Solana Labs co-founder Anatoly Yakovenko has publicly criticized the growing trend of altcoin projects using community funds to invest in Bitcoin. According to Yakovenko, such treasury decisions make little sense when users can hold Bitcoin on their own without added risk or overhead.
He labelled the strategy as “dumb,” emphasizing that teams are not required to act as fund managers of their communities. Instead, he proposed that crypto projects can only hold a minimal amount of treasury as low-risk instruments such as U.S. Treasury bills with sufficient holdings to cover operation expenses in a span of up to 36 months.
The sharp words by Yakovenko were made after Charles Hoskinson of Cardano had suggested that $100 million of ADA should be converted into Bitcoin and stablecoins. Hoskinson is convinced that Cardano may purchase ADA back and establish long-term sustainability in its ecosystem by ensuring a one-year yield.
Tensions Rise as Cardano and Solana Take Opposing Treasury Paths
While Hoskinson remains confident that the Bitcoin investment will not hurt ADA’s value, his move has confused several analysts. Jeff Park, head of alpha strategies at Bitwise Invest, expressed surprise, noting that altcoins shifting their capital into Bitcoin was unexpected in 2025.
The insistence of Yakovenko to dispense with the theory of treasury responsibility contributes to the broader debate about the topic in the governance context of cryptocurrencies. he claims that crypto projects must never become asset managers and that they must concentrate on operational health and building infrastructure.
In the meantime, Hoskinson persists in his critique of what he refers to as Bitcoin maximalism. He explained that Bitcoin is no longer enjoying a monopoly in its possession of sound monetary principles and that Cardano does not have any right to be left out in that region.
With the increased number of projects that have to grapple with diversification in the treasury, the industry is divided. The difference in views, as presented by Cardano with investing and Solana with the conservational approach, can be an indication of the further separation of the future of the crypto world.
