SOL Strategies to acquire cross-chain swap aggregator Houdini for $18 million

Nasdaq-listed Solana-focused treasury firm SOL Strategies announced Monday that it has entered into a definitive agreement to acquire HoudiniSwap for $18 million.

Houdini is a non-custodial, privacy-focused cross-chain swap aggregator that generated roughly $13 million in revenue last year. The platform provides non-custodial access to competitive swap routes across centralized and decentralized exchanges, as well as blockchain bridges.

SOL Strategies said in a Monday press release that the acquisition supports its mission to integrate Solana into the foundation for institutional finance.

"By expanding beyond validator operations and staking into transaction routing infrastructure, cross-chain liquidity, and software-based revenues, the company is building a broader platform designed to support how institutions will move capital and participate on-chain," the company said.

The purchase will effectively open up an additional revenue stream for SOL Strategies, its Chief Strategy Officer Stephen Ehrlich added. 

"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," Ehrlich said.

The $18 million acquisition comprises $8.25 million in cash, $5.75 million in a six-month promissory note, and $4 million in STKE shares to be valued on a 90-day volume-weighted average price ending before the closing date. The company is not selling any of its SOL holdings to fund the acquisition, according to the press release.

According to its official website, SOL Strategies holds over 524,000 SOL in its treasury and manages around 3.8 million SOL in delegated assets. The company also operates multiple enterprise-grade Solana validators.

SOL Strategies' Nasdaq stock STKE rose 4% last Friday to close at $1.29. It is up 40% over the past month, but remains down 54% in a six-month timeframe.