Multicoin Co-founder: Why is SOL Considered DAT’s Best Asset?

Original Title: Creating The World's Leading Solana Treasury Company

Original Author: Kyle Samani, Managing Partner at Multicoin Capital
Translation: AIMan, Golden Finance

On September 11, 2025, I am pleased to announce that Multicoin Capital, Jump Crypto (the largest cryptocurrency trading firm), and Galaxy (the largest financial group in the cryptocurrency space) have successfully led a $1.65 billion PIPE financing round for Forward Industries (Nasdaq: FORD), which will use the net proceeds to launch the Solana Treasury Company. Each founder has committed to invest over $100 million. I personally have also made an additional $25 million investment on top of Multicoin's commitment because I believe the company has long-term growth potential.

In addition to several founders, the PIPE financing round has also received support and participation from several global investment firms and digital asset ecosystem leaders, including:

· Companies/Enterprises: Big Brain Holdings, Bitwise Asset Management, Borderless Capital, Coinlist Alpha, Cyber Fund, C/M Capital Partners, LP, FalconX, Graticule Asset Management Asia, Jupiter, L1 Digital, ParaFi, Ribbit Capital, RockawayX, and SkyBridge Capital.

· Angel Investors: Cindy Leow (Drift), Guy Young (Ethena), Howard Lindzon (Stockwits), Lucas Bruder (Jito), Lucas Netz (Pudgy Penguins), Robert Leshner (Superstate), Tarun Chitra (Gauntlet), and Tory Green (io.net).

The PIPE financing round concluded today, and simultaneously, I was appointed as the Chairman of the company's board. As one of the earliest and most active supporters of Solana since leading the seed round in early 2018, I gladly accepted the opportunity to take on this role. As for my position at Multicoin, there are no changes; I will continue to serve as a Managing Partner.

As part of the funding round, Jump Crypto's Chief Investment Officer Saurabh Sharma, and Galaxy Capital's President and Chief Investment Officer Chris Ferraro have been appointed as board observers. I am thrilled to collaborate with them.

SOL DAT

Solana has a vibrant, heterogeneous, competitive, and thriving DeFi ecosystem composed of dozens of mature teams. Therefore, Forward Industries has the opportunity to deploy its SOL funds into the DeFi space to create a differentiated source of returns for shareholders, further accelerating SOL's adoption.

While we expect the SOL treasury to engage in staking and DeFi, we have also identified other strategies that Multicoin believes the company is capable of exploring:

1. Firstly, Multicoin believes that by leveraging the founder's deep network within the Solana ecosystem (traceable back to the seed financing round in 2018), the company will be uniquely positioned to acquire discounted and locked SOL.

2. Secondly, in addition to on-chain activities such as staking and DeFi participation, the company sees a potentially massive and lucrative design space exploiting the capital cost differential between the services provided by banks to publicly traded companies and the services provided by DeFi. We believe this arbitrage strategy can manifest itself in various forms across numerous counterparties.

3. Thirdly, given the founder's background, the scale of the company's capital, and the founder's in-depth understanding and relationships within the Solana ecosystem, the company believes it can leverage these relationships to strike deals with key Solana protocols and applications to help boost liquidity while also aiming to enhance shareholder returns.

Michael Saylor pioneered the concept of a Digital Asset Treasury (DAT) corporate strategy, holding Bitcoin (BTC) as the enterprise reserve asset. He defined the company's "North Star" as the "increase in BTC per share." Forward Industries is now seeking to further develop on Saylor's model by adopting SOL as its reserve asset in the Digital Asset Treasury strategy. Likewise, Multicoin has invested in the company with the expectation that the company's "North Star" is the increase in SOL per share, aiming to enhance shareholder value through tailored strategies and proactive treasury management.

We believe that SOL is the best asset supporting DAT; it has several unique attributes that BTC and ETH lack.

SOL can generate actual yield through staking. SOL's "yield" comes from organic economic activity and MEV. Over the past few years, Multicoin has written extensively about MEV. For Solana, as of September 2025, SOL stakers are averaging an 8.05% yield, including approximately 6.19% from the inflation rate and around 1.86% in actual yield from organic economic activity and MEV. This yield is paid out to SOL stakers approximately every 2.5 days. While the nominal yield for ETH staking in 2025 is around 3.21%, with 2.81% attributed to the inflation rate, the actual yield is only about 0.41%. As the foundation for a perpetual capital instrument, we believe this makes SOL a highly attractive asset for DAT.

We believe that, given SOL's inherent attributes, the effect of Strategy's convertible and perpetual preferred structures on SOL DAT is far superior to that on BTC DAT. Companies can utilize these yield sources in ways that BTC DATs cannot to pay down debt. Bitcoin has a zero actual yield.