Solmate to Acquire RockawayX: Digital Asset Treasury Evolution

Key Takeaways

• Solmate signs term sheet to acquire RockawayX.
• Deal aims to create a unified digital asset management platform with over $2 billion in assets.
• The companies already collaborate on Solana validator infrastructure in the UAE.
• Digital asset companies are diversifying revenue streams beyond crypto exposure.

Solmate, formerly Brera Holdings PLC, has signed a nonbinding term sheet to acquire RockawayX, an Abu Dhabi-based Solana company. The deal will transition RockawayX from a passive digital-asset treasury to a unified platform offering infrastructure, liquidity, and asset-management services.

According to Thursday’s announcement, Solmate will acquire all of RockawayX’s operations, including its validator infrastructure, on-chain liquidity business, and venture and credit funds. This consolidation will create a combined entity with more than $2 billion in assets under management.

The companies stated that the merger would integrate their staking, hardware, market-making, and asset-management lines under one roof, pending definitive agreements and regulatory and shareholder approvals expected in 2026.

Solmate and RockawayX began collaborating last month by launching new Solana validator infrastructure in the UAE, enabling institutions to stake assets locally. The merger will also allow them to offer transaction-ordering and other latency-sensitive services for exchanges and high-frequency traders, with Abu Dhabi as a potential hub.

RockawayX has been investing in early-stage crypto infrastructure and DeFi projects since 2018 and manages two venture funds and a credit fund, with over $1 billion in combined investments and staked assets. Solmate’s share price (SLMT) rose by over 6% in early-day trading following the announcement.

The Evolution of Digital Asset Treasury Companies

Michael Saylor’s company pioneered the digital asset treasury company model, where publicly traded businesses hold Bitcoin (BTC) or other cryptocurrencies on their balance sheets.

Since Strategy’s initial Bitcoin purchase in 2020, the model has evolved, with major corporate holders diversifying their revenue streams beyond simple crypto exposure.

On Wednesday, Ether treasury company ETHZilla acquired a 20% stake in automotive finance AI startup Karus for $10 million. This deal provides ETHZilla access to Karus’s underwriting AI models, which it plans to use for on-chain, tokenized auto-loan portfolios. Earlier in 2025, Strategy introduced STRK, an 8% dividend-paying preferred stock linked to its Bitcoin strategy. While previously using Bitcoin as corporate collateral, STRK was its first investor-facing security structured around its digital asset operations.

Bitcoin miners, also significant corporate cryptocurrency holders, are similarly revising their business models. MARA Holdings, the second-largest Bitcoin treasury after Strategy, is expanding beyond its core business. In August, it acquired a 64% stake in Exaion for $168 million, moving deeper into AI. Riot Platforms and CleanSpark are also expanding into AI and high-performance computing this year.