SOL Strategies is acquiring privacy-focused cross-chain aggregator HoudiniSwap for $18M in cash, notes, and stock as it builds an institutional Solana treasury and routing stack.
Summary
- Nasdaq-listed Solana treasury firm SOL Strategies has agreed to acquire non-custodial cross-chain aggregator HoudiniSwap in a deal valued at $18 million.
- The consideration includes $8.25 million in cash, $5.75 million in six-month notes, and $4 million in STKE stock, priced off a 90-day VWAP.
- HoudiniSwap, which focuses on privacy-preserving cross-chain swaps and routing across CEXs, DEXs, and bridges, generated about $13 million in revenue last year.
According to reporting from The Block, SOL Strategies has signed a definitive agreement to acquire HoudiniSwap for $18 million as it continues to build out its Solana-centric infrastructure and services stack.
Cash, notes, and stock fund HoudiniSwap takeover
Deal terms include $8.25 million in cash, $5.75 million in six‑month promissory notes, and $4 million in SOL Strategies’ own STKE shares, with the equity component calculated using the volume‑weighted average STKE price over the 90 trading days before closing.
SOL Strategies, which trades on Nasdaq under the ticker STKE and on the Canadian Securities Exchange as HODL, describes itself as an institutional Solana validator and treasury platform with roughly $94 million worth of SOL in its own holdings as of late 2025.
The company has previously used acquisitions and structured financing to expand its footprint, including buying Laine, one of Solana’s largest independent validators, and securing up to $500 million in capital commitments to purchase and stake SOL on behalf of institutional clients.
Privacy-focused cross-chain routing comes into a listed vehicle
HoudiniSwap is a non‑custodial, privacy‑focused cross‑chain swap and aggregation platform that lets users route trades privately across centralized and decentralized exchanges as well as blockchain bridges.
The service uses Monero as a “tunnel” asset, breaking the visible on‑chain link between a sender wallet and a recipient wallet by moving funds into XMR and back out into a target asset, making it significantly harder for analytics firms to trace flows end‑to‑end.
Documentation and marketing materials stress that HoudiniSwap “does not take custody of, store, transmit, or route user funds” but instead acts as a liquidity aggregator and conduit between vetted exchanges and bridges, positioning the product as a compliant alternative to illicit mixers.
According to figures cited around the acquisition, HoudiniSwap generated roughly $13 million in revenue over the past year, off the back of rising demand for private, cross‑chain swaps across more than 100 supported networks and assets.
In a recent crypto.news overview, SOL Strategies’ public‑market strategy was described as aggregating Solana infrastructure, validators, and adjacent tooling into a single listed vehicle for institutions.
Another crypto.news analysis detailed how the firm’s $500 million staking facility is intended to turn SOL into “a yield‑bearing treasury reserve asset,” a plan that could now intersect with cross‑chain liquidity from HoudiniSwap.
A separate crypto.news feature on SOL Strategies’ validator and treasury platform noted that the company sees M&A as a “core growth lever,” with privacy‑preserving routing and cross‑chain tools identified as strategic gaps — niches this $18 million HoudiniSwap deal is now set to fill.
