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Author: Kyle Samani, Managing Partner at Multicoin Capital; Translated by: AIMan@Bitchain Vision
On September 11, 2025, I am pleased to announce that Multicoin Capital, Jump Crypto (the largest cryptocurrency trading company) and Galaxy (the largest financial group in the cryptocurrency space) have successfully led the $1.65 billion PIPE financing of Forward Industries (NASDAQ: FORD) which will use net income to launch Solana Treasury.Each sponsor commits more than $100 million per year.I personally invested an additional $25 million based on Multicoin’s commitment, because I believe the company has long-term development potential.
In addition to several sponsors, PIPE has received support and participation from several global investment companies and leaders in the digital asset ecosystem, including:
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Company/Enterprise: Big Brain Holdings, Bitwise Asset Management, Borderless Capital, Coinlist Alpha, Cyber Fund, C/M Capital Partners, LP, FalconX, Graticule Asset Management Asia, Jupiter, L1 Digital, ParaFi, Ribbit Capital, RockawayX and SkyBridge Capital.
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Angel investors: Cindy Leow (Drift), Guy Young (Ethena), Howard Lindzon (Stockwits), Lucas Bruder (Jito), Lucas Netz (Pudgy Penguins), Robert Leshner (Superstate), Tarun Chitra (Gauntlet) and Tory Green (io.net).
PIPE financing ended today, and at the same time, I was appointed Chairman of the company’s board of directors.As one of Solana’s earliest and most active supporters since leading the seed round in early 2018, I happily accepted the opportunity to take on this role.As for my position at Multicoin, nothing has changed; I will continue to be a managing partner.
As part of the financing ended, Jump Crypto Chief Investment Officer Saurabh Sharma, and Chris Ferraro, president and chief investment officer of Galaxy Capital, were granted board observer rights.I’m so happy to be working with them.
SOL DAT
Solana has a dynamic, heterogeneous, competitive and thriving DeFi ecosystem consisting of dozens of established teams.Therefore, Forward Industries has the opportunity to invest its SOL funds into the DeFi sector to create a differentiated source of income for shareholders, thereby further accelerating SOL purchases.
While we expect SOL treasury to participate in staking and DeFi, we also identified other strategies that Multicoin believes the company is capable of exploring:
1. First, Multicoin believes that by leveraging the in-depth network of sponsors within the Solana ecosystem (dating back to 2018 seed rounds), the company will be in a unique position to acquire discounted and locked SOLs.
2. Secondly, in addition to pledging and participating in obvious on-chain activities such as DeFi, the company also sees a potentially huge and lucrative design space, which is to arbitrage the cost difference between the services provided by banks to listed companies and the services provided by DeFi.We believe that this arbitrage strategy can be reflected in many different ways in many counterparties.
3. Third, given the sponsor’s qualifications, the size of the company’s funds, and the sponsor’s in-depth understanding and relationships with the Solana ecosystem, the company believes that the company can use these relationships to enter into deals with major Solana agreements and applications to help increase liquidity while also aiming to increase earnings for the company’s shareholders.
Michael Saylor pioneered the Digital Assets Tank (DAT) corporate strategy, using Bitcoin (BTC) as Strategy’s corporate reserve asset.He defined the company’s “Polaris” as “an increase in BTC per share.”Forward Industries is currently seeking to further develop on the model pioneered by Saylor, using SOL as a reserve asset for its digital asset treasury strategy.Similarly, Multicoin invested in the company, expecting the company’s “Polaris” to be an increase in SOL per share, with the goal of enhancing shareholder value through custom strategies and active management of the company’s treasury.
We thinkSOL is the best asset to support DAT;It possesses several unique properties that BTC and ETH lack.
SOL can generate actual income through pledge.SOL’s “benefits” come from organic economic activities, as well as MEV.Multicoin has written and introduced MEVs several times over the past few years.For Solana,As of September 2025, SOL pledgers received an average of 8.05% yield, which included an inflation rate of about 6.19% and an actual rate of return of about 1.86% from organic economic activity and MEV.This yield is paid to the SOL pledger once every approximately 2.5 days.Although the nominal yield on ETH pledges so far in 2025 is about 3.21%, of which 2.81% is the inflation rate and the real yield is only about 0.41%.As the basis of a permanent capital instrument, we believe this makes SOL an attractive asset for DAT.
We believe that, given the inherent properties of SOL, the convertible and sustainable priority structure promoted by Strategy is far better for SOL DAT than for BTC DAT.Companies can use these sources of income to repay debts in ways that cannot be achieved by BTC DATs.Bitcoin’s actual rate of return is zero.
