SOL Strategies Announces Definitive Agreement to Acquire Houdini Swap, Expanding Privacy Focus and Acquiring Diversified Revenue Streams
Rhea-AI Summary
SOL Strategies (NASDAQ: STKE) agreed to acquire HoudiniSwap for USD $18 million in cash, shares, and a promissory note, plus a potential USD $10 million earnout tied to EBITDA milestones. Houdini reported ~USD $13 million revenue in 2025 and processed > USD $2.5 billion cumulative volume across 100+ blockchains.
The deal adds a privacy-focused, non-custodial cross-chain swap aggregator and broadens SOL Strategies’ transaction-routing and software revenue streams; closing is subject to CSE approval and expected by May 29, 2026.
Positive
- Adds a new revenue stream: transaction-routing and software
- Houdini reported ~USD 13 million revenue in 2025
- Houdini processed >USD 2.5 billion cumulative transaction volume
- Deal includes up to USD 10 million earnout tied to EBITDA
- Expands cross-chain reach across 100+ blockchain networks
Negative
- USD 8.25 million cash required at closing and post-close
- Transaction includes promissory note and share issuance (dilution risk)
- Advisor fee of USD 500,000 plus 200,000 warrants payable
- Deal requires CSE approval and may not close by May 29, 2026
News Market Reaction – STKE
In the May 4 session, STKE gained 17.83%, reflecting a significant positive market reaction. Argus tracked a peak move of +33.4% during that session. Argus tracked a trough of -3.0% from its starting point during tracking. Our momentum scanner triggered 26 alerts that day, indicating elevated trading interest and price volatility. Trading volume was very high at 3.6x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Historical Context
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Apr 09 | Conference participation | Positive | +3.6% | Participation in Water Tower Research Insights Conference outlining strategy and growth. |
| Apr 07 | Technology acquisition | Positive | -3.2% | Acquisition of Darklake Labs bringing zero-knowledge privacy tech and research team. |
| Apr 06 | Business update | Positive | +2.4% | Monthly update with new leadership, integrations, and detailed staking metrics. |
| Mar 31 | AGM results | Neutral | -6.5% | Annual meeting confirming directors, auditor, and naming CEO and CSO. |
| Mar 27 | Early warning filing | Negative | -10.5% | Early warning report on debt-settlement share issuance and subsequent disposals. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Recent news has often produced directional price moves, with most corporate and strategic updates showing alignment between generally positive news and subsequent price reaction, but at least one acquisition headline saw a negative reaction.
Over the last six weeks, SOL Strategies reported several corporate milestones, including an early warning share report on Mar 27, 2026, an AGM with leadership confirmations on Mar 31, 2026, a March business update detailing staking metrics and treasury levels on Apr 6, 2026, and the Darklake Labs acquisition on Apr 7, 2026. A conference participation announcement followed on Apr 9, 2026. Today’s Houdini acquisition continues this pattern of expanding Solana-focused infrastructure and technology capabilities.
Key Terms
non-custodial technical
cross-chain swap aggregator technical
decentralized exchanges technical
blockchain bridges technical
self-custodial wallet providers technical
validator technical
VWAP financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Adding fifth revenue stream, cross-chain distribution across over 100 blockchain networks and a profitable business
Toronto, Ontario--(Newsfile Corp. - May 4, 2026) - SOL Strategies Inc. (CSE: HODL) (NASDAQ: STKE) ("SOL Strategies" or the "Company"), one of the first publicly traded companies dedicated to growing and building the Solana Economy, today announced it has entered into a definitive agreement to acquire HoudiniSwap LLC ("Houdini"), a non-custodial, privacy-focused cross-chain swap aggregator, for USD
Houdini, which generated approximately USD
The acquisition marks another step in SOL Strategies' efforts to build Solana into the foundation for institutional finance. By expanding beyond validator operations and staking into transaction routing infrastructure, cross-chain liquidity, and software-based revenues, the Company is building a broader platform designed to support how institutions will move capital and participate on-chain. It also strengthens SOL Strategies' position in privacy, execution quality, and the trusted infrastructure needed for adoption at scale.
"While others have pulled back in 2026, we're delivering on our commitment by building with conviction in the ecosystem that we believe is winning for the long term," said Michael Hubbard, Chief Executive Officer of SOL Strategies. "Houdini is a trusted product with users and volume, and average swap sizes well above typical retail platforms. We see this as a critical piece to enable important fungibility between the entire gamut of blockchain networks as well as mobility in and out of Solana. It broadens SOL Strategies into a cross-chain transaction engine and will enhance our offerings to the growing market for digital assets." Hubbard continued, with the previously announced acquisition of Darklake's Zyga privacy technology, "we see a tremendous opportunity to improve privacy and execution for transactions, including many of the qualities that retail and institutions demand of the platforms they wish to trade on."
"This transaction is indicative of the company we are building," said Stephen Ehrlich, Chief Strategy Officer of SOL Strategies. "While staking remains a pillar of our business, adding scalable technology and transaction revenues creates stronger margins, more durable cash flow, and less reliance on any single market cycle. It's an important step to becoming a more balanced business and positions us well to capitalize on Solana's growing role in finance."
SOL Strategies believes the acquisition will diversify revenue, expand reach through Houdini's multi-chain user base and B2B network, and create cross-sell opportunities for validator services, institutional staking, STKESOL and other future initiatives.
"We built Houdini to serve users who care about privacy, execution quality, and access across every major blockchain network, said Louis Goldberg, Chief Executive Officer and Founder of HoudiniSwap. What SOL Strategies brings is something we couldn't replicate on our own: established relationships with institutional partners, a validator network already trusted by over 34,000 wallets, and a public company platform that opens doors for the kind of enterprise conversations we've been working toward. Combining our team with theirs means more minds working on the complex on-chain challenges that still need solving, and we think that shows up directly in what we can deliver to our partners and users. That's exactly why this felt like the right home for what we've built."
Acquisition Terms
The purchase price for the Acquisition is USD
A.G.P./Alliance Global Partners, acquisition advisor to the Company in connection with the Acquisition, will receive a USD
The Acquisition remains subject to customary closing conditions, including the approval of the CSE, and closing is expected to occur on or before May 29, 2026.
A.G.P./Alliance Global Partners acted as acquisition advisor and Fasken LLP and Troutman Pepper Locke LLP acted as legal advisors to the Company. Canaccord Genuity Corp. acted as financial advisor and Goodmans as legal advisor to Houdini.
About SOL Strategies
SOL Strategies Inc. (CSE: HODL) (NASDAQ: STKE) is a Canadian investment company that operates at the forefront of blockchain innovation. Specializing in the Solana ecosystem, the company provides strategic investments and infrastructure solutions to enable the next generation of decentralized applications.
To learn more about SOL Strategies, please visit www.solstrategies.io. A copy of this news release and all the Company's related material documents regarding the Company may be obtained under the Company's profile on SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov.
Investor Contact:
Doug Harris, Chief Financial Officer
416-480-2488
John Ragozzino, CFA
solstrategies@icrinc.com
203-682-8284
Media Contact:
solstrategies@scrib3.co
Cautionary Note Regarding Forward-Looking Information
Neither the Canadian Securities Exchange nor its Market Regulator (as that term is defined in the policies of the Canadian Securities Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release contains "forward-looking information" within the meaning of applicable securities laws. All statements other than statements of historical fact may be forward‐looking statements and information. More particularly and without limitation, this news release contains forward‐looking statements and information relating to the Company's or the Company's management team's expectations, hopes, beliefs, intentions or strategies regarding the future, and expectations regarding the characteristics, value drivers, and anticipated benefits of the Company's business plans and operations related thereto. Forward-looking information can also be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or indicates that certain actions, events or results "may", "could", "would", "might" or "will be" taken, "occur" or "be achieved".
Forward-looking statements in this news release include statements regarding the proposed acquisition of Houdini Swap, the sources of financing used to fund the Acquisition, anticipated strategic and financial benefits of the transaction, including diversifying business lines, acquiring new customers, and cross-selling to existing customers, the ability of the Company to improve privacy and execution for transactions, and expected product synergies with Darklake's Zyga technology. There is no assurance that the Company's plans or objectives will be implemented as set out herein, or at all. Forward-looking information is based on certain factors and assumptions the Company believes to be reasonable at the time such statements are made and is subject to known and unknown risks, uncertainties, and other factors that may cause the actual results, level of activity, performance, or achievements of the Company to be materially different from those expressed or implied by such forward-looking information.
The purpose of forward-looking information is to provide the reader with a description of management's expectations, and such forward-looking information may not be appropriate for any other purpose. There can be no assurance that such forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, readers should not place undue reliance on forward-looking information. Forward-looking statements are made based on management's beliefs, estimates, and opinions on the date that statements are made, and the Company undertakes no obligation to update forward-looking statements if these beliefs, estimates, and opinions or other circumstances should change, except as required by law. Investors are cautioned against attributing undue certainty to forward-looking statements.
Disclaimer:
SOL Strategies is an independent organization in the Solana ecosystem. SOL Strategies is not affiliated with, owned by, or under common control with Solana Foundation (the "Foundation"), and the Foundation has not entered into any association, partnership, joint venture, employee, or agency relationship with SOL Strategies.
None of the Foundation or its council members, officers, agents or make any representations or warranties, recommendations, endorsements or promises with respect to the accuracy of any statements made, information provided, or action taken by SOL Strategies and expressly disclaim any and all liability arising from or related to any such statements, information or action.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/295711