TL;DR:
The firm SOL Strategies announced it signed a definitive agreement to acquire HoudiniSwap LLC for $18 million. The transaction adds to its portfolio a non-custodial, privacy-focused cross-chain swap aggregator that has processed more than $2.5 billion in volume since its launch across more than 100 blockchain networks.
HoudiniSwap generated approximately $13 million in revenue during 2025, with more than half of its volume over the last twelve months linked to the Solana blockchain. The platform offers access to competitive swap routes across centralized exchanges, decentralized exchanges, and bridges, without taking custody of user funds. It also features integrations with more than 18 decentralized exchanges and self-custody wallet providers.
The acquisition price is structured in three components: $8.25 million in cash —of which $7 million is paid at closing and $1.25 million over the following 18 months—, a six-month promissory note for $5.75 million, and $4 million in shares valued at the 90-day volume-weighted average price. The deal also includes a two-year earn-out of up to $10 million subject to an annual EBITDA threshold of $2.5 million. SOL Strategies clarified that it will not sell assets from its SOL treasury to fund the acquisition.
Michael Hubbard, CEO of SOL Strategies, emphasized that the company seeks to become a cross-chain transaction engine. Stephen Ehrlich, Chief Strategy Officer, noted that combining scalable technology revenue with the staking business generates stronger margins and more sustainable cash flows across any market cycle.
With more than 524,000 SOL in its treasury and approximately 3.8 million in staking, SOL Strategies operates multiple institutional-grade validators on the Solana network. The acquisition of HoudiniSwap adds a fifth revenue stream and reinforces its position in privacy infrastructure and transaction execution. Closing is expected before May 29, 2026, subject to approval from the Canadian Securities Exchange.
