Managing Partner, Multicoin Capital
Breakpoint 2025: The Case for Solana ft. Kyle Samani from Forward Industries
🔥 Get Raoul Pal's free PDF report to Unf*ck Your Future: https://rvtv.io/3YOZZUe.
In partnership with Solana, we're releasing the best conversations from Breakpoint 2025. Today, we have Kyle Samani, chairman on Forward Industries, for a keynote presentation making the case for Solana and its vision of internet capital markets. Recorded on December 11, 2025.
🍌 Get your Banana Zone swag at the Real Vision merch store: https://shop.realvision.com
About Real Vision™:
We arm you with the knowledge, the tools, and the network to succeed in your financial journey.
Elevate your brand with Real Vi...
About Kyle Samani
Kyle Samani, managing partner at Multicoin Capital, spoke at the All-In Summit in November 2025 about the future of internet capital markets. He argued that a new regulatory framework will allow non-security crypto assets, tokenized securities, and traditional securities to trade on a single user interface. Samani predicted that regulated financial "super apps" like Robinhood, Coinbase, and SoFi will offer services such as staking, lending, and access to decentralized finance (DeFi) without needing multiple state or federal licenses. He stated that "US securities markets are coming on chain" and that "internet capital markets are going to absorb every function of capital formation, trading, settlement, and risk," comparing the shift to how software "ate the world." In June 2026, Samani appeared at the All-In Liquidity Summit as chairman of Forward Industries, which he described as the world's largest Solana digital asset treasury company. He noted that the crypto market was in a bear market and encouraged investors to "turn over stones" for undervalued opportunities. Samani also pitched a company called Geonet, which he described as operating at the intersection of crypto and AI. He stated that he makes money by "holding things you believe in through volatility" and advised holding "high quality names" in both crypto and AI.
Transcript (17 segments)
U
Unknown0:00
Let's get some facts. 37% of you aren't subscribed to this channel. That's almost four out of 10, just freeloading the alpha. So, come on, hit subscribe, and I promise to keep leveling up the show with the best guests and the juiciest insight. Go on, do it now.
K
Kyle Samani0:26
Alrighty. Good afternoon, everyone. Thank you for being at Breakpoint 2025. My name is Kyle Samani. I'm a founder and managing partner at Multicoin Capital. Thank you for being here with me this afternoon.
As some of the seed investors in Solana, we've had to re-underwrite our investment in SOL as it's gone up in price over the years. Earlier this year, we went through that same process again. And we concluded that Solana is still going to be in the best position to be the dominant smart contract platform. Today I'd like to talk about what undergirds our conviction. The short answer to that is internet capital markets. But the longer and more nuanced answer that I'm going to talk about over the next 10 minutes is really why we think Solana has the core properties you need to power global scale internet capital markets. Before I start, you should read very fast. Here are some important disclosures for all of you.
Cool. All right. So, a couple of months ago, I gave a presentation at the All-In Summit that laid out kind of the big idea behind Internet Capital Markets. In that presentation, I described internet capital markets as a system in which anyone can trade any asset anywhere in the world 24/7 with just their phone and an internet connection.
From an allocator's perspective, we think internet capital markets is really one of the most important ideas happening in the world today up there with AI. But really no one has actually articulated kind of tried to answer the question well what are the core properties you need to make a system actually able to support internet capital markets at global scale and there are a lot of subtle design decisions that need to go into thinking about this and I want to answer those questions today.
So we think there are basically four core properties you need in a system that is going to undergird internet capital markets and those four are global liquidity, censorship resistance, credible neutrality, and jurisdictional sovereignty. So let me jump into each of those.
First is global liquidity. This is a pretty straightforward concept. Internet capital markets obviously should be able to tap into liquidity anywhere in the world. But there's a little more nuance to think through beyond that and I want to give an example to make that clear. Let's say you live in the US and you want to buy stock A on-chain and let's say there are three different trading venues on-chain. You have something like from the New York Stock Exchange that's on-chain. You have something from the London Stock Exchange that's on-chain and let's say a permissionless DEX like Drift. And all three of those exchanges are trading stock A. If you have the KYC credentials to trade on all three of those exchanges, then you should be able to tap into liquidity across all three of those venues and not just one. And by tapping into that liquidity, you should then receive the underlying asset back to your wallet instantly. Internet capital markets are global, but the world is regional and we're going to have different venues on-chain. And we think it's super important to preserve this idea of being global while still recognizing the reality of regional rules, jurisdictions, and KYC. And we think this global foundation Solana provides can actually accomplish that.
Next property I want to touch on is censorship resistance. There are obviously always going to be instances in which countries try and block people from doing things on-chain or accessing internet capital markets. And obviously the more centralized the system is the easier it is to censor. Decentralized systems are obviously much harder to censor. And crypto has really proven that we can actually have globally censorship resistant systems. Today I think it's generally recognized that Bitcoin, Ethereum and Solana at the very least are genuinely censorship resistant systems. The key property of course that makes these systems censorship resistant is having block producers all over the world in many different jurisdictions and regions. And today of course across these different systems there are thousands of nodes producing blocks across more than 100 countries.
Next property I want to touch on is credible neutrality. This is probably the most subtle of these four properties and maybe the hardest to appreciate. On the surface, censorship resistance and credible neutrality appear to be fairly correlated and they are. Maybe the more nuanced way to think about it is that the more censorship persistent a system is, the harder it is for any one actor to weaponize the system against other actors. But the correlation between these properties starts to get a little fuzzier as you get into more nuanced situations.
If you consider the Solana network today, Solana network today has about a thousand block producing nodes across 48 countries. There are 210 countries in the world. And so that means obviously that not everyone in every country has local representation there. But even if you did get you know at least one node per country, most of those nodes are going to have you know a tiny amount of stake. And we think it's fairly unlikely that if you are a regulator in a smaller country that you're going to look at a system in which you have 0.1% or 0.01% stake and think that's credibly neutral to the citizens of your country and jurisdiction. And so this idea of credible neutrality it's easy for us to take for granted in some of the major metros but much harder as you get to smaller environments.
And then the fourth property I want to touch on is the kind of this new idea that we look at called jurisdictional and application sovereignty. On the surface this property seems a little bit at odds with the prior three which are all kind of intrinsically global in nature. But I don't think it has to be. For anyone who studied the history of financial markets and exchanges, you know that there is not one correct construction for market microstructure. You have taker speed bumps. You can have make or cancel priority. You can have maker rebates. You can have priority liquidations. There's all kinds of mechanics you can play with in different microstructure designs. And if you look across the world at the major trading venues today across equities, commodities, FX and others, you see that there's not one uniform standard for that. Well, if you have a single global system, you know, how are you going to reconcile these different microstructure realities against one global system? And so we believe that, you know, in order to have internet capital markets, you need to be able to respect the needs of regulators and exchange providers in these jurisdictions.
And so the next question is, well, you know, how are you actually going to achieve all of these objectives in one system today because as of today no blockchain in the world does all of the above but I think the folks at Solana are working on it. We think there are fundamentally two major technologies that are now being worked on that we think unlock all of the above and those are MCL, multiple concurrent leaders, and application controlled execution or ACE. If this is your first Breakpoint, MCL was actually introduced by Anatoly two years ago and ACE was actually introduced last year. We think these two core ideas which are now both under active development from Solana core engineering are going to be the two things that really facilitate internet capital markets at truly truly global scale. So let me explain that.
Today almost all major blockchains are single leader systems whether they're L1s or L2s, EVM, SVM or something else. And what that means is that at any one moment in time there is one block producer somewhere in the world that has a monopoly on block production. The premise of multiple concurrent leaders is actually pretty straightforward. It's of course the idea of having multiple concurrent people producing blocks at the same time. The reason this is important for things like credible neutrality in particular and censorship persistence is that it allows you to kind of multiply effective stake. If you have a system where you have 100 block producing nodes at the same time and you have a 0.1% stake in that global network that would be the equivalent of having 10% stake in a single leader system like Solana is today. And so we think that the ability to have you know way way more concurrent leaders is going to allow there to be more nodes in more places which is ultimately going to make regulators and application developers in all of these longer tail jurisdictions feel comfortable trusting this global system.
The second major technical requirement we think that's going to be key to unlock this vision is application controlled execution otherwise known as ACE. On the surface it would appear that a single integrated system like Solana is really antithetical to this idea. And this is why application controlled execution is really necessary. ACE will allow developers to specify custom ordering rules, things like maker prioritization, taker speed bumps, maker cancels, priority liquidations, all these different things, all while still being on one global system with one global liquidity pool in the way that Solana is today. ACE really allows regulators and exchange operators, whether you're the London Stock Exchange, the Hong Kong Stock Exchange, or anyone else to define their own custom rules while still tapping into the benefits of Solana as a global system. And we think this is super underappreciated.
To recap, we think internet capital markets are going to require four properties to really get to global scale. And those are of course global liquidity, censorship resistance, credible neutrality, and jurisdictional and application specific sovereignty. We think if you look today at kind of designs of these systems, the only one that's actually going to get you there is Solana. Ethereum, you know, maybe it's credibly neutral. It's definitely censorship persistent. It definitely provides global liquidity. But you look at the L2s, you know, they don't really achieve any of the first three objectives. And we think that this is going to be the path that's going to truly get global buy-in from heterogeneous participants all over the world.
Well, we think Solana is really building the most ambitious vision for the future of internet capital markets. And that's why we're so excited about where Solana is and where it's going in the years to come. So, thank you all.
U
Unknown10:19
So, you obviously like this video enough that you've got to the end. That's quite a big task. But listen, do me a favor. Hit the like and subscribe button and also check out what video's next because I think you'll love it. But if you want even more, and when I'm talking more, I'm talking about member-generated ideas, incredible alpha research, everything there to help you in your journey, just head to realvision.com/join for the best financial intelligence out there and the pure alpha that's within the platform.