Yusko Dumps 90% of Solana Holdings Amid Concerns Over Governance Tokens
Mark Yusko, founder and chief investment officer of Morgan Creek Capital Management, has significantly reduced his holdings in Solana (SOL), selling about 90% of them. According to Yusko, he made a return of around 1,000 times the initial investment, but decided to liquidate most of it due to concerns about how tokens are issued and used on platforms such as Ethereum (ETH) and Uniswap's (UNI).
Yusko stated that users of these governance tokens have no right to network fees, which he finds 'kind of scammy' when compared to the way Bitcoin (BTC) operates. He emphasized that his concerns are not personal but rather about the underlying mechanics.
The investment expert also expressed bearish views on the near-term market performance, warning that the recent short squeeze has left it 'super, super overbought'. Yusko predicted a cycle low for Bitcoin around October 5, 2026, with the price potentially dropping to around $60,000 before rising again. However, he noted that it would not go below the cost of electricity used for mining, estimated at approximately $58,000.