Solmate has signed a nonbinding term sheet to acquire RockawayX in an all-stock deal that would shift the Abu Dhabi-based Solana company from a passive digital asset treasury to a unified platform offering infrastructure, liquidity, and asset-management services. The combined entity would manage more than $2 billion in assets.
According to Thursday's announcement, the deal would see Solmate acquire all of RockawayX's operations, including its validator infrastructure and on-chain liquidity business, as well as its venture and credit funds. The companies said the merger would combine their staking, hardware, market-making, and asset-management lines under a single roof.
The transaction is pending definitive agreements and regulatory and shareholder approvals expected in 2026. Solmate and RockawayX began collaborating last month by launching new Solana validator infrastructure in the United Arab Emirates, allowing institutions to stake assets locally.
The companies say a merger would also let them offer transaction-ordering and other latency-sensitive services for exchanges and high-frequency traders, with Abu Dhabi positioned as a potential center for this activity. RockawayX has invested in early-stage crypto infrastructure and DeFi projects since 2018.
RockawayX now manages two venture funds and a credit fund, with more than $1 billion in combined investments and staked assets. Solmate's share price climbed over 6% in early-day trading on the back of the news, later rallying 11% to $2.62.
Leadership and Integration Details
Marco Santori, Solmate CEO, said RockawayX's business lines would grow Solmate's treasury, and Solmate's treasury would grow RockawayX's business lines. Under the terms of the not-yet-binding deal, expected to close in the first quarter of 2026, Solmate would purchase RockawayX's equity.
The combined firm would trade under the ticker SLMT on the Nasdaq, with RockawayX continuing to operate as a subsidiary. Santori, formerly Kraken's chief legal officer, would continue as CEO of the unified infrastructure and treasury company, while Viktor Fischer would continue as CEO of the RockawayX subsidiary.
Evolving Digital Asset Treasury Models
Digital asset treasury companies continue to evolve beyond the model established by Michael Saylor's company, which helped create the early framework for publicly traded businesses that hold Bitcoin or other cryptocurrencies on their balance sheets. Since 2020, when Strategy made its initial Bitcoin purchase, that model has evolved, with major corporate holders now seeking to diversify revenue streams beyond simple crypto exposure.
On Wednesday, Ethereum treasury company ETHZilla acquired a 20% fully diluted stake in automotive finance AI startup Karus. The deal, valued at $10 million, will give ETHZilla access to Karus's underwriting AI models, which it plans to use to issue on-chain, tokenized auto-loan portfolios.