Solana DATs to Surpass Bitcoin Vehicles, Claims Multicoin’s Kyle Samani

Multicoin Capital co-founder Kyle Samani highlights the advantages of Solana-native Digital Asset Treasuries (DATs) over Bitcoin-focused vehicles, suggesting they could create a positive price impact for SOL. He argues that Solana’s yield and composable DeFi offer cash flows that Bitcoin lacks.

Key Points

Samani describes Forward Industries as proof-of-concept for internet capital markets, utilizing Solana's financial primitives to create shareholder value.
Solana DATs generate cash flow through SOL staking yield (around 8%) and credit spread arbitrage, unlike non-yielding BTC treasuries.
Forward intends to tokenize company equity and operate on-chain corporate functions such as payroll and dividends.
Galaxy Asset Management will manage staking and DeFi deployments; Jump will provide infrastructure support.
Samani foresees consolidation in the DAT market, with Solana expected to dominate due to its liquidity and service-provider depth.
Pending US spot ETFs for SOL are seen as amplifying Solana DAT advantages rather than diluting them.
Solana DATs sustain demand for SOL by routing cash flows to equity holders, unlike BTC which relies on external financing.
Forward is exploring bank partnerships for cost-effective dollar financing against SOL collateral.
The recent $1.65 billion raise included significant investments from both crypto-native and traditional finance participants.

Samani concludes that Solana’s yield mechanisms, institutional credit, and ETF structures create consistent demand for SOL, positioning it favorably against Bitcoin vehicles.

Solana price