- Solana co-founder Anatoly Yakovenko criticized the idea of altcoin projects holding Bitcoin, calling it “so dumb” and advocating for treasuries to stick to low-risk assets like U.S. Treasury bills.
- His remarks came in response to Cardano’s Charles Hoskinson proposing a $100 million ADA-to-Bitcoin conversion, sparking debate over altcoin loyalty and treasury strategies.
Solana Labs co-founder and CEO Anatoly Yakovenko has sparked a fiery debate in the crypto community after calling the idea of altcoin projects holding Bitcoin “so dumb.” In a pointed social media post, Yakovenko questioned why teams behind non-Bitcoin cryptocurrencies would invest in BTC on behalf of their communities, suggesting it contradicts the decentralized ethos and sound financial management principles.
This is so dumb… Why would anyone want a team to buy and hold bitcoin for them when they can do it themselves? Why pay for all those coconuts?
Yakovenko posted, making a jab at the perceived inefficiency of such treasury strategies.
Solana’s Yakovenko instead advocates for a more conservative financial approach. He believes that altcoin projects should only hold enough funds to cover 24 to 36 months of operational costs, ideally in low-risk, yield-generating instruments like U.S. Treasury bills.
His argument emphasizes fiscal discipline and capital preservation, not speculative accumulation of assets like Bitcoin, which he deems unnecessary for project treasuries.
The comment comes in response to a controversial proposal by Cardano co-founder Charles Hoskinson, who recently floated the idea of converting $100 million worth of ADA into Bitcoin and stablecoins. Hoskinson argues that doing so could generate a sustainable yield for the Cardano ecosystem.
He suggests that the returns from this strategy could be used to purchase more ADA annually, thereby replenishing the treasury without impacting Cardano’s operational integrity.
If that program is successful, then we can actually continue that strategy on an annualized basis,
Hoskinson said, envisioning a future where such treasury diversification would create “a stable floor” for Cardano.
Hoskinson’s proposal surprised many, including Jeff Park, head of alpha strategies at Bitwise Invest, who commented, “Subpar altcoins ditching their own assets to build a BTC treasury was not on my 2025 bingo card.”
The move was also seen by some as a contradiction of Hoskinson’s earlier stance that Bitcoin no longer held the exclusive status of “sound money.”
The debate highlights a growing philosophical divide in the crypto world. On one side, some leaders believe in Bitcoin’s dominance as a store of value and advocate for treasury diversification. On the other, figures like Yakovenko emphasize loyalty to native assets and prudent treasury management.
As market conditions evolve and altcoin projects look for ways to ensure long-term sustainability, the question of whether to hold Bitcoin in their treasuries may become a defining issue.
For now, Yakovenko’s strong words have reignited a familiar debate about ideology, utility, and financial strategy in the ever-polarized crypto space.