Mercer Park Opportunities Corp., a Cayman Islands-based special purpose acquisition company (SPAC), has announced a definitive business combination agreement with Cube Group, Inc.
The deal positions the merged entity as a key player in bridging traditional finance (TradFi) and decentralized finance (DeFi) using Cube’s hybrid digital asset exchange platform.
An official release from Mercer Park valued Cube at $300 million, and a core pre-closing condition requires the combined entity to acquire $500 million worth of Solana (SOL) tokens using stock as consideration, thereby establishing a substantial crypto treasury for Cube Exchange Inc.
The primary objective of the SOL token treasury will be to generate yield via staking, with annual returns expected to range between 7-9%. This strategy follows the same logic as other Solana digital asset treasuries to generate sustainable revenues.
Merged entity will pursue dual listing on Nasdaq and TSX
After the merger, the combined entity’s services will expand to cover spot trading, custody solutions, perpetuals, derivatives, hybrid banking, asset management, as well as corporate treasury solutions.
The transaction has been structured as a qualifying transaction under Toronto Stock Exchange (TSX) rules, with Mercer Park expected to issue shares to Cube’s equity holders.
Post-closing, the company will also pursue a dual listing on the Nasdaq. The deal is expected to close in Q1 2026, though that will depend greatly on several factors, including TSX approval, a prospectus clearance with Canadian securities regulators, and Cube’s audit completion.
Solana gets a new $500M treasury
The treasury that will be inadvertently created as part of the merger will not only optimize corporate finance through SOL staking for passive income but also boost on-chain liquidity and trading volume on Cube’s platform.
Already, several companies have actively integrated crypto into their balance sheets with notable examples including SOL Strategies Inc.’s $500 million convertible note facility for acquiring and staking SOL, with interest tied to staking yield and Forward Industries’ $1.65 billion private investment in public equity (PIPE) to create a Solana-focused treasury.
As for why some companies are choosing to establish a SOL treasury instead of a BTC reserve similar to Strategy’s, look no further than the perks. SOL treasuries offer active yield generation via staking, with an average staking yield of 6.86% presenting the SOL ecosystem as an alternative to passive store-of-value strategies.
Wall Street has also praised the chain’s high-performance capabilities and minimal fees.
Overall, regulatory developments, such as the Financial Accounting Standards Board’s (FASB) 2025 adoption of fair-value accounting for digital assets, have removed reporting barriers. This has made it more straightforward for firms to hold crypto without double tax burdens, enhancing transparency and investor confidence in corporate treasury initiatives.
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