Multicoin Capital co-founder Kyle Samani believes Solana-native Digital Asset Treasuries (DATs) have a structural advantage over Bitcoin-focused vehicles—and that the mechanics underpinning those DATs could become a durable, price-positive flywheel for SOL. Speaking on Blockworks’ Empire podcast days after Forward Industries Samani, who led a $1.65-billion PIPE that included Galaxy, Jump and Multicoin, argued Solana’s yield, the composable deFi and corporate operations on chain create cash flow and flexibility that Bitcoin cannot match.
Solana DATs beat Bitcoin
“We’re building a new financial system from the ground up,” Samani framed Forward as being both a proof of concept and a tool for “internet capital markets” A scaled-down balance sheet can convert Solana’s financial and technical primitives in shareholder value.
His view is that yield was the most important differentiator. “Saylor is paying roughly 9% [on MicroStrategy’s perpetual preferreds], but his core business produces effectively no cash flow… our vehicle will produce cash flow via two mechanisms at a bare minimum. The first… is the native SOL staking yield… roughly 8%. And the second is by doing this credit spread arbitrage,” He said.
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Then, by borrowing money from conventional lenders with rates as low as a single digit and investing it in venues on the chain yielding “12–20% depending on what you’re doing,” Forward intends to use that spread, plus staking rewards, to service perpetual coupons—something a Bitcoin treasury cannot replicate because BTC is non-yielding. “You can actually objectively show where the profits are coming from to pay the coupons,” He added that Solana DATs might even be able to secure better rates than Bitcoin vehicles in the future.
Samani described the $1.65bn raise as just a beginning of a larger re-architecture in corporate finance under Solana. Plans to move forward “be the guinea pig” that runs core operations on-chain—”payroll, paying vendors… equity issuance, raising money, dividends, stock splits… shareholder votes”—with the first milestone being tokenizing a portion of the company’s equity.
He expects to be able to a “pretty good chunk” Participants in PIPE to “take delivery on-chain,” Ultimately, Forward is moving towards real-time transparency. “I am optimistic we will at some point publish all the company’s addresses… so dashboards [can] update in real time.”
Much of the thesis rests on scale and the ability to convert that scale into accretive economics—both within Solana’s DeFi and across the emerging DAT landscape. Galaxy Asset Management will operate staking and DeFi deployments; Jump contributes infrastructure and performance—”all of the nodes that we’re running are running Firedancer”—and proprietary transaction-ordering technology.
Samani stated that Forward won’t buy SOL that is locked or liquid from Multicoin or Galaxy, nor will it purchase SOL that has been sold to Multicoin or Jump. The sponsor economics would be split amongst the three firms by one-third, Multicoin and its hedge funds LPs receiving Multicoin’s third, but not Samani personally.
Samani anticipates consolidation on the DAT itself and chains rolling together, with Solana poised to be dominant: “The market’s not going to sustain 20 Solana DATs… I can see a world in which it sustains like three or four.” He called for mNAV Arbitrage “a very big opportunity,” Solana has a greater depth in service providers and accepts credit, putting it above smaller ecologies. “I’m very skeptical that [sub-scale] mNAVs will sustain at all,” He said that the DATs without SOL or ETH were most at risk.
Solana DATs Vs. ETFs
Samani also asserts that pending US spot ETFs for SOL—especially with staking enabled—would amplify the Solana DAT advantage rather than dilute it. “I am very optimistic” SOL ETFs now allow staking “soon… sometime by the end of the year,” He added. In his telling, interchangeable wrappers—spot on exchanges, ETFs for brokerage rails, and corporate-wrapper DATs—expand the investor base while leaving Solana’s intrinsic yield engine intact. The Forward team is also looking forward. “expects the [vehicle] will be staking the substantial majority” SOL.
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Samani’s belief that Solana DATs generate a constant demand for SOL and return cash to equity holders is the basis of his price-angle. He describes the structural accretion that is created by locking-tokens acquisitions and discounts, systematic staking strategies, DeFi-funded bank-line funding, and bespoke deals for liquidity with leading protocol.
Bitcoin’s contrast is striking in this framework. The native cash flow is not available. BTC-based treasuries Solana’s DATs are not dependent on price increases or external funding. They can, according to him, fund themselves. “Bitcoin can’t compete” In this dimension, it is not possible to arbitrage on a large scale because there are no composable chains and the yields from staking. This gap will widen, according to him, as banks accept more staked SOLs for collateral, and ETFs begin normalizing staking.
Already, Forward has begun “talking with a bunch of counterparties” He advised that the best way to get dollar financing at the lowest possible cost is to use banks that have direct access to Fed windows.
Scoreboards are now concrete. The raising closed “in about two weeks,” Samani estimated a split of roughly 40% crypto native and 60% TradFi among the participants. Multicoin also contributed. He invested personally $25 million. “$114–115 million.” Galaxy’s Distribution pulled in “a lot” Jump’s technological edge targets additional yield. Forward Plans to become an active DAT consolidator “both SOL and non-SOL,” The company is building an executive team dedicated to running the Solana Treasure Line alongside its legacy businesses.
Samani said that the implications for SOL’s price are clear: Solana’s yield engine, institutional credit, and ETF rails all create a sustained programmatic demand. “In retrospect it was inevitable,” “The consortium that is behind Forward has a lot of power,” he told me. Whether that inevitability translates into Samani’s headline claim—Solana DATs “beating” Bitcoin vehicles and setting SOL up to surge—will depend on execution, market liquidity, and the pace at which banks, ETF issuers, and regulators bless staking-based structures.
Yesterday, Forward Industries finished the purchase of 6822,000 SOL tokens valued at $1.58 billion and averaged $232. Only $67 millions remain for the company to buy additional SOL. SOL’s price was $235 at the time this article went to press.
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