Solana treasury Solmate stock rallies 11% after RockawayX merger announcement

Solana treasury firm Solmate (ticker SLMT) is looking to merge with veteran crypto venture and infrastructure firm RockawayX in an all-stock transaction, according to an announcement on Thursday.

Solmate plans to acquire RockawayX’s infrastructure operations, helping to build out its own Solana staking and validation offerings targeting the Middle East. Parent company Rockaway Capital, however, will remain in control of the existing RockawayX venture funds.

The move comes amid a period of uncertainty for many digital asset treasuries (DATs), which are now looking to backstop their balance sheets as the crypto market runup stalls. Shortly after its $300 million PIPE deal, Solmate said it planned for an aggressive M&A strategy .

"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™."

SLMT is up over 11% to $2.62 following news of the potential merger, according to Google Finance. The stock has traded at a high of $52.95 and a low of $1.80 over the past 52 weeks.

Many DATs, including Solmate, launched with plans to expand into revenue-generating proof-of-stake operations — like combining the conviction of Michael Saylor's Strategy with the income potential of a Bitcoin miner.

Under the terms of the not-yet-binding deal, expected to close in the first quarter of 2026, Solmate would purchase RockawayX's equity. The combined firm would trade under the ticker SLMT on the Nasdaq, with RockawayX continuing to operate as a subsidiary.

Financial terms of the deal were not disclosed. The Block reached out to a Solmate representative for comment.

Santori, formerly Kraken’s chief legal officer, would continue as CEO of the unified "infrastructure and treasury" company, while Viktor Fischer would continue as CEO of the RockawayX subsidiary and be named executive chairman of Solmate. Jakub Havrlant, the CEO and founder of Rockaway Capital, would also join Solmate’s board.

This is not the first time Solmate and RockawayX have crossed paths. Fischer noted RockawayX was "an early investor in Solana and the largest PIPE investor in Solmate," in a statement. The firms also partnered in November on a Solana staking initiative in the UAE.

RockawayX operates hardware and software for several blockchains, with approximately $1.1 billion of assets staked to its validators. A RockawayX Liquidity unit also lends capital to onchain applications, while an in-house labs group incubates web3 projects and open-source tools.

In April, RockawayX raised $125 million for a second venture fund. The firm said at the time that 75% of the fund’s capital is expected to go toward Solana-based projects. The firm has previously invested in 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 others, as backers. Like many SOL DATs , the firm purchased discounted tokens from the Solana Foundation.

The firm continues to operate Brera's multi-club football team model.