Cardano Wants to Buy Bitcoin—Solana CEO Calls It a Mistake
Solana CEO and co-founder Anatoly Yakovenko has sharply criticized the growing trend of altcoin projects investing in Bitcoin (BTC), calling the strategy “dumb” and unnecessary. His comments came in response to a recent proposal by Cardano (ADA) co-founder Charles Hoskinson, who suggested converting $100 million in ADA into Bitcoin and stable assets to support the ecosystem’s long-term sustainability.
Yakovenko: “Why Pay for All Those Coconuts?”
In a blunt post on social media, Yakovenko asked, “Why would anyone want a team to buy and hold Bitcoin for them when they can do it themselves?” He argued that project treasuries should not act as speculative investment funds. Instead, he recommended holding only what’s needed — enough to cover up to 36 months of operating expenses — in low-risk assets such as U.S. Treasury bills.
His remarks reflect a more conservative approach to crypto treasury management, focused on operational stability rather than long-term bets on Bitcoin price appreciation.
Cardano’s Treasury Strategy Raises Eyebrows
Hoskinson, on the other hand, believes allocating a portion of Cardano’s treasury to Bitcoin and stablecoins could be beneficial. He claimed the move wouldn’t materially impact Cardano and could generate yield to later replenish the ADA supply.
“If that program is successful, then we can actually continue that strategy on an annualized basis,” Hoskinson said, suggesting it might create a “stable floor” for the Cardano ecosystem.
The proposal drew skepticism from some industry watchers. Jeff Park, Head of Alpha Strategies at Bitwise Invest, commented, “Subpar altcoins ditching their own assets to build a BTC treasury was not on my 2025 bingo card.”
Hoskinson has previously challenged Bitcoin’s dominance, saying it no longer has a monopoly on the title of “sound money.”
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.
