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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.<\/p>\n
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According to reporting from\u00a0The Block<\/a>, 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.<\/p>\n Deal terms include $8.25 million in cash, $5.75 million in six\u2011month promissory notes, and $4 million in SOL Strategies\u2019 own STKE shares, with the equity component calculated using the volume\u2011weighted average STKE price over the 90 trading days before closing.<\/p>\n 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.<\/p>\n The company has previously used acquisitions and structured financing to expand its footprint, including buying Laine, one of Solana\u2019s largest independent validators, and securing up to $500 million in capital commitments to purchase and stake SOL on behalf of institutional clients.<\/p>\n HoudiniSwap is a non\u2011custodial, privacy\u2011focused cross\u2011chain swap and aggregation platform that lets users route trades privately across centralized and decentralized exchanges as well as blockchain bridges.<\/p>\n The service uses Monero as a \u201ctunnel\u201d asset, breaking the visible on\u2011chain 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\u2011to\u2011end.<\/p>\n Documentation and marketing materials stress that HoudiniSwap \u201cdoes not take custody of, store, transmit, or route user funds\u201d but instead acts as a liquidity aggregator and conduit between vetted exchanges and bridges, positioning the product as a compliant alternative to illicit mixers.<\/p>\n <\/p>\n 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\u2011chain swaps across more than 100 supported networks and assets.<\/p>\n In a recent crypto.news\u00a0overview<\/a>, SOL Strategies\u2019 public\u2011market strategy was described as aggregating Solana infrastructure, validators, and adjacent tooling into a single listed vehicle for institutions.<\/a><\/p>\n Another crypto.news\u00a0analysis<\/a>\u00a0detailed how the firm\u2019s $500 million staking facility is intended to turn SOL into \u201ca yield\u2011bearing treasury reserve asset,\u201d a plan that could now intersect with cross\u2011chain liquidity from HoudiniSwap.<\/a><\/p>\nCash, notes, and stock fund HoudiniSwap takeover<\/h2>\n
Privacy-focused cross-chain routing comes into a listed vehicle<\/h2>\n