{"id":96906,"date":"2025-09-16T11:30:35","date_gmt":"2025-09-16T11:30:35","guid":{"rendered":"https:\/\/mycryptomania.com\/?p=96906"},"modified":"2025-09-16T11:30:35","modified_gmt":"2025-09-16T11:30:35","slug":"solana-dats-will-outpace-bitcoin-says-multicoin-capital-co-founder","status":"publish","type":"post","link":"https:\/\/mycryptomania.com\/?p=96906","title":{"rendered":"Solana DATs Will Outpace Bitcoin, Says Multicoin Capital Co-Founder"},"content":{"rendered":"

Multicoin Capital co-founder Kyle Samani believes Solana-native Digital Asset Treasuries (DATs) have a structural advantage over Bitcoin-focused vehicles\u2014and that the mechanics underpinning those DATs could become a durable, price-positive flywheel for SOL. Speaking on Blockworks\u2019 Empire podcast<\/a> days after Forward Industries<\/a> closed a $1.65 billion PIPE led by Galaxy, Jump, and Multicoin, Samani argued that Solana\u2019s yield, composable DeFi, and on-chain corporate operations create cash flows and optionality that Bitcoin simply can\u2019t match.<\/p>\n

Why Solana DATs Beat Bitcoin<\/h2>\n

\u201cWe\u2019re building a new financial system from the ground up,\u201d Samani said, framing Forward as both a proof-of-concept for \u201cinternet capital markets\u201d and a scaled balance sheet that can systematically convert Solana\u2019s technical and financial primitives into shareholder value.<\/p>\n

The immediate differentiator in his view: yield. \u201cSaylor is paying roughly 9% [on MicroStrategy\u2019s perpetual preferreds], but his core business produces effectively no cash flow\u2026 our vehicle will produce cash flow via two mechanisms at a bare minimum. The first\u2026 is the native SOL staking yield\u2026 roughly 8%. And the second is by doing this credit spread arbitrage,\u201d he said.<\/p>\n

By borrowing dollars from traditional lenders at single-digit rates and deploying into on-chain venues yielding \u201c12\u201320% depending on what you\u2019re doing,\u201d Forward intends to use that spread, plus staking rewards, to service perpetual coupons\u2014something a Bitcoin treasury cannot replicate because BTC is non-yielding. \u201cYou can actually objectively show where the profits are coming from to pay the coupons,\u201d he added, suggesting Solana DATs could even secure better terms than Bitcoin vehicles over time.<\/p>\n

Samani cast the $1.65 billion raise as a starting gun for a broader re-architecture of corporate finance on Solana. Forward plans to \u201cbe the guinea pig\u201d that runs core operations on-chain\u2014\u201cpayroll, paying vendors\u2026 equity issuance, raising money, dividends, stock splits\u2026 shareholder votes\u201d\u2014with the first milestone being tokenizing a portion of the company\u2019s equity.<\/p>\n

Notably, he expects a \u201cpretty good chunk\u201d of PIPE participants to \u201ctake delivery on-chain,\u201d and said Forward will ultimately lean into real-time transparency: \u201cI am optimistic we will at some point publish all the company\u2019s addresses\u2026 so dashboards [can] update in real time.\u201d<\/p>\n

Much of the thesis rests on scale and the ability to convert that scale into accretive economics\u2014both within Solana\u2019s DeFi and across the emerging DAT landscape. Galaxy Asset Management will operate staking and DeFi deployments; Jump contributes infrastructure and performance\u2014\u201call of the nodes that we\u2019re running are running Firedancer\u201d\u2014and proprietary transaction-ordering technology.<\/p>\n

Samani was explicit that Forward will not buy locked or liquid SOL from Multicoin, Jump, or Galaxy balance sheets, and that sponsor economics are split one-third each among the three firms, with Multicoin\u2019s share accruing to its hedge fund LPs, not to him personally.<\/p>\n

On the DAT market itself, Samani expects consolidation and cross-chain roll-ups, with Solana primed to dominate: \u201cThe market\u2019s not going to sustain 20 Solana DATs\u2026 I can see a world in which it sustains like three or four.\u201d He called mNAV arbitrage \u201ca very big opportunity,\u201d arguing that vehicles trading at premiums can accretively acquire those at discounts, while Solana\u2019s liquidity, service-provider depth, and credit acceptance put it ahead of smaller ecosystems. \u201cI\u2019m very skeptical that [sub-scale] mNAVs will sustain at all,\u201d he said, singling out non-SOL, non-ETH DATs as most vulnerable.<\/p>\n

Solana DATs Vs. ETFs<\/h2>\n

Samani also contends that pending US spot ETFs<\/a> for SOL\u2014especially with staking enabled\u2014would amplify the Solana DAT advantage rather than dilute it. \u201cI am very optimistic\u201d staking appears in SOL ETFs \u201csoon\u2026 sometime by the end of the year,\u201d he said. In his telling, interchangeable wrappers\u2014spot on exchanges, ETFs for brokerage rails, and corporate-wrapper DATs\u2014expand the investor base while leaving Solana\u2019s intrinsic yield engine intact. Forward, for its part, \u201cexpects the [vehicle] will be staking the substantial majority\u201d of its SOL.<\/p>\n

Underpinning the price angle is Samani\u2019s view that Solana DATs manufacture persistent demand for SOL while routing cash flows back to equity holders. Locked-token acquisitions at discounts, systematic staking, bank-line funded DeFi strategies, and bespoke liquidity deals with leading protocols together create what he describes as structural accretion.<\/p>\n

The contrast with Bitcoin is stark in his framework. Without native cash flows, BTC-based treasuries<\/a> rely on external financing and price appreciation; Solana DATs, he argued, can fund themselves. \u201cBitcoin can\u2019t compete\u201d in this dimension because it lacks staking yield and composable on-chain markets to arbitrage credit at institutional scale. That gap broadens, he maintained, if banks increasingly accept staked SOL as collateral and if ETF structures normalize staking.<\/p>\n

Forward is already \u201ctalking with a bunch of counterparties\u201d about routing through banks with access to the Fed window to secure the cheapest possible dollar financing against SOL collateral, though he cautioned that none of this is guaranteed.<\/p>\n

For now, the scoreboard is concrete. The raise closed \u201cin about two weeks,\u201d with Samani estimating a roughly 40\/60 crypto-native to TradFi split among participants. He personally invested $25 million; Multicoin contributed \u201c$114\u2013115 million.\u201d Galaxy\u2019s distribution pulled in \u201ca lot\u201d of PIPE orders; Jump\u2019s technical edge targets incremental yield. Forward plans to be an active consolidator of DATs \u201cboth SOL and non-SOL,\u201d while building out a dedicated executive team to run the Solana treasury line alongside the company\u2019s legacy business.<\/p>\n

The implication for price, Samani insisted, is straightforward: Solana\u2019s yield engine plus institutional credit and ETF rails create sustained, programmatic demand for SOL. \u201cIn retrospect it was inevitable,\u201d he said of the consortium behind Forward. Whether that inevitability translates into Samani\u2019s headline claim\u2014Solana DATs \u201cbeating\u201d Bitcoin vehicles and setting SOL up to surge\u2014will depend on execution, market liquidity, and the pace at which banks, ETF issuers, and regulators bless staking-based structures.<\/p>\n

Notably, Forward Industries completed the massive purchase of 6,822,000 SOL tokens worth $1.58 billion at $232 average yesterday. The company has only $67 million left to purchase additional SOL. At press time, SOL traded at $235.<\/p>","protected":false},"excerpt":{"rendered":"

Multicoin Capital co-founder Kyle Samani believes Solana-native Digital Asset Treasuries (DATs) have a structural advantage over Bitcoin-focused vehicles\u2014and that the mechanics underpinning those DATs could become a durable, price-positive flywheel for SOL. Speaking on Blockworks\u2019 Empire podcast days after Forward Industries closed a $1.65 billion PIPE led by Galaxy, Jump, and Multicoin, Samani argued that […]<\/p>\n","protected":false},"author":0,"featured_media":96907,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-96906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/96906"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=96906"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/96906\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/96907"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=96906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=96906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=96906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}