SOL Strategies is acquiring privacy-focused cross-chain aggregator HoudiniSwap for $18 million in cash, notes and stock, building out Solana’s institutional treasury and routing stack.
summary
- Nasdaq-listed Solana treasury company, SOL Strategies, has agreed to acquire non-custodial cross-chain aggregator HoudiniSwap in a deal valued at $18 million.
- The amount includes $8.25 million in cash, $5.75 million in six-month notes, and $4 million in STKE stock, at a 90-day VWAP.
- HoudiniSwap, which focuses on privacy-preserving cross-chain swaps and routing across CEXs, DEXs and bridges, generated revenue of about $13 million last year.
According to a report from ClusterSOL Strategies has signed a definitive agreement to acquire HoudiniSwap for $18 million as it continues to build out Solana-centric infrastructure and services.
Cash, Notes and Stock Fund Takeover HoudiniSwap
Terms of the deal include $8.25 million in cash, $5.75 million in six-month promissory notes, and $4 million in SOL Strategies’ STKE stock, with the equity component calculated using the weighted average price of STKE over the 90 trading days prior to closing.
SOL Strategies, which trades on the Nasdaq under the ticker STKE and on the Canadian Securities Exchange as HODL, describes itself as the institutional validator of Solana and the treasury platform with approximately $94 million of SOL in its own holdings as of late 2025.
The company has previously used acquisitions and structured financings to expand its business, including purchasing Laine, one of Solana’s largest independent auditors, and securing up to $500 million in capital commitments to acquire and stake SOL on behalf of institutional clients.
Privacy-focused cross-series steering comes in a listed vehicle
HoudiniSwap is a non-custodial, privacy-focused cross-chain exchange and aggregator platform that allows users to route trades privately across centralized and decentralized exchanges as well as blockchain bridges.
The service uses Monero as a “tunneling” asset, breaking the visible on-chain link between the sender’s wallet and the recipient’s wallet by moving funds into XMR and back to the target asset, making it very difficult for analytics companies to track flows from start to finish.
Documentary and marketing materials emphasize that HoudiniSwap “does not care for, store, transfer, or route user funds” but instead acts as a liquidity pool 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 revenues of around $13 million over the past year, on the back of growing demand for private cross-chain swapping across more than 100 networks and supported assets.
In recent crypto.news summarySOL Strategies’ overall market strategy has been described as bundling Solana’s infrastructure, validation tools, and adjacent tools into one enterprise-grade tool.
Other crypto news analysis He detailed how the company’s $500 million hedging facility aims to turn SOL into a “yielding treasury reserve asset,” a plan that can now cross-chain with HoudiniSwap’s on-chain liquidity.
Separate crypto.news website feature In its SOL Strategies validator and treasury platform, the company notes that mergers and acquisitions are a “key growth lever,” identifying privacy-preserving guidance and cross-chain tools as strategic gaps — areas that the $18 million HoudiniSwap deal is now set to fill.
