MULTICOIN CREATING WORLD'S LARGEST SOLANA TREASURY COMPANY

Summary from the TLDR Crypto newsletter

Multicoin Capital, Jump Crypto, and Galaxy led a $1.65 billion investment into Forward Industries (FORD) to create the world's leading Solana treasury company. Kyle Samani was appointed as Chairman. Each sponsor committed over $100 million and attracted participation from major firms, including Bitwise, Ribbit Capital, and crypto angels. The strategy adapts MicroStrategy's Bitcoin DAT model to Solana, aiming to increase "SOL per share" through active treasury management, including DeFi participation, acquiring discounted SOL through sponsor networks, and arbitraging cost of capital differences between traditional banking and DeFi protocols. Samani argues SOL offers superior properties for a DAT compared to Bitcoin or Ethereum, citing native staking yields of approximately 8.05% (including 1.86% real yield from MEV and economic activity) versus Ethereum's 3.21% total yield with only 0.41% real yield, while Bitcoin generates zero real yield.