"SOL is expected to break $500 in the next six months and challenge the $1,000 mark in the next bull market." Joseph Chee, Executive Chairman of Solana Company, made this bold announcement in the latest episode of the East-West Capital Dialogue show "168X," revealing for the first time his complete strategic blueprint for creating the "Solana Eco Berkshire."

This former UBS Asian investment banking titan has led over 150 IPOs and 300 equity, convertible bond, and bond transactions during the golden decade of China's and Asia's capital markets, raising more than $250 billion in total. He has helped numerous state-owned and private enterprises complete their marketization and internationalization processes, becoming one of the most influential investment banking figures in Asian financial history. Now, he has once again gathered Pantera Capital and several top-tier capital firms from Wall Street and Asia, raising over $500 million to create a new generation of Digital Asset Treasury (DAT) ------ Solana Company (NASDAQ: HSDT).

This article is a summary of the highlights from the 168X (@168X_Fortune) program ------ a top dialogue platform that deeply connects Eastern wisdom with Western innovation, focusing on cutting-edge fields such as AI, blockchain, robotics, space technology, and bioengineering, exploring how technology, capital, and human wisdom will reshape the future of human civilization. The program is hosted by ex-banker Mr. Z.

Host: Mr. Z (@168MrZ) · Guest: Joseph Chee (@JosephChee)

From Wall Street to China's "Golden Decade": A Strategic Turn of an Investment Banking Giant

Joseph Chee's career is a legend that spans the capital markets of both hemispheres. Starting with an MBA from New York University, he entered Citigroup during the internet bubble and began his investment banking career on Wall Street.

When China rose, he came to Hong Kong with the flow of capital. His years at UBS were marked by his personal involvement in the glorious period of China's capital market "Golden Decade." Representative transactions he participated in and led include: the merger of Bank of China (Hong Kong), the IPO of Wanda Commercial Properties, the IPO of PetroChina, and the merger of CRRC ------ these milestone operations laid the foundation for Chinese enterprises to enter the global capital markets.

"At that time, the air was filled with optimism and energy," he describes, "entrepreneurs and bankers were all full of vigor, believing they were participating in building a new world." His team once set a record of completing 7 IPOs in one week, with a single transaction fee reaching $120 million ------ that was an era of rapid economic growth in China.

Having personally witnessed China's economic miracle from nothing to something, Joseph Chee has a profound understanding of the power of "emerging markets" and "institutional transitions." He believes that the crypto industry is at a historical juncture similar to that of the Chinese market back then ------ technology, population, and capital converging at the right time and place will reshape the global financial order.

"I have seen such miracles in China," he says, "and this time, the stage is in the world of blockchain and digital assets."

Founding Summer Capital: From Traditional Financial Elite to Top Web3 Capital

After 2013, Joseph Chee keenly sensed that the times were shifting. "The financial tsunami changed everything. The culture of investment banking shifted from encouraging 'creating miracles' to demanding 'not making mistakes,' with compliance becoming the highest standard."

This risk-control-centric atmosphere prompted him to establish Summer Capital in 2017, achieving a crucial transformation from sell-side to buy-side.

He admits that transitioning from banker to entrepreneur is extremely difficult. "The training in investment banking makes you extremely risk-averse, always looking for zero-risk profit opportunities. But a true entrepreneur embraces risks and decisively moves forward after seeing the goal."

Through venture capital and private equity fund management, as well as deep involvement in the operations of invested companies, Joseph Chee completed a dual evolution of mindset and capability over several years.

"Now, I am finally ready." The innovative model of DAT (Digital Asset Treasury) perfectly integrates all his accumulations: a deep understanding of Wall Street and Asian capital markets, an investment vision for emerging fields, and the courage and perspective essential for entrepreneurs.

"This is a stage tailor-made for me," Joseph Chee summarizes. His transition represents a comprehensive advance of a traditional financial giant into the new era of digital assets, and Solana Company is the culmination of this effort.

Why Choose Solana? "Wall Street is Driven by Data-Driven Decisions"

Among many public chains, why did Joseph Chee choose Solana to build the digital asset treasury? His answer reflects the pragmatic mindset of a typical Wall Street elite: "Choosing Solana is very simple. Data does not lie."

"If you carefully analyze the operational data of all public chains, Solana is the clear winner," he analyzes, "Solana is currently the cheapest, most scalable, has the most active users, and the most new developers flowing in. From the most critical profitability indicators, it is likely also the most profitable public chain this year."

In addition to technical advantages, he places greater importance on the vitality of the ecosystem. "The partners and foundation of the Solana ecosystem have done an excellent job in the underlying construction. My job is to put these outstanding performance data on paper and clearly explain to our stock investors: this is the most powerful blockchain you can find."

He anticipates that in a few months, as more Wall Street analysts begin to cover the DAT field, Solana will stand out among many public chains due to its indisputable data performance. "From the data perspective, Solana is the simplest choice and the easiest story to tell on Wall Street."

DAT 2.0 Flywheel: WKSI Qualification and Capital Perpetual Motion Machine

Unlike other DATs, the trading structure of Solana Company reflects Joseph Chee's deep experience in traditional capital markets. The $500 million PIPE financing, innovative 1:1 warrant design, and industry-leading resale registration timeline all point to a key strategic goal: obtaining "Well-Known Seasoned Issuer" (WKSI) status.

"WKSI is not just a title; it is a game-changer," Joseph Chee explains. "This means we will gain great flexibility in financing, allowing us to bypass the lengthy SEC approval wait and achieve 'immediate registration, immediate issuance.' In the current environment of frequent government shutdowns in the U.S., this advantage is particularly important."

To meet the WKSI qualification threshold, Solana Company has precisely designed a $500 million issuance scale. "This is an art of balance," he analyzes, "a scale that is too small may easily inflate valuations but struggles to establish institutional-level liquidity; a scale that is too large may dilute shareholder value. We have found a sweet spot that meets WKSI requirements while maintaining growth momentum."

This model, referred to by Joseph Chee as "DAT 2.0," is a self-reinforcing capital flywheel:

• Premium Financing: Utilizing the valuation premium provided by the market to raise low-cost funds through stock issuance.

• Accelerated Accumulation: Using the raised funds to purchase SOL on a large scale, continuously increasing the SOL per share.

• Value Maintenance: Initiating stock buyback programs when the stock price falls below net asset value to protect shareholder interests.

• Leverage Amplification: In the future, debt instruments and structured products will be used to further expand asset scale.

In Joseph Chee's blueprint, Solana Company is not just a passive treasury holding SOL but an active capital management platform that perfectly combines traditional financial strategies with opportunities in the crypto market.

Macro Cycle Convergence, SOL Will Break $1,000 in the Next Bull Market

Regarding the medium to long-term prospects for SOL, Joseph Chee analyzes the crypto market within the dual context of macroeconomics and technological evolution. "We are currently in a cyclical consolidation phase, but various factors in the macro environment and industry momentum are laying the groundwork for the next growth cycle. When global liquidity returns to risk assets, a new bull market will bring unprecedented structural opportunities to the crypto market."

He points out that the current interest rate environment has entered a zone of rate cut expectations, which is often a precursor to a long-term bullish market. "Based on historical experience, after entering a loosening phase from the peak of inflation, the market typically welcomes several years of liquidity dividends. Emerging assets will regain valuation momentum, and public chains like Solana, which have high efficiency and real usage, will become the focal point for capital inflows."

Within this macro framework, he elaborates on the unique investment logic of SOL:

1. Institutions Have Not Yet Allocated Enough SOL: Currently, institutional investors' holdings of SOL are almost negligible, extremely low compared to the allocation ratios of BTC and ETH. Once institutions begin formal allocation, it will create immense buying pressure.

2. Chain Reaction of ETF Approval: We have already seen a shift in global regulatory attitudes towards SOL. SOL ETFs have been approved on Wall Street and in Hong Kong. This is not only a new funding entry but also an institutional-level endorsement.

3. Synergistic Effects of the DAT Ecosystem: In addition to our Solana Company, an increasing number of DAT companies are joining the ranks of accumulating SOL. This forms a structural buying alliance, creating a dual drive alongside traditional ETFs.

4. Technical and Capital Compounding Flywheel: Solana's performance metrics are forming a powerful network effect. Faster transaction speeds attract more developers, more applications bring more users, which further enhances network value, creating a positive cycle of technology and capital.

"In the short term, I believe SOL is expected to break $500 in the next six months; and in the next bull market cycle, breaking $1,000 is just a matter of time. This is driven not only by the rapid expansion of the Solana ecosystem and developer vitality but also because Wall Street and global institutions are gradually adopting Solana, viewing it as the new generation of Internet Capital Market," he predicts.

East-West Capital Collaboration to Build the Berkshire of the Solana Ecosystem

When discussing the vision of Solana Company, Joseph Chee clearly states the goal of creating the "Berkshire of the Solana ecosystem." "What we learn is not the investment portfolio of Berkshire but its core spirit ------ extreme discipline, clear communication, and always putting shareholder interests first."

Regarding the investment strategies that the market is concerned about, he provided a clear roadmap: "In the short term, our core task is to maximize the SOL per share. This means seizing the current window of opportunity in the capital markets to continuously expand our SOL reserves through equity financing, debt instruments, structured products, and all legal and compliant means."

As for the ecological investment issues that the market is concerned about, he maintains strategic patience: "We closely monitor DeFi and infrastructure projects in the Solana ecosystem, but any investment must meet one core standard ------ whether it can create long-term value for shareholders. At the right time, we will consider strategically reinvesting some of the staking income, but at this stage, asset accumulation is the top priority."

At the end of the interview, Joseph Chee gave a weighty conclusion: "If you agree with the macro cycle, if you believe in the future of blockchain, then after Bitcoin and Ethereum, now is the era of Solana."

About Solana Company (NASDAQ: HSDT)

Solana Company (NASDAQ: HSDT) is a publicly listed digital asset treasury company focused on acquiring Solana (SOL), co-founded by Pantera and Summer Capital. By combining capital market opportunities with on-chain operations, it aims to maximize the value of each share of SOL held and provide public market investors with the best long-term growth exposure to Solana.

About 168X

168X is a top dialogue platform that deeply connects Eastern wisdom with Western innovation, dedicated to exploring how technology, capital, and human wisdom will reshape the future of human civilization. The program focuses on cutting-edge fields such as AI, blockchain, robotics, space technology, and bioengineering, engaging in dialogue with global leaders and thought builders to reveal the core drivers of future wealth and innovation from a unique dual perspective of East and West. The program is hosted by ex-banker Mr. Z.

X | YouTube | Apple Podcasts