Empire Building The Largest Solana Treasury Company | Kyle Samani
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Sep 15, 2025 
Kyle Samani, an Investment Partner at Multicoin Capital, shares insights on the groundbreaking $1.65B raise for Forward Industries. He discusses plans to merge traditional markets with DeFi and explores the vision for a Solana treasury company. The conversation dives into the significance of stablecoins and tokenization in revolutionizing finance. Samani also covers investment opportunities, arbitrage strategies, and the evolving role of digital assets, painting a picture of the transformative future awaiting crypto and financial markets.
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Turning A Public Company Natively On-Chain
- Forward Industries will act as a guinea pig to move corporate functions like payroll, governance and equity issuance on-chain.
- Kyle believes proving these on-chain processes will enable other companies to follow and accelerate Solana adoption.
Scale Enables Accretion And M&A
- Forward will use scale and relationships to accrete SOL per share by securing token allocations and earning yield.
- Kyle expects M&A and bespoke deals with projects to compound per-share value over time.
Leverage On-Chain Yield To Service Preferreds
- Use Solana's staking yield plus dollar loans deployed into on-chain DeFi to fund coupon payments on perpetual preferreds.
- Seek borrow rates around 4–5% and deploy into 12–20% on-chain yields to capture the spread.