The Wolf Of All Streets: "Is Solana Becoming Wall Street’s Favorite Bet? This $1.5B Whale Thinks So!"

Host: Scott Melker
Guest: Kyle Samani (Co-founder and Managing Partner, Multicoin Capital & Chairman, Forward Industries)
Date: September 21, 2025

Episode Overview

This episode dives deep into the transformation of capital markets as they migrate onto blockchain, focusing on Solana’s emerging dominance in this shift. Scott Melker interviews Kyle Samani, who shares insider perspectives on Forward Industries’ bold move to become a fully on-chain, publicly-traded company, the challenges and opportunities for digital asset treasury companies (DATs), regulatory changes like Project Crypto, and the future of tokenized equities. The conversation offers an expert look at why Solana may be Wall Street’s blockchain of choice—and what that could mean for investors and institutions moving forward.

Key Discussion Points & Insights

1. The Vision: On-Chain Capital Markets

• Regulatory Momentum: SEC Chairman Paul Atkins’s Project Crypto is aiming to move U.S. securities markets onto blockchains ([00:33], [03:02], [15:20]).
  • “SEC Chairman Paul Atkins… announced Project Crypto to the 4,000 employees at the SEC, and he said, hey guys, we need to move U.S. securities markets on chain.” — Kyle Samani [00:33]
• Nasdaq’s Announcement: Nasdaq plans to trade tokenized securities by Q3 2026, reflecting the shift in traditional markets ([00:16]).

2. Why Solana? The Technical Edge

• Built for Securities: Solana supports KYC, dividends, revocable ownership, and key regulatory requirements natively ([00:48], [29:17]).
  • “All of those functions are built into Solana mainnet today, have been for some time.” — Kyle Samani [29:17]
• Superior Throughput & Standardization: Solana can process massive transaction volumes needed for global capital markets—unlike Ethereum and its EVM ecosystem, which remain fragmented and too slow for such use cases ([29:17], [32:55]).

3. Forward Industries: Pioneering the Path

• First-Mover Strategy: Forward Industries seeks to tokenize its own equity, handle on-chain dividends, shareholder governance, and become a model for other public companies ([05:00], [15:20]).
• Operational On-Chain: Already paying vendors and payroll on-chain, striving to be the “most on-chain native company” ([05:00]).

4. Treasury Company Dynamics: Vision, Market, and M&A

• Distinct from Bitcoin Treasuries: Forward Industries aims for active capital markets innovation versus mere asset holding ([03:02], [06:18]).
  • “With Solana, there’s actually opportunity to build the future… It’s not just going to happen because Jerry Atkins gave the speech and snapped his fingers. It’s going to happen because people try to move over...” — Kyle Samani [03:02]
• Yield Advantage: Solana’s staking yields (~8%) make outperforming the benchmark more plausible than with Bitcoin ([07:04]).
• Consolidation Expected: Only a handful of treasury companies will survive; many will fail or be acquired in anticipated M&A waves ([12:10], [23:27]).
  • “The market is not going to sustain 50 independent DATs two years from now. And so there’s going to be a lot of consolidation…” — Kyle Samani [10:58]

5. Capital Market Mechanics: Tokenized Equities & Dual Listings

• Moving Equity to Blockchain: Galaxy has done dual listings; Forward aims for seamless transferability between DTCC and Solana with near-instant settlement and no taxable event ([18:00]).
• Market Maker Role: Efficient cross-market price alignment dependent on infrastructure and regulatory clarity ([18:21], [18:50]).
• Regulatory Engagement: Advocacy and direct dialogue with the SEC, with optimism about Project Crypto’s momentum ([19:48]).

6. ETF Evolution and Impact

• Solana Staking ETFs Imminent: Expected live around October 1, 2025, setting a new benchmark for treasury companies ([21:25], [21:31]).
  • “I think we’re going to have Solana staking ETFs around October 1st.” — Kyle Samani [21:25]

7. Solana vs. Ethereum Institutional Narrative

• Challenging the ETH Story: Institutions talk about “tokenization”, not necessarily “on Ethereum”—Solana’s technological advantage is becoming more recognized, especially post-ETF approval ([34:25]).
  • “The only thing that Ethereum has the lead on is like a checkbox from the regulators… Solana is going to solve that problem in the next two weeks.” — Kyle Samani [34:25]
• Payment Rails Domination: All major payment companies are building on or partnering with Solana due to throughput and UX, leaving Ethereum largely out ([35:29], [39:08]).

8. Macro Trends & Forward-Looking Statements

• Changing Regulatory Climate: The political shift and industry effort have created a “Goldilocks” era for crypto innovation ([26:40]).
  • “We got a little lucky… We all took one massive swing, and that swing worked. So we’re incredibly lucky to be where we are and we obviously try to capitalize on the moment now that we have it.” — Kyle Samani [26:40]
• All Markets On Chain?: Kyle believes capital markets will migrate on chain, with Solana in a leading role, and cites widespread industry interest from Robinhood, Kraken, BlackRock, and others ([28:25]).
• Cycle Dynamics: Four-year crypto cycles may persist out of tradition, but new institutional adoption may render cycles obsolete for top assets ([40:49]).

Notable Quotes & Memorable Moments

• On SEC’s Project Crypto
  “SEC Chairman Paul Atkins… said, hey guys, we need to move US securities markets on chain.” — Kyle Samani [00:33]

• On Solana’s Unique Proposition
  “Solana rolled out this idea called token extensions maybe 18 months ago… all of those functions [KYC, dividends, splits, re-issuance] are built into Solana Mainnet today.” — Kyle Samani [29:17]

• On Immediate Action
  “The very first thing that Ford Industries did after closing on the pipe… was buy a one million dollar market order of Solana on chain. We tweeted the transaction id. It’s all out there.” — Kyle Samani [05:00]

• On Market Structure and M&A
  “The market is not going to sustain 50 independent DATs two years from now. And so there’s going to be a lot of consolidation…” — Kyle Samani [10:58]

• On Traditional vs On-Chain Settlements
  “It was so heavily celebrated when the DTCC went from like t plus two to t plus one. Right now we're talking about t plus 10 seconds.” — Scott Melker [18:21]

• On Institutional Narrative & ETH
  “Larry Fink does not talk about Ethereum. He talked about tokenization. He doesn't talk about platforms… The fact that people think that Ethereum is the institutional chain is because Shiller's back holders on Twitter shill that narrative.” — Kyle Samani [34:25]

• On Crypto Market Cycles
  “I’m not a market cycles guy… But you know, the case to be made that we overcome the reflexivity, the self fulfilling prophecy of the crypto native would be that I would say maybe.” — Kyle Samani [40:49]

Timestamps for Key Segments

• Project Crypto & Regulatory Foundations: [00:25]–[03:02], [15:20], [19:48]
• Solana's Technical & Strategic Advantages: [00:48], [29:17]–[33:57]
• Forward Industries Mission & Actions: [05:00], [27:45]
• Treasury Company Landscape & M&A Prospects: [10:58], [12:10], [23:27]
• Tokenized Equities & Dual Listings: [17:26]–[18:50]
• Solana Staking ETFs: [21:25], [21:31]
• Macro Trends/Institutional Adoption: [26:40], [28:25], [39:08]
• Solana vs. Ethereum Narrative: [34:25]–[37:58]
• Market Outlook & Cycles: [40:49]

Concluding Themes

• Solana is positioned as the blockchain of choice for the next phase of institutional and public market evolution, due to its technical advantages, regulatory engagement, and successful case studies like Forward Industries.
• The crypto capital market space will see major consolidation, as only the most differentiated and agile treasury companies will survive.
• Regulation is turning from a headwind into a tailwind, with Project Crypto, legislative clarity, and shifting SEC priorities opening the door for vast on-chain innovation.
• All markets may eventually be on chain, with early movers like Forward Industries charting the path for others to follow.

This episode is essential listening for anyone following the convergence of traditional finance and blockchain, and especially for those interested in why Solana is beginning to court Wall Street's biggest bets.