SOL Strategies Inc. (NASDAQ: STKE) has agreed to acquire cross-chain swap platform HoudiniSwap in a USD$18 million deal as the company expands deeper into Solana-based financial infrastructure.
The Nasdaq-listed firm announced Monday that the acquisition will add transaction routing and cross-chain liquidity services to its existing validator and staking operations. Additionally, the move gives the company access to a software-driven revenue stream tied to on-chain trading activity.
HoudiniSwap operates as a non-custodial, privacy-focused swap aggregator. The platform connects users to token swap routes across centralized exchanges, decentralized exchanges and blockchain bridges. Furthermore, the company generated about USD$13 million in revenue last year, according to SOL Strategies.
SOL Strategies said the acquisition aligns with its broader strategy to support institutional participation in blockchain finance. The company stated that institutions increasingly require infrastructure that can move capital efficiently across multiple blockchain networks.
The transaction includes USD$8.25 million in cash and a USD$5.75 million promissory note due in six months. In addition, SOL Strategies will issue USD$4 million worth of shares based on a 90-day volume-weighted average price calculated before closing.
Chief Strategy Officer Stephen Ehrlich said the purchase broadens the company’s business model beyond validator operations and staking rewards. Consequently, SOL Strategies expects the deal to create another recurring source of revenue.
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Market for cross-chain infrastructure has expanded
The company also confirmed it will not sell any Solana holdings to finance the acquisition. According to its website, SOL Strategies currently holds more than 524,000 SOL tokens and manages roughly 3.8 million delegated SOL through its validator network.
The company’s shares climbed 4 per cent last Friday to close at USD$1.29. However, the stock remains down 54 per cent over the past six months despite gaining 40 per cent in the last month.
The market for cross-chain crypto infrastructure has expanded rapidly as traders and institutions move assets between blockchain ecosystems like Solana, Ethereum and Base. Analysts increasingly view interoperability tools as critical infrastructure for the next phase of digital asset adoption.
Research firm Messari estimated that decentralized exchange trading volumes exceeded USD$1.7 trillion during the first quarter of 2025. Additionally, cross-chain bridges and swap aggregators processed tens of billions in monthly transaction volume as users searched for lower fees and deeper liquidity.
Furthermore, industry analysts increasingly expect institutional participation to drive demand for blockchain infrastructure providers. Galaxy Digital (NASDAQ: GLXY) CEO Mike Novogratz said during recent earnings commentary that institutional capital continues shifting toward companies providing “picks and shovels” services rather than pure token speculation.
That distinction matters because infrastructure businesses can generate recurring revenue through routing fees, staking income and software integrations. Meanwhile, treasury firms remain heavily tied to cryptocurrency price swings.
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