TORONTO - SOL Strategies Inc. (CSE:HODL) (NASDAQ:STKE) closed its acquisition of HoudiniSwap LLC on Sunday for $18 million, paid in cash and common shares, according to a press release statement. The deal represents roughly 39% of SOL Strategies’ $46.4 million market capitalization, a significant transaction for the company whose shares have declined 92% over the past year to $1.34.
Houdini Swap is a non-custodial cross-chain swap aggregator that has processed approximately $2.5 billion in cumulative swap volume since launch and generated approximately $13 million in revenue in 2025. The platform maintains integrations with 32 exchange partners, including Jupiter and Solflare on the Solana network, and provides multi-chain routing across more than 100 blockchain networks.
The cash portion of the acquisition was financed through decentralized finance protocols on Solana using the company’s balance sheet without selling treasury SOL.
SOL Strategies released its fiscal second quarter 2026 financial results on May 18, 2026, for the quarter ended March 31, 2026. The company reported total assets under delegation of 3,649,585 SOL, including treasury stake, liquid stake and third-party delegation. The company’s validator network served 33,591 unique wallets with 100% uptime across all proprietary validators.
The company’s STKESOL liquid staking platform had 624,274 SOL staked with 1,353 unique holders. Total treasury SOL holdings, including liquid staked SOL, stood at 521,174 SOL. Despite these operational metrics, InvestingPro data reveals analysts do not anticipate profitability this year, with the company posting a loss of $3.79 per share over the last twelve months and carrying a "WEAK" financial health rating. For deeper insights into SOL Strategies’ financial position and access to exclusive Pro Research Reports covering 1,400+ stocks, visit InvestingPro.
On May 12, 2026, the company appointed Jon Matonis as Chairman of the Board of Directors. Matonis is a founding director of the Bitcoin Foundation and has held executive roles at VISA and VeriSign. He holds a bachelor’s degree in Economics from George Washington University.
SOL Strategies is a digital asset infrastructure company focused on blockchain and privacy technologies, operating staking infrastructure on public blockchain networks.
In other recent news, SOL Strategies Inc. completed its acquisition of HoudiniSwap LLC for $18 million, comprising $7 million in cash and $4 million in common shares. This transaction follows the company’s previous announcement of entering a definitive agreement to acquire HoudiniSwap, which reported approximately $13 million in revenue in 2025. Additionally, SOL Strategies acquired Darklake Labs for $1.2 million, a move that enhances its capabilities with Darklake’s Zyga system for private transaction execution on the Solana blockchain.
In corporate leadership changes, SOL Strategies appointed Michael Hubbard as Chief Executive Officer after he served as Interim CEO since October 2025. The company also named Steve Ehrlich as Chief Strategy Officer, leveraging his experience as a co-founder of Voyager Digital. Furthermore, Jon Matonis has been appointed as the new chairman of the board, having resigned from his previous role as chief economist.
These developments come as SOL Strategies continues to expand its operations and leadership team. The company’s strategic moves, including acquisitions and leadership appointments, aim to strengthen its position in the blockchain technology sector.
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