Solmate, previously known as Brera Holdings PLC, has entered into a nonbinding term sheet to acquire RockawayX. This strategic move is set to transform the Abu Dhabi-based Solana company from a passive digital-asset treasury into a comprehensive platform that will offer infrastructure, liquidity, and asset-management services.
The proposed all-stock transaction, announced on Thursday, will involve Solmate acquiring all of RockawayX's operations. This includes its robust validator infrastructure, onchain liquidity business, and its venture and credit funds. The combined entity is projected to manage over $2 billion in assets under management.
Both companies have indicated that the merger aims to consolidate their staking, hardware, market-making, and asset-management divisions under a unified structure. This integration is contingent upon the finalization of definitive agreements and the successful attainment of regulatory and shareholder approvals, which are anticipated in 2026.
Solmate and RockawayX have already established a collaborative relationship, having launched new Solana validator infrastructure in the United Arab Emirates (UAE) last month. This initiative enables institutions to conduct asset staking locally.
Furthermore, the companies anticipate that a merger will empower them to provide transaction-ordering and other latency-sensitive services tailored for exchanges and high-frequency traders. Abu Dhabi is being positioned as a potential hub for these advanced financial activities.
RockawayX has been actively involved in investing in early-stage crypto infrastructure and DeFi projects since 2018. The company currently oversees two venture funds and a credit fund, managing a combined total of over $1 billion in investments and staked assets.
Following the announcement of the acquisition, Solmate's share price (SLMT) experienced a notable increase, climbing over 6% in early trading.
Digital Asset Treasury Companies Continue to Evolve
Michael Saylor's company played a pivotal role in establishing the initial model for digital asset treasury companies. These are publicly traded entities that maintain holdings of Bitcoin (BTC) or other cryptocurrencies on their balance sheets.
Since Strategy made its first Bitcoin purchase in 2020, this model has undergone significant evolution. Major corporate holders are now increasingly focused on diversifying their revenue streams beyond simple cryptocurrency exposure.
In a recent development, the Ether treasury company ETHZilla acquired a 20% fully diluted stake in Karus, an AI startup specializing in automotive finance. This deal, valued at $10 million, grants ETHZilla access to Karus’s underwriting AI models. ETHZilla intends to leverage these models for the issuance of onchain, tokenized auto-loan portfolios.
Earlier in 2025, Strategy also introduced STRK, a preferred stock offering that pays an 8% dividend and is linked to its Bitcoin strategy. While the company had previously utilized Bitcoin as corporate collateral, STRK marked its first investor-facing security structured around its digital asset operations.
Bitcoin miners, who are also among the largest corporate holders of cryptocurrencies, are similarly revising their business models to adapt to market changes.
MARA Holdings, recognized as the second-largest Bitcoin treasury after Strategy, has been actively expanding its operations beyond its core mining business. In August, the company made a significant move into the AI sector by acquiring a 64% stake in Exaion for $168 million. Other prominent companies such as Riot Platforms and CleanSpark have also been broadening their involvement in AI and high-performance computing this year.
