Episode Overview
Episode: Inside Forward Industries' SOL Strategy
Podcast: Markets Outlook by CoinDesk
Date: December 15, 2025
In this episode, CoinDesk sits down with Kyle Samani—Co-founder and Managing Partner of Multicoin Capital and Chairman of Forward Industries—to explore Forward Industries’ Solana-centric digital asset treasury strategy. The conversation dives deep into the evolving landscape of Solana’s ecosystem, the operational model of Forward Industries, and the future of digital asset treasury (DAT) companies. Kyle Samani shares insights into consolidation in the sector, the unique vision behind Forward’s strategic acquisitions and yield-generating activities, and Multicoin’s broader investment thesis as they look ahead to 2026.
Key Discussion Points & Insights
1. Solana vs. Bitcoin: The Ecosystem Approach
- Solana's Appeal: Unlike Bitcoin, which Samani describes as a "pet rock" asset, Solana boasts a thriving on-chain ecosystem featuring DeFi protocols and dynamic development teams. This opens a path for creative DeFi integration and yield opportunities.
- "The challenge with Bitcoin is Bitcoin doesn't do anything. It's just, it's your pet rock, you put it under your mattress, just sits there. Solana is not that. Solana has this thriving ecosystem of all these defi protocols, these depend teams." [00:00]
- Real-World Integration: Forward Industries sees potential in embedding DeFi and trading functionalities into diverse internet services and platforms.
2. Founding and Vision of Forward Industries
- Purpose: Forward Industries was conceived as a next-generation digital asset company, modeled loosely after Berkshire Hathaway, but focused on strategically using its balance sheet for disruptive acquisitions within crypto—specifically employing Solana’s technology.
- "We endeavored on this because we thought there was a really interesting opportunity...to have a kind of Berkshire Hathaway style publicly traded company that can use its balance sheet to make really accretive and strategic acquisitions in and around the crypto ecosystems and to apply Solana's technology in really interesting, disruptive and potential as very creative ways to shareholders." [01:52]
- Scale: Backed by a $1.65B PIPE (private investment in public equity), Forward claims to be the largest Solana digital asset treasury, operating at a scale 4x larger than competitors.
- Strategic Acquisitions: Focused on integrating DeFi and "all this cool activity happening on chain" into broader internet applications.
- "We are now actively in discussion with looking at a bunch of deals and I'm optimistic that we'll be able to find some pretty out there ideas and apply after acquiring those companies. Put crypto in them in really cool ways." [02:51]
3. Comparison to Michael Saylor and Differentiation from Other DAT Companies
- Public Perception: Samani is flattered by comparisons to MicroStrategy’s Michael Saylor but clarifies the business models are distinct—Forward is not just a holding vehicle but an active, opportunistic acquirer and innovator within the Solana ecosystem.
- "I'm very flattered whenever, whenever people say that...The challenge with bitcoin is bitcoin doesn't do anything...Solana has this thriving ecosystem..." [02:51]
4. Outlook for Digital Asset Treasury Companies (DATs)
- Market Consolidation: Samani predicts that most current DAT companies will not survive into the future, due to financial structures, internal governance limitations, and the inability to pivot or stay solvent in adverse market conditions.
- "Very unlikely." (on if most DATs will survive) [04:05]
- "We have the balance sheet, we have the team, we have the talent to survive...a lot of these DAT companies have a lot of structure on them...insiders effectively can block a transaction or have almost blocking rights..." [04:11]
- Opportunities in Distress: Forward views sector consolidation and decline in DAT valuations as buying opportunities.
- "I'm very excited for things to drift down the point one or point to M NAV because that creates opportunity for us and of our shareholders." [05:37]
5. Innovating Beyond "Table Stakes" Utility
- Current Initiatives: Forward is already running its own validator, launching a proprietary AMM (automated market maker), and exploring market-making activities on Solana—all without diluting shareholders, unlike peers.
- "For Forward to launch a validator...an lst...an on chain market making business. We've encouraged zero incremental dilution to offer those services. I consider all that stuff table stakes..." [06:10]
- Bigger Vision: True value will come from applying crypto to “interesting assets in the world” (i.e., non-crypto-native companies or products) in “compelling ways.”
6. Broader Investment Thesis at Multicoin Capital
- Continuity and Focus: Multicoin remains committed to building at every layer of crypto, especially prediction markets and consumer applications that fundamentally integrate crypto.
- "We believe that crypto is going to power global finance. Solana is going to be the home of Internet capital markets. And we invest at all layers of the stack..." [07:27]
- "We've been spending a lot of energy on prediction markets. We invested in Kalashi...we expect there's going to be a lot more really cool consumer applications in the years to come that embed crypto in a really fundamental way." [07:27]
Notable Quotes & Memorable Moments
-
On comparing risk in crypto to skydiving:
B: “How does skydiving...bring us back to Breakpoint?”
A: “Have you ever traded a meme coin? It’s that risk. It’s that risk. The exhilaration, the adrenaline.” [01:16–01:19] -
On the unique value of Forward’s approach:
A: “We are the largest Solana digital asset treasury company in the world by about a factor of 4x...” [01:52] -
On DAT company struggles:
A: “These companies could easily trade down to 0.1 or 0.2 mnav. And I do think you're going to see a lot of these drift down into, into that range.” [05:26] -
On Forward’s edge in market cycles:
A: “We have the balance sheet...we have the talent to survive...We feel like that washout is going to be a really great opportunity for us.” [04:11] -
On Forward’s “table stakes” strategy:
A: “All that stuff table stakes, that stuff’s not fancy. We got to do it and we’re going to do it. We’re going to earn more yield for our shareholders.” [06:10] -
On Multicoin’s long-term thesis:
A: “Solana is going to be the home of Internet capital markets.” [07:27]
Timestamps for Key Segments
- Solana vs. Bitcoin, DeFi Yield Opportunities: [00:00–01:19]
- Forward Industries’ Structure & Strategy: [01:52–03:00]
- Comparing to Michael Saylor/MicroStrategy: [02:33–03:00]
- Survival and Consolidation Among DATs: [04:05–05:26]
- Opportunities in Distressed Asset Purchases: [05:26–05:56]
- Next-Gen Digital Asset Treasury and Forward’s Initiatives: [06:10–07:17]
- Multicoin Capital Investment Focus for 2026: [07:17–07:55]
Tone & Style
The episode is both analytical and enthusiastic, with Kyle Samani presenting in a candid, slightly irreverent (“pet rock,” “table stakes”) but always deeply informed manner. The hosts keep the discussion grounded and moving, while extracting clear explanations and actionable insights for institutional and retail audiences alike.
Takeaways
- Forward Industries is steering away from simple Solana holding toward active, innovative deployment of capital and technology—including running a validator, launching a proprietary AMM, and strategic acquisitions.
- Solana’s dynamic ecosystem offers more opportunity for integration and yield than static large-cap assets like Bitcoin.
- Market consolidation among digital asset treasury companies is expected, with Forward positioned to capitalize on distressed opportunities.
- Multicoin Capital’s thesis remains unchanged: crypto, and specifically Solana, will power the future of global finance.
This episode is essential listening for those interested in Solana’s evolving role in crypto, the future of digital asset treasuries, and hands-on perspectives from leaders actively shaping the industry landscape.