Searching for Mana with Lloyd Wahed
Oct 9, 2025 · 58 min · 10 segments
In this episode of Searching for Mana, host Lloyd Wahed sits down with Kyle Samani, Co-Founder and Managing Partner of Multicoin Capital and Chairman of the Board of Forward Industries, for an…
Kyle SamaniGuest
Lloyd WahedHost
Lots of prominence and exciting narrative around the potential and a big trend in the market.
The question that I want to ask is probably one that you get the whole time, so I assume you'll have a good one.
Does ADAT feel like a construct to take an opportunity in the market, which is mainly going to work if the um treasury and the token that you're invested in keeps stable and keeps going up um but of course the big question is well what happens when there's a bear market when it goes down how does a company like ford strategies perform and what are the contingencies so therefore if you could just set the scene and then answer that question please carl
Uh, uh, the part of the process of me becoming chairman was, um, we led, uh, the three sponsors and this case, multi-coin galaxy and jump, uh, led a $1.65 billion pipe into the company.
Um, and as part of that transaction, forward industries basically added a new business line.
Um, they have an existing business line kind of doing some design work around some devices and such, uh, and then they've added this Solana strategy, uh, business line.
The way we think about bull markets and bear markets is Ford Industries was obviously born in a bull market, clearly.
And obviously, I don't think we would have been born with the scale that we have if it was December of 2022.
Uh, the, but you know, the, I think the old saying is you money is made and bear markets and realize the bill markets.
Um, and I think that's probably the right way to think about the kind of cyclical opportunity here.
Um, Multicoin, Galaxy and Jump, who are the three co-sponsors here, have all been in crypto now for seven or eight years.
And I think we all understand that viscerally, that the real money to be made is in bear markets.
And so I'm actually, to some extent, excited about those opportunities because that's when we can leverage, I think, our resiliency and our scale to our advantage.
But building on that, there's, I think, 50 DATs out there today, something like that.
Lots of prominence and exciting narrative around the potential and a big trend in the market.
The question that I want to ask is probably one that you get the whole time, so I assume you'll have a good one.
Does ADAT feel like a construct to take an opportunity in the market, which is mainly going to work if the um treasury and the token that you're invested in keeps stable and keeps going up um but of course the big question is well what happens when there's a bear market when it goes down how does a company like ford strategies perform and what are the contingencies so therefore if you could just set the scene and then answer that question please carl
Uh, uh, the part of the process of me becoming chairman was, um, we led, uh, the three sponsors and this case, multi-coin galaxy and jump, uh, led a $1.65 billion pipe into the company.
Um, and as part of that transaction, forward industries basically added a new business line.
Um, they have an existing business line kind of doing some design work around some devices and such, uh, and then they've added this Solana strategy, uh, business line.
The way we think about bull markets and bear markets is Ford Industries was obviously born in a bull market, clearly.
And obviously, I don't think we would have been born with the scale that we have if it was December of 2022.
Uh, the, but you know, the, I think the old saying is you money is made and bear markets and realize the bill markets.
Um, and I think that's probably the right way to think about the kind of cyclical opportunity here.
Um, Multicoin, Galaxy and Jump, who are the three co-sponsors here, have all been in crypto now for seven or eight years.
And I think we all understand that viscerally, that the real money to be made is in bear markets.
And so I'm actually, to some extent, excited about those opportunities because that's when we can leverage, I think, our resiliency and our scale to our advantage.
But building on that, there's, I think, 50 DATs out there today, something like that.
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