Solana "Signal King" goes live, longtime "ally" Multicoin bets on DAT

Chainfeeds Guide:

As Wall Street turns its attention to Solana, a group of DAT (crypto treasury companies) players are entering the market one after another. With Multicoin Capital co-founder Kyle Samani recently appointed as chairman of the SOL treasury company Forward, could he become the spokesperson for Solana DAT?

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PANews

Opinion:

PANews: Recently, bullish sentiment around SOL has been on the rise, with the token price approaching its all-time high, and the world’s largest Solana treasury is also 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 aggregation stand heavyweight investors such as Galaxy Digital, Jump Crypto, and Multicoin Capital. These major investors have committed over $100 million, along with participation from multiple investment firms and angel investors. As a core Solana bull, and with DAT becoming a key 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. Amid external doubts about the sustainability of crypto treasuries, he has demonstrated his confidence in the Solana treasury with real capital. Multicoin has been an early supporter of Solana. Public information shows that from 2018 to 2021, Multicoin participated in three rounds of Solana financing, including the seed round in May 2018, Series A in July 2019, and the $314 million round in 2021. In May 2018, Solana Labs sold 79.25 million tokens at $0.04 each, with Multicoin being one of the main buyers, resulting in a return of over 5,000 times. As Solana’s market cap grew from zero to tens of billions of dollars, Multicoin not only published multiple investment theses to promote Solana, but also deeply participated in building the Solana ecosystem, investing in dozens of key Solana projects such as io.net, Pyth, Jito, Render, and StepN. Multicoin is also known for its strong support, often publishing articles after each investment to explain why they invested and to elevate the project’s narrative and packaging. It is worth noting that, judging from recent investment activity, Multicoin has significantly reduced its investment frequency. In the first half of this year, Multicoin publicly disclosed only six investment projects, far fewer than last year’s cycle. Since June this year, Multicoin has not announced any new investment moves. Having cultivated the Solana ecosystem for many years, Multicoin undoubtedly has a natural advantage, and Samani claims he is capable of exploring additional strategies for Forward Industries. Forward Industries will be in a unique position to obtain discounted and locked SOL within the Solana ecosystem through its investor network, which has been established since the 2018 seed round. In addition to traditional on-chain activities such as staking and DeFi participation, Forward Industries may also arbitrage the cost differences between traditional financial institutions and DeFi platforms. This strategy can be implemented in various ways and flexibly operated with different counterparties. Furthermore, leveraging the credentials of its investors, the size of its corporate treasury, and its close ties to the Solana ecosystem, Forward Industries can strike deals with major Solana protocols and applications to enhance liquidity. Multicoin further stated that its core goal will be to increase SOL per share through customized strategies and active treasury management.