Solana criticizes Cardano over proposal to move $100 million to Bitcoin

• Solana criticizes Cardano's treasury management
• Cardano proposes converting ADA into Bitcoin and stablecoins
• Community discusses impact on Cardano's DeFi ecosystem

Solana Labs co-founder Anatoly Yakovenko has voiced strong opposition to a proposal put forward by Cardano leadership that would convert $100 million in ADA from the treasury to Bitcoin and stablecoins. The criticism was made in a post published on June 16 on the X network (formerly Twitter).

This is so dumb. Projects should maintain 18-36 months of post kill list runway in short term tbills 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 🇺🇸 (@aeyakavenko) June 16, 2025

Yakovenko called the idea inappropriate from a treasury management perspective. “Projects should have 18 to 36 months of waiting after the elimination list on short-term TBills, but that’s it,” he said, highlighting his view on more conservative financial practices for crypto project reserves.

The proposal in question was suggested on June 13 by Charles Hoskinson, founder of Cardano. The goal, according to him, is to leverage the network's DeFi infrastructure and overcome current limitations related to stablecoins within the Cardano ecosystem. However, part of the community and analysts see the move as a possible sign of a lack of trust in the ADA token itself.

Trader Aaron Dishner commented that the strategy could indicate a preference for Bitcoin over Cardano’s native asset. Yakovenko reinforced this point by questioning the need for a protocol to buy BTC on behalf of users. “Why would anyone want a team to buy and hold Bitcoin for them when they can do it themselves?” he asked.

So let me get this straight. The #11 market cap coin wants to buy BTC because it recognizes that BTC is more valuable than itself. Did I get that right?

— Aaron Dishner (@MooninPapa) June 16, 2025

The proposal has divided opinions among Cardano community participants. Some have warned that the liquidation of $100 million worth of ADA could negatively pressure the token’s price in the market. Hoskinson, for his part, downplayed these risks and argued that the ADA market has enough liquidity to support the selloff.

According to him, the plan is a strategic measure to correct the low presence of stablecoins on the network, currently estimated at only US$ 33 million. The proposal is expected to be formally presented by a coalition during the Rare Evo event, dedicated to the Cardano ecosystem.