Solmate, formerly known as Brera Holdings PLC, has signed a non-binding term sheet to acquire RockawayX. This transaction will transform the Abu Dhabi-based Solana company from a passive digital asset treasury into an integrated platform providing infrastructure, liquidity, and asset management services.

According to Thursday's announcement, this all-stock deal will allow Solmate to acquire the entire business of RockawayX, including its validator infrastructure and on-chain liquidity business, as well as its venture capital and credit funds, forming a merged entity managing assets exceeding $2 billion.

Both companies stated that the merger will unify their respective staking, hardware, market-making, and asset management business lines under one roof, pending the signing of a final agreement and regulatory and shareholder approval in 2026.

Solmate and RockawayX began collaborating last month to launch new Solana validator infrastructure in the UAE, enabling institutions to stake assets locally.

The two companies noted that the merger will also enable them to provide trading order and other latency-sensitive services to exchanges and high-frequency traders, with Abu Dhabi positioned as a potential hub for this activity.

RockawayX has been investing in early-stage crypto infrastructure and DeFi projects since 2018 and currently manages two venture capital funds and one credit fund, with total investments and staked assets exceeding $1 billion.

Driven by this news, Solmate's stock price (SLMT) rose over 6% in early trading.

Michael Saylor's company helped establish the early model for digital asset treasury companies, which involves publicly traded companies holding Bitcoin or other cryptocurrencies on their balance sheets.

Since Strategy first purchased Bitcoin in 2020, this model has evolved, with large corporate holders now seeking to diversify their revenue sources rather than relying solely on simple exposure to cryptocurrencies.

On Wednesday, Ethereum treasury company ETHZilla acquired a fully diluted 20% stake in automotive finance AI startup Karus. This $10 million deal will allow ETHZilla to obtain Karus's underwriting AI model and plans to issue on-chain, tokenized auto loan portfolios based on it.

Earlier in 2025, Strategy also launched STRK, a preferred stock linked to its Bitcoin strategy that pays an 8% dividend. Although the company had previously used Bitcoin as collateral, STRK is its first investor-facing security designed around digital asset operations.

Bitcoin mining companies—also among the largest corporate holders of cryptocurrencies—are also adjusting their business models.

MARA Holdings, the second-largest Bitcoin treasury after Strategy, is continuously expanding beyond its core business. In August, the company acquired a 64% stake in Exaion for $168 million, further deepening its foray into AI. This year, Riot Platforms and CleanSpark are also expanding into AI and high-performance computing.

Related: Bitcoin (BTC) traders face peak unrealized losses as ETFs begin to turn positive

Original article: “Solmate is seeking a path to break away from the single reliance on Solana (SOL) treasury model through the acquisition of RockawayX”

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