Hey, it’s Marc. ✌️
“Solana is the foundation for Internet Capital Markets. And we’re building the most on-chain public company in the world to prove it.”
We sat down with Kyle Samani — co-founder of Multicoin Capital, early Solana backer, and now Chairman of Forward Industries — a newly launched $1.65B Solana treasury company backed by Multicoin, Galaxy Digital, and Jump [RELEASE]. 📈 NASDAQ: FORD
"We are now the largest Solana DAT Treasury company in the world. And I can tell you our aspirations are a lot greater than that. We just got to the starting line and we're sprinting."
Kyle’s not new to making bold bets. From launching Multicoin in 2017 to leading Solana’s seed round in 2018, his views have often been early — and right. Now he’s taking that same conviction to public markets and is betting everything on Solana's internet capital markets vision.
We talked about:
Why Forward Industries raised $1.65B for Solana (not Bitcoin)
The MNAV premium game and what happens in bear markets
How treasury companies can actually outperform holding crypto directly
Solana vs Ethereum
Why corporate layer ones will fail
The timeline for internet capital markets going mainstream
Let’s jump in.
Why FORD exists
“It’s not enough to just buy Solana and trade at a premium. We want to rebuild capital markets on-chain.”
Kyle sees Forward Industries as the first fully on-chain public company — not just buying SOL, but running payroll, governance, dividends, and vendor payments entirely on-chain.
The vision:
Public company treasury model, but with real utility and cash flow
On-chain fundraising and operations
Yield from Solana DeFi, staking, and credit arbitrage
They’ve already secured ~$1.65B, including personal capital from Kyle and institutional backers. Up to 75% of capitalcame from TradFi institutions, including pensions, endowments, and sovereigns.
Solana > ETFs
Kyle breaks down why treasury companies can outperform ETFs:
“ETFs give you fixed exposure. But with a treasury company, you can grow the asset per share through yield, arbitrage, and M&A.”
His strategy:
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