Solmate, previously known as Brera Holdings PLC, has entered into a nonbinding term sheet to acquire RockawayX. This acquisition would transition the Abu Dhabi–based Solana company from a passive digital-asset treasury to a comprehensive platform that provides infrastructure, liquidity, and asset-management services.
According to a announcement made on Thursday, this all-stock transaction will result in Solmate acquiring all of RockawayX’s operations, including its validator infrastructure and on-chain liquidity business, along with its venture and credit funds, resulting in a combined entity managing over $2 billion in assets.
The merger will unify their staking, hardware, market-making, and asset-management services under one umbrella, pending the final agreements and necessary regulatory and shareholder approvals anticipated in 2026.
Last month, Solmate and RockawayX initiated a collaboration by launching new Solana validator infrastructure in the United Arab Emirates (UAE), enabling local institutions to stake their assets.
Both companies believe that the merger would allow them to provide transaction-ordering and other latency-sensitive services for exchanges and high-frequency traders, positioning Abu Dhabi as a potential hub for these activities.
RockawayX has been investing in early-stage crypto infrastructure and DeFi projects since 2018 and currently manages two venture funds and a credit fund, with more than $1 billion in total investments and staked assets.
Solmate’s share price (SLMT) rose by over 6% in early trading following this news.
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Digital asset treasury companies continue to evolve
Michael Saylor’s company was instrumental in shaping the initial model for digital asset treasury companies, which are publicly traded firms that hold Bitcoin (BTC) or other cryptocurrencies on their balance sheets.
Since 2020, when Strategy made its first Bitcoin acquisition, this model has developed, with significant corporate holders now looking to diversify their revenue beyond mere crypto ownership.
On Wednesday, Ether treasury company ETHZilla acquired a 20% fully diluted stake in the automotive finance AI company Karus. Valued at $10 million, this deal grants ETHZilla access to Karus’s underwriting AI models, which will be utilized to create on-chain, tokenized auto loan portfolios.
Earlier in 2025, Strategy also introduced STRK, an 8% dividend-paying preferred stock tied to its Bitcoin strategy. This was Strategy’s first investor-facing security structured around its digital asset operations, differing from its prior use of Bitcoin as corporate collateral.
Bitcoin miners, among the largest corporate cryptocurrency holders, are also rethinking their business strategies.
MARA Holdings, the second-largest Bitcoin treasury after Strategy, is venturing beyond its main operations. In August, the company expanded into AI by acquiring a 64% stake in Exaion for $168 million. Riot Platforms and CleanSpark have similarly been branching into AI and high-performance computing this year.
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