SOL Strategies Acquires HoudiniSwap for $18M, Adds $2.5B Swap Volume & $13M Revenue
STKE•SOL Strategies closed acquisition of HoudiniSwap for USD 18 million, adding $2.5 billion in swap volume and driving $13 million in 2025 revenue across 32 integrations. The deal includes USD 7 million cash, USD 4 million in shares, USD 5.75 million deferred cash and a USD 10 million EBITDA earn-out.
1. Acquisition Overview
SOL Strategies finalized purchase of HoudiniSwap LLC for USD 18 million, gaining a non-custodial, privacy-focused cross-chain swap aggregator that has processed $2.5 billion in cumulative swap volume and generated $13 million in revenue in 2025 across 32 exchange partnerships.
2. Financial Terms
At closing, SOL Strategies paid USD 7 million in cash and USD 4 million in common shares (2,812,301 shares) and will pay USD 5.75 million cash on December 1, 2026, plus a USD 1.25 million holdback; an earn-out of up to USD 10 million is tied to Adjusted EBITDA above USD 2.5 million annually.
3. Strategic Impact
The acquisition adds a consumer-facing transactional layer to Solana infrastructure offerings alongside existing validator and staking services. Management expects operational synergies across privacy and cross-chain solutions and anticipates accelerated on-chain adoption in financial markets.
