Solana treasury firm Solmate (SLMT) has announced plans to merge with veteran crypto venture and infrastructure firm RockawayX in an all-stock transaction. The deal, announced on Thursday, is expected to close in the first quarter of 2026, pending final agreements.
Under the terms of the not-yet-binding deal, Solmate plans to acquire RockawayX's infrastructure operations, significantly expanding its own Solana staking and validation offerings, with a particular focus on the Middle East market. The combined entity would trade under the ticker SLMT on the Nasdaq, with RockawayX continuing to operate as a subsidiary. Financial terms were not disclosed.
The merger aims to create a combined entity valued at approximately $2 billion within the Solana ecosystem. "RockawayX’s business lines would grow Solmate's treasury and Solmate’s treasury would grow RockawayX's business lines," said Marco Santori, Solmate CEO. "Some call it synergy to combine them. We call it the Infrastructure Flywheel™."
Following the announcement, SLMT's stock price rallied over 11% to $2.62. The stock has traded between $1.80 and $52.95 over the past 52 weeks.
Leadership and integration plans are already outlined. Santori, formerly Kraken’s chief legal officer, will remain CEO of the unified "infrastructure and treasury" company. Viktor Fischer will continue as CEO of the RockawayX subsidiary and be named executive chairman of Solmate. Jakub Havrlant, CEO and founder of parent company Rockaway Capital, will join Solmate’s board. Rockaway Capital will retain control of its existing venture funds.
The partnership builds on an existing relationship. Fischer noted RockawayX was "an early investor in Solana and the largest PIPE investor in Solmate." The firms previously partnered in November on a Solana staking initiative in the UAE.
RockawayX brings substantial infrastructure to the table, operating hardware and software for several blockchains with approximately $1.1 billion of assets staked to its validators. Its business includes a liquidity unit that lends capital to on-chain applications and an in-house labs group incubating web3 projects. In April, RockawayX raised $125 million for a second venture fund, with 75% of its capital expected to target Solana-based projects. Its portfolio includes key Solana startups like DoubleZero, Kamino, and OnRe.
Solmate, formerly Brera Holdings, counts Cathie Wood's Ark Invest, UAE-based Pulsar Group, and RockawayX among its backers. Like other Solana Digital Asset Treasuries (DATs), it purchased discounted tokens from the Solana Foundation. The move comes as many DATs seek to bolster their balance sheets amid a stalling crypto market run-up, following an aggressive M&A strategy signaled after Solmate's own $300 million PIPE deal.
