In the rapidly evolving world of cryptocurrencies, new investment vehicles and strategies are continually being developed to harness the vast potential of blockchain technology. One such development is the rise of Solana-native Digital Asset Treasuries (DATs), which are drawing significant attention from investors and analysts alike. Multicoin Capital co-founder Kyle Samani recently made bold predictions regarding the future of Solana DATs, suggesting they might outpace Bitcoin-focused investment vehicles due to their structural advantages.
Solana’s Structural Advantage
Speaking on Blockworks’ Empire podcast, Samani articulated why he believes Solana DATs are poised to lead the charge in the digital asset space. The conversation comes hot on the heels of Forward Industries closing a massive $1.65 billion Private Investment in Public Equity (PIPE) deal, led by financial heavyweights such as Galaxy Digital, Jump Trading, and Multicoin Capital. Samani’s argument hinges on Solana’s ability to yield returns, its composable decentralized finance (DeFi) systems, and its on-chain corporate operations—factors that Bitcoin, due to its nature, cannot match.
Samani explained, “We’re building a new financial system from the ground up,” underscoring Forward’s role as both a proof-of-concept and a robust financial vehicle converting Solana’s technical capabilities into tangible shareholder value. A key differentiator, in his view, is yield. Solana’s native staking yield, approximately 8%, along with credit spread arbitrage, provides Forward with a mechanism to generate cash flow, a feat Bitcoin treasuries struggle to replicate due to BTC’s non-yielding nature.
A New Era for Corporate Finance
The Forward initiative represents a fundamental shift in how corporate finance could operate on the blockchain. By running core operations—such as payroll, paying vendors, equity issuance, and shareholder votes—entirely on-chain, Forward aims to be a pioneer in utilizing blockchain for comprehensive corporate management. Samani is optimistic about the transparency this brings, noting plans to eventually publish all company addresses for real-time dashboard updates.
Scale and economics are central to Samani’s thesis. There’s an emphasis on leveraging Solana’s DeFi ecosystem and the broader DAT landscape to create accretive economics. Galaxy Asset Management, for example, will handle staking and DeFi deployments, while Jump focuses on infrastructure and performance.
The Competitive Edge Over Bitcoin
In contrasting Solana DATs with Bitcoin-focused vehicles, Samani highlights the absence of native cash flows in Bitcoin-based treasuries, which typically rely on external financing and price appreciation. Solana DATs, by contrast, can fund themselves through staking yields and on-chain market arbitrage. This self-funding model, coupled with potential bank acceptance of staked SOL as collateral, could widen the gap between Solana and Bitcoin even further.
Samani is particularly optimistic about the potential US spot ETFs for SOL, which could include staking features. He believes these developments would bolster Solana DATs rather than dilute their appeal, expanding the investor base while maintaining Solana’s intrinsic yield capabilities.
Challenges and Opportunities
Despite the promising outlook, several challenges remain. The success of Solana DATs hinges on effective execution, market liquidity, and regulatory acceptance of staking-based structures. The recent acquisition of 6,822,000 SOL tokens by Forward, worth $1.58 billion, underscores the consortium’s commitment to Solana’s future. However, with only $67 million left for additional purchases, the pressure is on to execute their strategy effectively.
Meanwhile, the market dynamics are expected to drive consolidation among Solana DATs, with Samani predicting a sustainable number of three or four dominant players. The opportunity for mNAV arbitrage presents a potential gain, where vehicles trading at premiums can acquire those at discounts, leveraging Solana’s liquidity and service-provider depth.
The Path Forward
As the landscape of digital assets continues to evolve, the potential for Solana DATs to outpace Bitcoin-focused vehicles remains an intriguing prospect. Samani’s vision of a finance system rooted in blockchain technology reflects a broader trend towards decentralization and transparency in corporate finance. Whether Solana’s DATs will indeed surpass Bitcoin in terms of efficiency and returns will depend on numerous factors, including market adoption, regulatory developments, and the ongoing innovation within the blockchain space.
Ultimately, the narrative surrounding Solana and its DATs represents a microcosm of the broader shifts occurring in the world of digital assets. As investors and institutions navigate this new terrain, the potential for groundbreaking changes in how financial systems operate is both a challenge and an opportunity.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
