Charles Hoskinson To Go All In On Cardano, Pledges To Sell Off Luxury Assets

Cardano founder Charles Hoskinson has signaled an intention to liquidate his real-world assets and focus on Cardano development. Previously, he announced plans to exit X (formerly Twitter), stating that posts on the platform would be made by an artificial intelligence (AI) twin.

Charles Hoskinson To Sell Everything To Go Punk Rock

In an X post, Hoskinson disclosed plans to sell his luxury assets, a move intended to remove distractions amid a flurry of incoming network developments. Hoskinson confirmed that the downsizing will include selling his Blackhawk helicopter, private jet, and Lamborghinis as he plans to be laser-focused on Cardano development.

For Hoskinson, the plan is to go back to the “punk rock” roots, an ascetic and rebellious ideal that characterized the early days of cryptocurrencies. He defended his planned move as the ideal mental state for innovation, describing it as the “most fun” he ever had.

“I’m going to get back to that punk rock root, downsize a little bit,” said Hoskinson. “Why not? I started from nothing.”

He added that Cardano cannot reach its full potential if the development team continues to hedge its position, as other blockchains do. However, it remains unclear whether the proceeds from the asset sale will be allocated to Cardano development.

Opinion has been divided following Hoskinson’s announcement, with critics poking holes in his accumulation of luxury assets as Cardano’s founder. Others hailed his commitment to network development as a step in the right direction for Cardano and Midnight development.

Since his announcement to downsize, Cardano has braved the broader cryptocurrency market slide, shedding only 1% of its market capitalization over the last day. Per CoinMarketCap data, ADA is trading at $0.29, with experts bullish over the price outlook despite the asset inching toward a two-year low.

Hoskinson’s Activity Levels Spike After The Announcement

Since the announcement, Hoskinson’s heat map indicates significant levels of ecosystem activity. The founder confirmed that the deployment of an agentic AI dubbed Logan for 24/7 Cardano posting on Moltbook, a social networking platform for AI agents.

Meanwhile, Hoskinson has previously announced the signing of an integration agreement for USDCx on Cardano. After his hiatus from X, Hoskinson has confirmed plans for a two-week Japan tour to drum up support for Midnight, noting that the Far East country played a crucial role in the development of Cardano.