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.