SOL Strategies Signs $18 Million Deal to Acquire Privacy-Focused Swap Aggregator Houdini

SOL Strategies (NASDAQ: $STKE) said Monday it has signed a definitive agreement to acquire HoudiniSwap LLC for $18 million, adding a non-custodial, privacy-focused cross-chain swap aggregator to its Solana infrastructure strategy.

Houdini helps users route swaps across centralized exchanges, decentralized exchanges and blockchain bridges without taking custody of funds, giving SOL Strategies another software-driven business line beyond staking and validator operations.

For SOL Strategies, the appeal is partly in Houdini’s scale and partly in where its activity already touches Solana. The company said Houdini generated about $13 million in revenue in 2025, has processed more than $2.5 billion in cumulative transaction volume, and supports access across more than 100 blockchain networks. More than half of Houdini’s trailing 12-month volume touched the Solana (CRYPTO: $SOL) blockchain, according to the release.

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The structure keeps the deal relatively measured while adding a potential revenue stream. The purchase price includes $8.25 million in cash, a $5.75 million six-month promissory note, $4 million in shares and $100,000 in warrants. The deal also includes a two-year earnout of up to $10 million, tied to a $2.5 million annual EBITDA hurdle.

SOL Strategies said it does not plan to sell any of its Solana treasury assets to fund the acquisition, which remains subject to customary closing conditions, including CSE approval, and is expected to close on or before May 29.

CEO Michael Hubbard said Houdini adds “users and volume” while broadening SOL Strategies into a cross-chain transaction engine. Chief Strategy Officer Stephen Ehrlich framed the deal as part of a more balanced business model, saying scalable technology and transaction revenue can create stronger margins and more durable cash flow. That fits the company’s recent pattern.

After acquiring Darklake Labs’ Zyga privacy technology, SOL Strategies is now trying to build a broader Solana-facing platform around privacy, routing, execution quality and institutional infrastructure.

SOL Strategies Inc. (NASDAQ: STKE) stock is currently trading at $1.38 U.S. per share.