SOL Strategy, $18 Million Big Deal...Return of Solana Whale?

▲ Solana (SOL)

Solana ecosystem infrastructure company SOL Strategies is expanding its business into a software-based trading engine by acquiring the non-custodial privacy cross-chain swap aggregator HoudiniSwap LLC for $18 million.

Cryptocurrency media outlet CryptoProol reported on May 4 (local time) that Nasdaq-listed SOL Strategies signed a definitive agreement to acquire HoudiniSwap. Through this acquisition, the company will move away from its existing staking and validator operation-centric structure and expand its portfolio to include non-custodial swap services that connect centralized exchanges, decentralized exchanges, and blockchain bridges.

HoudiniSwap is a platform that recorded approximately $13 million in revenue and $2.5 billion in cumulative transaction volume as of 2025, supporting over 100 blockchain networks. More than half of its transaction volume in the past year has been linked to Solana (SOL), indicating significant influence within the ecosystem. SOL Strategies expects this acquisition to secure a stable revenue source and boost network transaction activity.

The total acquisition amount consists of $8.25 million in cash, a $5.75 million promissory note due in six months, $4 million worth of stock, and $100,000 in warrants. It also includes a condition to pay an additional up to $10 million upon achieving an annual EBITDA of $2.5 million. The transaction is expected to be completed before May 29, following customary approval procedures.

CEO Michael Hubbard announced plans to secure both user base and transaction volume through the acquisition of HoudiniSwap and develop the company into a cross-chain trading engine. CSO Stephen Ehrlich presented a strategy to enhance both profitability and cash flow by combining scalable technology with trading revenue.

SOL Strategies maintained its policy of not selling its held SOL assets during the fundraising process for this acquisition. The company is accelerating the construction of an integrated Solana-based platform focusing on privacy, execution quality, and institutional infrastructure, concentrating on enhancing corporate value.

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