Solana's "financial strategy" goes all-in—Multicoin all-in on $1.65B investment round

As Wall Street turns its attention to Solana NFTs, Forward Industries, a major “whale wallet” company in the ecosystem, has made a move. In a recently announced $1.65B series funding round, top VCs like Galaxy Digital and Jump Crypto have pledged over $100M. Among them, Multicoin Capital stands out—Kyle Samani, serving as chairman, personally added $25M on top of the fund’s investment.

Why such a strong commitment?

Multicoin’s “Solana bet” runs deep. They joined the initial round in 2018 ($0.04/token), continued to invest, and now have unrealized gains exceeding 5,000x. They’ve also backed key protocols such as Pyth, Jito, and io.net—essentially “earning across the ecosystem.”

Forward Industries has three main strengths:

1. Discounted SOL Acquisition — Leveraging network assets since 2018, they can secure SOL at below-market prices.
2. Arbitrage Opportunities — Utilizing cost differentials between traditional finance and DeFi for yield generation.
3. Ecosystem Credibility — Securing further liquidity through cooperation with major protocols.

The goal is clear: Increase SOL per share. This also signals that the DAT (Crypto Treasury) narrative is on track to become a hot theme in 2025.

However, there are some concerns. Multicoin’s pace of investment announcements has slowed (only 6 deals in the first half of this year). While they appear bullish, they may actually be allocating capital more strategically. Is this concentrated bet on Forward Industries a final wager on the Solana ecosystem, or just another monetization strategy? The market remains divided on how to interpret it.