
Kyle Samani, co-founder of Multicoin Capital, has been appointed Chairman of Solana treasury company Forward Industries. He is leading a $1.65 billion private placement with Galaxy Digital, Jump Crypto, and other institutions to build the world’s largest Solana treasury (DAT). Samani personally invested an additional $25 million, arguing that SOL—with its real yield (approx. 8.05% APY) and staking mechanism—is a superior DAT asset compared to BTC and ETH. As a long-term ally of Solana, Multicoin has achieved over 5,000x returns from early investments. Recently shifting from direct investments to DAT strategies, Multicoin aims to enhance "per-share SOL value" and boost capital efficiency and liquidity in the Solana ecosystem.
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Author: Nancy, PANews
Bitcoin has Michael Saylor. Ethereum has Tom Lee. These two are undoubtedly the most influential spokespersons for the crypto treasury narrative this cycle, often regarded by their communities as the ultimate "evangelists" for BTC and ETH, respectively. But Solana has been missing a vocal advocate for its treasury initiatives.
As Wall Street turns its attention to Solana, a wave of DAT (Digital Asset Treasury) players is entering the arena. Kyle Samani, co-founder of Multicoin Capital and newly appointed Chairman of SOL treasury company Forward Industries, might just become Solana’s DAT代言人 (spokesperson).
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Slowing Direct Investments, Multicoin Orchestrates DAT Strategy
Recently, bullish sentiment around SOL has been growing, with its price approaching all-time highs. Meanwhile, the world’s largest Solana treasury is taking shape.
Not long ago, global design company Forward Industries announced a $1.65 billion private placement to launch its Solana financial strategy. Behind this capital gathering stand heavyweight investors Galaxy Digital, Jump Crypto, and Multicoin Capital, with these anchor investors committing over $100 million. Several other investment firms and angel investors are also participating.
As a core Solana bull, Samani has not only co-led the investment in Forward Industries through Multicoin but also personally added $25 million and taken on the role of Chairman. At a time when doubts about the sustainability of crypto treasuries persist, he is backing his confidence in Solana’s treasury with real capital.
Multicoin has been an early supporter of Solana. Public records show that from 2018 to 2021, Multicoin participated in three rounds of Solana funding: the May 2018 seed round, the July 2019 Series A, and the $314 million round in March 2021. In the May 2018 seed round, Solana Labs sold 79.25 million tokens at $0.04 each, with Multicoin as one of the primary buyers—a bet that ultimately yielded over 5,000x returns.
As Solana’s market cap grew from zero to hundreds of billions, Multicoin not only published numerous investment theses advocating for Solana but also deeply engaged in ecosystem development, investing in dozens of key projects like io.net, Pyth, Jito, Render, and StepN. Multicoin is also known for its "hype power"—after each investment, it publishes articles explaining its rationale, often elevating the project’s narrative.
Notably, Multicoin has significantly reduced its investment frequency recently. In the first half of this year, it publicly disclosed only six investments, far fewer than in previous cycles. Since June, it has not announced any new investments.
Beneath the surface calm, Multicoin is brewing a new strategy focused on DAT.
With years of experience in the Solana ecosystem, Multicoin has a natural advantage. Samani claims he has the ability to help Forward Industries explore additional strategies. The company will be uniquely positioned to acquire SOL at discounts or with lock-ups through its investor network, which has been established since the 2018 seed round. Beyond traditional on-chain activities like staking and DeFi participation, Forward Industries may also arbitrage the difference in funding costs between traditional financial institutions and DeFi platforms. This strategy can be implemented in various ways and operated flexibly with different counterparties.
Additionally, leveraging the experience of its investors, the scale of its treasury, and its close ties to the Solana ecosystem, Forward Industries can strike deals with major Solana protocols and applications to enhance liquidity. Multicoin emphasizes that its core goal is to increase "per-share SOL value" through customized strategies and active management of treasury assets.
---
Declaring SOL the Ultimate DAT Asset: A High-Stakes Bet
From capital allocation to industry debates and DAT strategy, Samani’s presence permeates Solana’s entire narrative landscape, making him one of its most steadfast advocates.
Before founding Multicoin, Samani started Pristine, a health IT startup focused on smart glasses solutions for frontline workers. The company raised over $5 million in venture funding and was acquired by Upskill in 2017.
After entering the crypto space, Samani co-founded Multicoin, a research-driven investment firm known for its frequent publication of investment theses. His strategies have proven highly effective: according to official disclosures last year, Multicoin generated a 9,281% return for early investors since its inception in 2017. This track record has made Samani a highly influential figure in the industry. Even competitors acknowledge his prowess—Dragonfly partner Haseeb Qureshi once said, "I don’t like Samani, but his investment results speak for themselves. He is a top-tier investor and one of the few non-consensus thinkers in the industry."
Samani’s initial wealth came from Ethereum. In 2016, he entered crypto inspired by the vision of smart contracts and permissionless finance, earning his first significant fortune from ETH’s early rise. However, as Ethereum struggled with scalability, his confidence waned.
In Solana, he saw another possibility. He has repeatedly stated publicly that "Solana will surpass Ethereum to become the leading public chain supporting internet capital markets." In his view, as more users, capital, and applications migrate to Solana, this ecosystem will nurture the big winners of the next cycle.
To some extent, Multicoin and Solana are "bound at the hip."
This deep alignment once led Multicoin to a setback. In 2022, the collapse of FTX—a major Solana supporter—caused Multicoin’s assets to drop 55% in two weeks, resulting in a 91.4% loss that year, its worst performance since inception. Despite this, Multicoin remained firmly supportive of Solana, continuing to engage in ecosystem development and playing a key role in Solana’s resurgence.
He also pointed out that BTC, lacking staking and real yield, is entirely unsuitable for DAT scenarios. This difference makes SOL a natural choice for building DAT. Forward Industries can use SOL’s real yield to fulfill obligations, something BTC DAT simply cannot do.
However, Samani lacks a Wall Street background, so his role in the Solana DAT narrative may not directly parallel the Wall Street influence of Michael Saylor or Tom Lee. Instead, he is closer to being a Sharplink Gaming’s Joseph Lubin—an early steadfast supporter, capital driver, and narrative evangelist.

Kyle Samani, co-founder of Multicoin Capital, has been appointed Chairman of Solana treasury company Forward Industries. He is leading a $1.65 billion private placement with Galaxy Digital, Jump Crypto, and other institutions to build the world’s largest Solana treasury (DAT). Samani personally invested an additional $25 million, arguing that SOL—with its real yield (approx. 8.05% APY) and staking mechanism—is a superior DAT asset compared to BTC and ETH. As a long-term ally of Solana, Multicoin has achieved over 5,000x returns from early investments. Recently shifting from direct investments to DAT strategies, Multicoin aims to enhance "per-share SOL value" and boost capital efficiency and liquidity in the Solana ecosystem.
---
Author: Nancy, PANews
Bitcoin has Michael Saylor. Ethereum has Tom Lee. These two are undoubtedly the most influential spokespersons for the crypto treasury narrative this cycle, often regarded by their communities as the ultimate "evangelists" for BTC and ETH, respectively. But Solana has been missing a vocal advocate for its treasury initiatives.
As Wall Street turns its attention to Solana, a wave of DAT (Digital Asset Treasury) players is entering the arena. Kyle Samani, co-founder of Multicoin Capital and newly appointed Chairman of SOL treasury company Forward Industries, might just become Solana’s DAT代言人 (spokesperson).
---
Slowing Direct Investments, Multicoin Orchestrates DAT Strategy
Recently, bullish sentiment around SOL has been growing, with its price approaching all-time highs. Meanwhile, the world’s largest Solana treasury is taking shape.
Not long ago, global design company Forward Industries announced a $1.65 billion private placement to launch its Solana financial strategy. Behind this capital gathering stand heavyweight investors Galaxy Digital, Jump Crypto, and Multicoin Capital, with these anchor investors committing over $100 million. Several other investment firms and angel investors are also participating.
As a core Solana bull, Samani has not only co-led the investment in Forward Industries through Multicoin but also personally added $25 million and taken on the role of Chairman. At a time when doubts about the sustainability of crypto treasuries persist, he is backing his confidence in Solana’s treasury with real capital.
Multicoin has been an early supporter of Solana. Public records show that from 2018 to 2021, Multicoin participated in three rounds of Solana funding: the May 2018 seed round, the July 2019 Series A, and the $314 million round in March 2021. In the May 2018 seed round, Solana Labs sold 79.25 million tokens at $0.04 each, with Multicoin as one of the primary buyers—a bet that ultimately yielded over 5,000x returns.
As Solana’s market cap grew from zero to hundreds of billions, Multicoin not only published numerous investment theses advocating for Solana but also deeply engaged in ecosystem development, investing in dozens of key projects like io.net, Pyth, Jito, Render, and StepN. Multicoin is also known for its "hype power"—after each investment, it publishes articles explaining its rationale, often elevating the project’s narrative.
Notably, Multicoin has significantly reduced its investment frequency recently. In the first half of this year, it publicly disclosed only six investments, far fewer than in previous cycles. Since June, it has not announced any new investments.
Beneath the surface calm, Multicoin is brewing a new strategy focused on DAT.
With years of experience in the Solana ecosystem, Multicoin has a natural advantage. Samani claims he has the ability to help Forward Industries explore additional strategies. The company will be uniquely positioned to acquire SOL at discounts or with lock-ups through its investor network, which has been established since the 2018 seed round. Beyond traditional on-chain activities like staking and DeFi participation, Forward Industries may also arbitrage the difference in funding costs between traditional financial institutions and DeFi platforms. This strategy can be implemented in various ways and operated flexibly with different counterparties.
Additionally, leveraging the experience of its investors, the scale of its treasury, and its close ties to the Solana ecosystem, Forward Industries can strike deals with major Solana protocols and applications to enhance liquidity. Multicoin emphasizes that its core goal is to increase "per-share SOL value" through customized strategies and active management of treasury assets.
---
Declaring SOL the Ultimate DAT Asset: A High-Stakes Bet
From capital allocation to industry debates and DAT strategy, Samani’s presence permeates Solana’s entire narrative landscape, making him one of its most steadfast advocates.
Before founding Multicoin, Samani started Pristine, a health IT startup focused on smart glasses solutions for frontline workers. The company raised over $5 million in venture funding and was acquired by Upskill in 2017.
After entering the crypto space, Samani co-founded Multicoin, a research-driven investment firm known for its frequent publication of investment theses. His strategies have proven highly effective: according to official disclosures last year, Multicoin generated a 9,281% return for early investors since its inception in 2017. This track record has made Samani a highly influential figure in the industry. Even competitors acknowledge his prowess—Dragonfly partner Haseeb Qureshi once said, "I don’t like Samani, but his investment results speak for themselves. He is a top-tier investor and one of the few non-consensus thinkers in the industry."
Samani’s initial wealth came from Ethereum. In 2016, he entered crypto inspired by the vision of smart contracts and permissionless finance, earning his first significant fortune from ETH’s early rise. However, as Ethereum struggled with scalability, his confidence waned.
In Solana, he saw another possibility. He has repeatedly stated publicly that "Solana will surpass Ethereum to become the leading public chain supporting internet capital markets." In his view, as more users, capital, and applications migrate to Solana, this ecosystem will nurture the big winners of the next cycle.
To some extent, Multicoin and Solana are "bound at the hip."
This deep alignment once led Multicoin to a setback. In 2022, the collapse of FTX—a major Solana supporter—caused Multicoin’s assets to drop 55% in two weeks, resulting in a 91.4% loss that year, its worst performance since inception. Despite this, Multicoin remained firmly supportive of Solana, continuing to engage in ecosystem development and playing a key role in Solana’s resurgence.
He also pointed out that BTC, lacking staking and real yield, is entirely unsuitable for DAT scenarios. This difference makes SOL a natural choice for building DAT. Forward Industries can use SOL’s real yield to fulfill obligations, something BTC DAT simply cannot do.
However, Samani lacks a Wall Street background, so his role in the Solana DAT narrative may not directly parallel the Wall Street influence of Michael Saylor or Tom Lee. Instead, he is closer to being a Sharplink Gaming’s Joseph Lubin—an early steadfast supporter, capital driver, and narrative evangelist.
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