PANews reported on December 4th that Solmate (ticker symbol SLMT), the Abu Dhabi-based infrastructure company focused on Solana, has signed a non-binding term sheet to acquire digital asset company RockawayX in an all-stock transaction. This acquisition will create an institutional cryptocurrency group with over $2 billion in assets under management and third-party equity. The merged company will integrate RockawayX's infrastructure, liquidity, and asset management businesses into Solmate, which is transitioning from passive digital asset fund management to an operational cryptocurrency business, and will continue to trade under the ticker symbol SLMT.

Solmate CEO Marco Santori will lead the group, while RockawayX CEO Viktor Fischer will be responsible for operating the RockawayX subsidiary and will serve as Solmate's executive chairman. RockawayX is the blockchain business unit of venture capital firm Rockaway Capital, providing on-chain market making, lending, and other services. The company also manages venture capital and credit funds, which collectively oversee approximately $1.04 billion in assets, while approximately $1.1 billion in assets are pledged on its validator nodes.