Solana (SOL) Outperforms Bitcoin (BTC), According to Multicoin Capital Founder

Updated

September 17, 2025

Gambar Solana (SOL) Outperforms Bitcoin (BTC), According to Multicoin Capital Founder

Jakarta, Pintu News – Multicoin Capital co-founder Kyle Samani recently expressed his belief that Solana-based Digital Asset Treasuries (SOLs) have structural advantages over Bitcoin -focused vehicles.

In an interview on the Empire Blockworks podcast, Samani explained how the mechanisms supporting the Solana Digital Asset Treasury can be a sustainable price driver for SOL.

Solana Digital Asset Treasury Advantages

New episode with @KyleSamani out now! @JasonYanowitz

We discuss:
– Raising $1.65B for @FWDind
– Partnering with @jump_ & @galaxyhq
– Integrating DATs into DeFi
– Internet capital markets
– What's next for Forward Industries?
– Stablecoins, SOL ETFs & more!

Timestamps:
00:00… pic.twitter.com/edFDzgkfeX
— Empire 🟪 (@theempirepod) September 15, 2025

According to Samani, Solana (SOL) offers composable yield and DeFi, as well as on-chain corporate operations that Bitcoin (BTC) cannot match. “We are building a new financial system from the ground up,” Samani said.

He adds that the vehicle they are developing is not only a proof of concept for “internet capital markets,” but also a balance sheet that can turn Solana’s technical and financial primitives into value for shareholders. Yield is a key differentiator, according to Samani.

“Saylor pays about 9% for MicroStrategy’s perpetual preferreds, but its core business generates almost no cash flow,” Samani said. In contrast, the vehicle developed by his team will generate cash flow through two mechanisms. First is the SOL staking yield which is about 8%, and second is through credit spread arbitrage.

Also Read: 5 Reasons Bitcoin Allocation on Wall Street Will Explode by the End of 2025

Comparison with ETFs and Other Vehicles

Samani also argues that the upcoming spot ETF in the US for Solana (SOL)-especially with staking enabled-will strengthen Solana’s Digital Asset Treasury advantage rather than diminish it. “I am very optimistic that staking will appear in the SOL ETF soon… probably before the end of this year,” he said.

According to him, interchangeable wrappers-spots on exchanges, ETFs for brokerage houses, and corporate wrappers for Digital Asset Treasuries-will expand the investor base while maintaining Solana’s intrinsic yield engine.

Forward Industries, which is part of the initiative, “expects to stake a large majority” of their SOL. This shows a strong commitment to fully utilizing the potential of Solana’s blockchain technology for financial gain.

Pricing Implications and Financial Strategy

Samani emphasizes that Solana’s Digital Asset Treasury creates sustainable demand for SOL while flowing cash flow back to shareholders. Token acquisitions locked at a discount, systematic staking, bank-funded DeFi strategies, and customized liquidity deals with leading protocols together create what he calls structural accretion.

The difference with Bitcoin (BTC) is very clear in Samani’s framework. Without a genuine cash flow, Bitcoin (BTC)-based treasuries rely on external financing and price appreciation; while Solana’s Digital Asset Treasury can finance itself. “Bitcoin cannot compete” in this dimension because it lacks yield staking and a composable on-chain market for institutional-scale credit arbitrage.

Conclusion

With a successful fundraising close in about two weeks, with strong participation from crypto and TradFi players, Forward Industries has set a great pace in utilizing blockchain technology for corporate finance.

Whether Samani’s claim that Solana’s Digital Asset Treasury will “outperform” Bitcoin vehicles and drive a surge in SOL prices will depend on execution, market liquidity, and the extent to which banks, ETF issuers, and regulators support staking-based structures.

Also Read: Maartunn Analyst Says December 2024 Crypto Market Pattern Repeats, What Does It Mean?

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