Multicoin Capital managing partner Kyle Samani is expected to serve as chairman for a forthcoming Solana treasury vehicle, three sources with knowledge of the matter said.
Multicoin hatched plans for a potential $1 billion Solana digital asset treasury company, alongside Galaxy Digital and Jump Crypto, Bloomberg first reported.
According to the report, the DAT is expected to be created via a takeover of an undisclosed publicly traded entity. The transaction is yet to take place.
Multicoin and Galaxy declined to comment. Samani and Jump did not return requests for comment.
Samani’s role as chairman could answer a question on many Solana watchers’ minds lately: Who will be Solana’s version of Michael Saylor?
Multicoin first invested in Solana during the blockchain’s 2018 seed round, and Samani has become one of the network’s staunchest advocates.
Samani frequently posts in Solana’s favor — and trolls its competitors — to his more than 170,000 followers on X. Samani’s chairmanship could set him up for a similar role to Strategy CEO Michael Saylor and BitMine chairman Tom Lee, who have become well-known for television appearances and social media posts praising bitcoin and ether — which are held by their respective DATs.
If Multicoin, Galaxy, and Jump’s forthcoming DAT is able to raise and deploy $1 billion, it would become the largest Solana treasury vehicle as things stand today. The current leader, Upexi, has a net asset value of $413 million, according to Blockworks Research data.
Solana treasury companies are proportionally smaller overall than for BTC or ETH. Just 1% of SOL is held by treasury companies, compared to 3.4% and 2.9% of bitcoin and ether, respectively.
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Source: https://blockworks.co/news/samani-expected-chairman-solana-treasury
