Cardano founder Charles Hoskinson recently introduced a brand new treasury asset restructuring plan, but it drew public criticism from Solana Labs co-founder Anatoly Yakovenko, who called the plan 'stupid asset management' and suggested it could send negative signals to the market.
Solana founder criticizes Cardano's financial plan
Charles Hoskinson proposed on June 13 to withdraw approximately $100 million worth of ADA from Cardano's treasury to purchase Bitcoin and stablecoins, aiming to strengthen the network's liquidity and stablecoin infrastructure in the DeFi sector. However, this move raised questions among some community members and industry professionals about a lack of confidence in the native token ADA.
Anatoly Yakovenko stated on June 16 on the X platform that he believes blockchain projects should keep funds in short-term U.S. Treasury bills to maintain operational safety, rather than investing treasury assets in other crypto assets.
This is so dumb. Projects should keep 18-36 months of post-kill list runway in short-term T-bills, but that’s about it. 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.
— toly (@aeyakovenko) June 16, 2025
He pointed out that projects themselves should maintain 18 to 36 months of reserve funds, stored in short-term Treasury bills, and should not engage in excessive operations. Furthermore, he questioned:
"Why would anyone want the development team to buy Bitcoin for them when they can buy it themselves?"
The proposal to 'exchange ADA for BTC' has caused divisions in the community
In fact, besides Anatoly Yakovenko, many in the Cardano community also questioned this idea. Cardano insists that this proposal is aimed at addressing the current reality of insufficient stablecoin liquidity within the ecosystem. Charles Hoskinson pointed out that the total amount of stablecoins on Cardano is currently only about $33 million, significantly lagging behind other Layer 1 ecosystems. He believes that without adopting more aggressive financial strategies, Cardano may struggle to remain competitive in the decentralized finance market.
However, this proposal has also raised concerns about potential pressure on the price of ADA in the market. Some community members worry that if $100 million worth of ADA enters the market to exchange for Bitcoin, it may put downward pressure on the coin's price. In response, Charles Hoskinson stated that the ADA market depth is sufficient to absorb this transaction and that the overall plan has been carefully evaluated.
In the face of criticism, Charles Hoskinson stated that he would not back down and emphasized that the current issues should be handled pragmatically rather than getting caught up in personal criticism. He wrote:
"We have solutions. Calling me arrogant, cancerous, or a dictator won't resolve the objectively existing challenges."
He also revealed that the formal proposal is expected to be presented by a joint team at the annual Cardano ecosystem conference Rare Evo.
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