSwap for $18 million through a mix of cash, notes, and stock.
The payment includes $8.25 million in cash, $5.75 million in short-term notes, and $4 million in STKE shares based on a 90-day VWAP.
HoudiniSwap, known for privacy-preserving cross-chain swaps, generated about $13 million in revenue over the past year.
Deal structure and strategy
The acquisition will be funded through a combination of $8.25 million in cash, $5.75 million in six-month promissory notes, and $4 million worth of SOL Strategies’ STKE shares, priced using the stock’s 90-day volume-weighted average.
Listed on Nasdaq under STKE and on the Canadian Securities Exchange as HODL, SOL Strategies positions itself as an institutional platform focused on the Solana ecosystem. As of late 2025, the firm reportedly held around $94 million worth of SOL.
The company has been actively expanding through acquisitions and structured financing, including its earlier purchase of Laine, a major Solana validator, and securing up to $500 million in capital commitments to acquire and stake SOL for institutional clients.
Bringing privacy-focused routing on-chain
HoudiniSwap operates as a non-custodial aggregator that enables private cross-chain transactions across centralized exchanges, decentralized platforms, and blockchain bridges.
Its system uses Monero as an intermediary asset, effectively obscuring the transaction trail by breaking the visible link between sender and recipient wallets. This makes tracking fund flows significantly more difficult.
The platform emphasizes that it does not directly hold or transfer user funds but instead acts as a routing layer connecting various liquidity sources. This positioning is aimed at offering a compliant alternative to traditional crypto mixers.
Growth potential and market positioning
HoudiniSwap reportedly generated around $13 million in revenue over the past year, driven by increasing demand for private, cross-chain trading across more than 100 supported networks and assets.
For SOL Strategies, the acquisition aligns with its broader plan to build a comprehensive, publicly traded Solana ecosystem—combining treasury management, staking infrastructure, and now cross-chain liquidity solutions into a single institutional platform.
The move also highlights the firm’s strategy of using mergers and acquisitions to fill key gaps, particularly in privacy-focused routing and cross-chain infrastructure.
