Building The Largest Solana Treasury Company | Kyle Samani

Sep 22, 2025

Kyle Samani, investment partner and crypto visionary behind the Forward Industries Solana treasury initiative, dives into the bold $1.65B fundraise. He shares insights on the convergence of traditional markets and DeFi, highlighting Forward's unique on-chain ambitions. Samani discusses the critical role of stablecoins in the crypto ecosystem, likening their impact to the iPhone's disruption in technology. He also explores active investing strategies, transparency in operations, and the future of Solana as an open platform. Tune in for an engaging discussion on the cutting edge of on-chain capital!

Ask episode

AI Snips

Chapters

Transcript

Episode notes

INSIGHT

Public Company Operations On-Chain

Forward Industries will attempt to run core corporate and capital markets operations natively on-chain to prove the model for other companies.
Tokenizing equity enables on-chain fundraising, dividends, governance, and shareholder votes as real-world tests for the ecosystem.

ADVICE

Finance Preferreds With On-Chain Yield

Use Solana staking yield and DeFi credit spread arbitrage to fund coupon payments on perpetual preferreds.
Borrow dollar loans against staked SOL, deploy into on-chain DeFi yield, and capture the spread to service preferred coupons.

INSIGHT

DAT Consolidation And MNAV Arbitrage

DAT consolidation is likely because most ecosystems cannot sustain many large regulated treasury vehicles.
Forward expects M&A opportunities from MNAV arbitrage to accrete value for shareholders.

Get the Snipd Podcast app to discover more snips from this episode

Get the app

This week Kyle Samani joins the show to discuss the successful $1.65B raise for Forward Industries. We deep dive into how Forward Industries plan to converge between traditional markets & DeFi, the ultimate vision for the Solana treasury company, the difference between SOL & BTC DATs & why stablecoins are crypto's iPhone moment. Enjoy!

Although our guest this week is an Investment Partner of a registered investment adviser, nothing in this podcast should be considered an offer of Multicoin’s investment advisory services or should otherwise be confused for investment, tax, legal or other financial advice.

Follow Kyle: https://x.com/KyleSamani

Follow Jason: https://x.com/JasonYanowitz

Follow Empire: https://twitter.com/theempirepod

Katana is a DeFi-first chain built for deep liquidity and real yield, by redirecting chain revenue back to active DeFi users. The 1 billion KAT campaign is live. Bridge and deposit directly into vaults in one simple click and start earning immediately on your ETH, BTC, USDC, and more.

Go to app.katana.network to check it out.

Is your treasury losing value to inflation? Learn how to make digital assets like ETH and SOL productive with uncorrelated, protocol-driven staking rewards.

A new report from Liquid Collective and EigenCloud outlines a practical guide for CFOs to integrate institutional-grade staking and restaking.

Read The Productive Treasury Report: https://liquidcollective.io/corporate-treasury-staking/

Allora is the new AI standard for DeFi platforms and agents to achieve sharper, faster, and more reliable financial systems than any single language model can offer. Instead of choosing and managing models, users state their goal, and the system delivers the best result.

To learn more about Allora Network, visit https://www.allora.network/ and https://x.com/AlloraNetwork.

Crypto’s premiere institutional conference returns to London in October 2025. Use code 0x100 for £100 off at checkout: https://blockworks.co/event/digital-asset-summit-2025-london

Blockworks is hiring a Research Data Analyst. If you live in SQL and love making sense of onchain chaos, apply today: https://jobs.ashbyhq.com/Blockworks?utm_source=EQPb2dAAxr

Subscribe on YouTube: https://bit.ly/3foDS38

Subscribe on Apple: https://apple.co/3SNhUEt

Subscribe on Spotify: https://spoti.fi/3NlP1hA

Get top market insights and the latest in crypto news. Subscribe to Blockworks Daily Newsletter: https://blockworks.co/newsletter/

Join the 0xResearch Telegram group: https://t.me/+UFFz4z3qyrhhMDYx

Timestamps:

(0:00) Introduction

(1:25) The Ultimate Vision For Forward Industries

(8:54) Raising $1.65B For Forward Industries

(10:52) Partnering With Jump & Galaxy

(16:31) Ads (Katana & EigenCloud)

(17:28) Integrating DATs Into DeFi

(25:22) M&A Strategies

(30:00) BTC vs SOL DATs

(32:28) Ads (Katana & EigenCloud)

(33:36) How Will SOL ETFs Impact Solana DATs?

(35:45) What's Next For Forward Industries?

(41:55) Lessons Learned From Hyperliquid's USDH

(46:36) Allora Ad

(47:08) The Internet Capital Markets Thesis

(53:58) Stablecoins Are Crypto's iPhone Moment

Check out Blockworks Research today! Research, data, governance, tokenomics, and models – now, all in one place

Blockworks Research: https://www.blockworksresearch.com/

Free Daily Newsletter: https://blockworks.co/newsletter

Disclaimer: Nothing said on Empire is a recommendation to buy or sell securities or tokens. This podcast is for informational purposes only, and any views expressed by anyone on the show are solely our opinions, not financial advice. Santiago, Jason, and our guests may hold positions in the companies, funds, or projects discussed.