Why are the newly launched DATs from Multicoin, Jump, and Galaxy undervalued?

The newly launched Solana-focused DeFi Acquisition Trusts (DATs) by Multicoin Capital, Jump Crypto, and Galaxy Digital are potentially undervalued due to several key factors:

Strong Corporate Structure: The DAT uses a Nasdaq-listed shell company, Forward Industries ($FORD), which has minimal operational baggage and a small market cap, allowing for cleaner execution of the new strategy.
Significant Leadership Backing: Multicoin’s Kyle Samani, a prominent Solana advocate, personally invested an additional $25 million, signaling deep conviction and long-term commitment.
Powerful Ecosystem Ties: Each founding entity brings substantial resources: Multicoin has invested over $500M in Solana, Jump contributes high-frequency trading expertise and market-making services, and Galaxy holds over $1B in SOL and offers extensive institutional and VC networks.
Technical Momentum: Solana’s upcoming Firedancer client and Alpenglow consensus are expected to drastically improve performance (100k+ TPS, <150ms latency). Innovations like the DFBA mechanism could foster new killer applications on-chain.
Broader Narrative: Unlike other DATs that focus solely on holding a single asset, Solana’s DAT aims to invest across the entire ecosystem, supporting its transformation from a meme chain into a new Internet Capital Markets (ICM) hub—aligning with broader TradFi integration trends.

Author: Haotian

Why is the newly created DAT portfolio of @multicoincap + @jump_ + @galaxyhq potentially undervalued by the market? Here are my thoughts:

1) Forward Industries, Inc. ($FORD) is a long-established company listed on Nasdaq, but its market capitalization is small, currently less than $60 million, with 1.71 million shares outstanding. After injecting new operating businesses through PIPE private equity financing, the original operating entity has less baggage, so the subsequent impact of the shell company is relatively small.

2) @KyleSamani is like @saylor for $BTC and @fundstrat for $ETH. He has always been a very persistent technical and narrative evangelist for $SOL. In this DAT game, he personally invested an additional $25 million, which shows that he is going to play a big game.

3) Multicoin, Jump, and Galaxy all have deep ties with Solana. Multicoin has invested over $500 million in the ecosystem. Jump, a high-frequency Wall Street institution, has also invested heavily in the ecosystem, serving as a Firedancer node, exploring the DFBA (Dual Stream Batch Auction) mechanism, and providing Market Maker services to the ecosystem. Galaxy holds over $1 billion in SOL and has also tokenized its own stock $GLXY on Solana. Its advantages in global VC networks and institutional resources are very eye-catching.

Narrative evangelism + technological innovation + resource access: this highly complementary iron triangle should not be underestimated.

4) Solana's upcoming Alpenglow consensus and Firedancer client node diversity will significantly improve its performance. Mainnet testing has previously achieved over 100,000 transactions per second (TPS), with execution speeds reduced to under 150 milliseconds. The innovative DFBA mechanism may give rise to new killer products on the Solana chain. However, a key technical detail that many people overlook is the recent SIMD-228 governance proposal, which was rejected. If it had passed, it would have reduced SOL's staking inflation rate, significantly impacting the DAT's appeal to institutions.

Technical performance, innovative genes, and profitability—everything seems ready to go, just to take up the baton of Solana's DAT.

5) @solana's DAT narrative isn't simply a "micro-strategy" copycat of BTC, Ethereum, and other altcoins. While other DATs focus solely on the token itself, Solana's DAT treasury radiates across the entire ecosystem, ultimately aiming to shed its focus on being a pure MEME chain and transform into a new Internet Capital Markets (ICM) narrative. This aligns perfectly with the broader trend of tradfi integration driven by the crypto-friendly US government.

Moreover, the ICM narrative is large enough for Solana to encompass narratives such as the MEME launch pad, DePIN, PayFi, HFT Trading, and more.