Author: Nancy, PANews
Bitcoin has Michael Saylor, Ethereum has Tom Lee, both of whom are undoubtedly the most influential spokespersons in the narrative of the crypto treasury this cycle, and are regarded by the community as the "masters of promotion" for BTC and ETH, respectively. However, Solana has long lacked a vocal evangelist to rally support.
As Wall Street turns its attention to Solana, a group of DAT (crypto treasury companies) players are gradually entering the scene, and Kyle Samani, co-founder of Multicoin Capital, who has just been appointed chairman of the SOL treasury company Forward, could potentially become the "spokesperson" for Solana DAT.
Slowing Crypto Investments, Longtime "Ally" Multicoin Gathers DAT
Recently, the bullish sentiment for SOL has been rising, with the coin price approaching historical highs, and the largest Solana treasury in the world is taking shape.
Not long ago, global design company Forward Industries announced a $1.65 billion private placement to launch Solana's financial strategy. Behind this capital gathering are heavyweight investors Galaxy Digital, Jump Crypto, and Multicoin Capital, with these major investors committing over $100 million, along with participation from several investment firms and angel investors.
As a core bull for Solana, with DAT becoming an important narrative for the new cycle, Samani not only participated in the joint lead investment in Forward Industries through Multicoin but also personally added a $25 million investment and took on the role of chairman. Against the backdrop of skepticism regarding the sustainability of crypto treasuries, he expressed his confidence in the Solana treasury with real money.
Multicoin has been an early supporter of Solana. Public information shows that from 2018 to 2021, Multicoin participated in three rounds of financing for Solana, including the seed round in May 2018, the Series A round in July 2019, and the $314 million financing in March 2021. In May 2018, Solana Labs sold 79.25 million tokens at a price of $0.04 each, with Multicoin being one of the main buyers, resulting in over 5000 times returns.
As Solana's market cap grew from zero to hundreds of billions, Multicoin not only published multiple investment theses to promote Solana but also deeply engaged in building the Solana ecosystem, investing in dozens of important Solana projects such as io.net, Pyth, Jito, Render, and StepN. Multicoin also "nurtures" its investments, publishing articles after each investment to explain why it invested in the project, enhancing the narrative and packaging for the project.
It is worth mentioning that, from recent investment trends, Multicoin has significantly reduced its investment frequency. In the first half of this year, Multicoin publicly disclosed only six investment projects, far below last year's investment scale. Since June this year, Multicoin has not announced any new investment directions.
Beneath the calm surface, Multicoin is brewing a new layout direction for DAT.
Having deeply cultivated the Solana ecosystem for many years, Multicoin undoubtedly has a natural advantage, and it claims to have the ability to explore additional strategies for Forward Industries. Forward Industries will be in a unique position to obtain discounts and locked SOL through its network of investors, which has been established since the seed round in 2018. In addition to traditional on-chain activities, such as staking and DeFi participation, Forward Industries may also exploit the funding cost differences between traditional financial institutions and DeFi platforms for arbitrage. This strategy can be implemented in various ways and flexibly operated with different counterparties.
Moreover, leveraging the qualifications of its investors, the scale of its company treasury, and its close relationship with the Solana ecosystem, Forward Industries can negotiate deals with major Solana protocols and applications to enhance liquidity. Multicoin further stated that it will focus on increasing "per share SOL" as a core goal, through customized strategies and active management of treasury assets.
Declaring SOL as the Best Asset for DAT, a Bull Betting with Real Money
From capital bets to industry debates to DAT strategic layouts, Samani's presence runs throughout the entire narrative landscape of Solana, being seen as the most steadfast key driver.
Before founding Multicoin, Samani established a health information technology startup called Pristine, focusing on providing smart glasses solutions for frontline workers. This company not only secured over $5 million in venture capital but was also successfully acquired by Upskill in 2017.
After entering the crypto space, Samani co-founded Multicoin, an investment firm characterized by research-driven approaches, and gained attention for frequently writing and publishing investment research reports. The effectiveness of his investment logic has been proven, as disclosed by the official report last year, since the fund's establishment in 2017, Multicoin has delivered returns as high as 9281% for early investors. Such performance has made Samani highly regarded in the industry, even competitors have to acknowledge it; Dragonfly partner Hasseb Qureshi once stated, "I don't like Samani, but based on investment performance, he is undoubtedly a top investor and one of the few non-consensus thinkers in the industry."
Samani's initial wealth came from Ethereum. In 2016, he entered the crypto space due to the vision of smart contracts and permissionless finance, and he made his first significant wealth during the early rise of ETH. However, as Ethereum lacked clear progress in scalability, his self-proclaimed confidence gradually waned.
He saw another possibility in Solana. He has repeatedly stated publicly, "Solana will surpass Ethereum and 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 next big winner of the cycle.
To some extent, Multicoin and Solana can be considered "lifelong partners."
This deep binding also once led Multicoin to face a setback. In 2022, the bankruptcy of FTX, Solana's largest supporter, caused Multicoin's asset scale to drop by 55% within two weeks, with losses reaching 91.4% that year, marking its worst performance since inception. Nevertheless, Multicoin continued to firmly support Solana, actively participating in ecosystem building, becoming an important force in Solana's rebirth.
In a recent article, Samani bluntly stated that SOL is the best asset for DAT, citing "real yield" as the reason. He noted that SOL can generate real yield through staking. The yield from SOL comes from organic economic activities and MEV (maximum extractable value). As of September 2025, the average yield for SOL stakers is 8.05%, with about 6.19% coming from inflation and approximately 1.86% from organic economic activities and MEV, with this yield paid approximately every 2.5 days. In contrast, during the same period, the nominal yield for ETH staking is about 3.21%, with 2.81% from inflation and real yield only 0.41%. As a basis for a permanent capital tool, this makes SOL an extremely attractive asset for DAT.
At the same time, he pointed out that BTC, due to the lack of staking and real yield, cannot operate at all in the DAT scenario. This difference makes SOL a natural choice for building DAT. Forward Industries can utilize the real yield from SOL to fulfill obligations, something BTC DAT fundamentally cannot do.
However, Samani lacks a Wall Street background, which may mean that his role in the Solana DAT narrative cannot be directly compared to the Wall Street charisma of Michael Saylor or Tom Lee; he is more akin to Joseph Lubin of Sharplink Gaming, an early steadfast supporter, capital promoter, and narrative evangelist.
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