$2B Crypto Firm Faces Risks in RockawayX Acquisition

Solmate Looks to Expand Beyond Crypto Treasury Model With RockawayX Acquisition

Abu Dhabi-based Solmate, formerly known as Brera Holdings, has signed a preliminary deal to acquire RockawayX, a move that would transform the Solana-focused company from a passive digital asset holder into a unified platform offering infrastructure, liquidity and investment services.

The all-stock transaction, if completed, would see Solmate take control of RockawayX's validator operations, on-chain market making business, as well as its venture capital and credit funds. The combined entity would have over $2 billion in assets under management, according to Thursday's announcement.

The proposed merger highlights how digital asset treasury companies are evolving beyond the simple "buy and hold" Bitcoin model pioneered by firms like MicroStrategy. Solmate is seeking to diversify its revenue streams and capitalize on growing institutional demand for crypto infrastructure and investment products.

"Bringing together Solmate's treasury management expertise with RockawayX's deep technical capabilities and investment funds creates a powerful platform to serve the institutional crypto market," said Solmate CEO Nate Kostar.

The deal would allow Solmate to offer a range of services, from staking and hardware solutions to transaction ordering for high-frequency traders. The companies also plan to position Abu Dhabi as a potential hub for these latency-sensitive crypto services.

RockawayX has built a portfolio of early-stage crypto infrastructure and DeFi investments since 2018, managing over $1 billion across two venture funds and a credit fund. Solmate's share price rose over 6% on the Nasdaq following the announcement.

The proposed acquisition comes as digital asset managers face increasing pressure to diversify beyond passive treasury models. Companies like MicroStrategy and Coinmint have sought to expand into areas like mining, lending and investment products.

"There's a clear shift underway as crypto treasury firms look to add more revenue streams and services," said Erin Gibbs, head of digital asset research at Fidelity. "Solmate's move to acquire RockawayX is an example of that evolution."

The deal remains subject to definitive agreements, as well as regulatory and shareholder approvals, which the companies expect to secure by 2026. Industry analysts will be watching closely to see if the combination allows Solmate to capitalize on growing institutional demand for crypto infrastructure and investment solutions.