SOL Strategies to buy HoudiniSwap for $18M

Nasdaq-listed SOL Strategies announced Monday it agreed to acquire HoudiniSwap for $18 million. The consideration includes $8.25 million in cash, a six-month promissory note for $5.75 million and $4 million in STKE shares to be valued using a 90-day volume-weighted average price ending before the closing date. HoudiniSwap is a non-custodial, privacy-focused cross-chain swap aggregator that reported about $13 million in revenue last year. The companies did not disclose a closing date.

Under the agreement, SOL Strategies will add HoudiniSwap’s transaction-routing technology and cross-chain liquidity to its Solana-focused business. HoudiniSwap routes trades across centralized and decentralized exchanges and blockchain bridges, delivering competitive swap routes without custodying user funds.

In a press release SOL Strategies described the acquisition as an expansion beyond validator operations and staking into software-based revenues and transaction infrastructure. The company said the deal supports its objective of integrating Solana into a platform for institutional finance.

Stephen Ehrlich, chief strategy officer, described the purchase as opening an additional revenue stream and commented: “While staking remains a pillar of our business, adding scalable technology and transaction revenues creates stronger margins, more durable cash flow, and less reliance on any single market cycle.”

The $4 million in STKE shares will be valued on the 90-day VWAP that ends before closing. SOL Strategies said it will not sell any SOL holdings to fund the deal and reported a treasury holding of more than 524,000 SOL and about 3.8 million SOL in delegated assets.

SOL Strategies operates enterprise-grade Solana validators. The company said HoudiniSwap’s routing and cross-chain capabilities will bring recurring software and transaction-based income to its revenue mix in addition to staking yield.

STKE, SOL Strategies’ Nasdaq-listed stock, rose 4% last Friday to close at $1.29. The shares have gained roughly 40% over the past month and fallen about 54% over six months.

The transaction follows other deals in crypto infrastructure as firms broaden income sources by combining protocol-level services with application-layer products.