Solana Founder Slams Idea of Altcoin Projects Holding Bitcoin

Anatoly Yakovenko, co-founder and CEO of Solana Labs, has rejected the idea of altcoin projects holding Bitcoin. 

“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,” he said on social media. 

Yakovenko argues that projects should only hold enough money to be able to cover up to 36 months of operating expenses in low-risk assets like U.S. treasury bills.  

The comment comes after Cardano co-founder Charles Hoskinson proposed converting $100 million in ADA into Bitcoin and stable assets. 

Hoskinson is convinced that such a move will not materially impact Cardano. 

By securing yield on an annual basis, it would be possible to purchase more ADA and replenish the treasury over time. 

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“If that program is successful, then we can actually continue that strategy on an annualized basis,” Hoskinson said. 

This could create “a stable floor” for the ecosystem in the future, according to the Cardano co-founder. 

Some analysts were puzzled by Cardano’s sudden embrace of Bitcoin. “Subpar altcoins ditching their own assets to build a BTC treasury was not on my 2025 bingo card,” Jeff Park, head of alpha strategies at Bitwise Invest, commented on X. 

Hosknson previously stated that Bitcoin no longer had the right to be considered the only sound money blockchain. “We will not allow the maxi and the Bitcoin ecosystem to take it from us,” he said.