The crypto investment tycoon who has made a thousand times profit has made a significant move: selling Solana and shifting to a heavy investment in Bitcoin.

As the cryptocurrency market experiences dramatic fluctuations in August and Bitcoin rises back above the $80,000 mark, Mark Yusko, founder and chief investment officer of Morgan Creek Capital Management, has made a significant reallocation decision that has garnered widespread attention in the market. The institutional investment veteran, who manages billions of dollars in assets, revealed in an interview on the Crypto Banter podcast aired last Saturday (September 6) that he has sold approximately 90% of his Solana (SOL) holdings, realizing profits nearly 1,000 times his initial investment, and allocated about half of his personal net worth to Bitcoin and related assets. This investment decision reflects Yusko's deep contemplation of the cryptocurrency space over the yearshe firmly believes in Bitcoin's "digital gold" narrative, while fundamentally questioning the economic models of most altcoins. The "thousand-fold return" of Solana and the reasoning behind exiting In the interview, Yusko disclosed that he gained exposure to Solana through an early investment in Multicoin Capital's first fund, which he described as potentially the highest returning transaction of his career. He characterized the profit as approximately 1,000 times his initial investment and expressed special gratitude to Multicoin co-founders Kyle Samani and Tushar Jain for their choices. However, it was this astonishing return that prompted him to make the decision to exit. Yusko stated that he decided to sell after learning about plans for a luxurious $2.5 million party in Amsterdam, viewing this kind of extravagance as a typical signal of market over-optimism. "We sold 90%," he remarked in the interview, later clarifying his previous statement of "selling everything." Yusko emphasized that the exit was not due to hostility toward Solana Network-1 Technologies, Inc. On the contrary, he believes that the economic mechanisms of Solana, Ethereum, and other blockchain tokens fail to adequately reward holders, who do not directly receive the fees or cash flows generated by their underlying networks. He made a similar distinction regarding Uniswappraising its decentralized exchange product while criticizing its token, as holders do not automatically gain economic rights to the platform's operations. In Yusko's view, initial coin offerings (ICOs) allow projects to raise funds through tokens that do not provide ownership, debt rights, or direct participation in cash flows. This is the core logic he uses to differentiate Bitcoin from other cryptocurrencies. Bitcoin: "Half of personal net worth" In stark contrast to his cautious attitude toward altcoins, Yusko's allocation to Bitcoin is remarkably substantial. His personal investment portfolio currently exhibits a highly concentrated structure: approximately 45% in direct Bitcoin and Bitcoin-related investments, 45% in venture capital, and 10% in cash or other liquid assets. "I didn't start with this much Bitcoin, but it developed into what it is now," Yusko said in reference to his Bitcoin holdings, adding that he is satisfied with the current allocation ratio. His holdings include Bitcoin itself and stocks of companies holding the cryptocurrency, with the direct Bitcoin held in cold storage. Yusko specifically mentioned shares of Strategy (MSTR.US), admitting that he once regretted exchanging spot Bitcoin for these stocks but continues to support the overall strategy of executive chairman Michael Saylorfunding the purchase of Bitcoin with long-term debt that cannot be redeemed early. He also uses floating-rate preferred shares STRC from Strategy as a yield asset for short-term expenses, noting that this stock yields about 12.5%. Yusko advises most investors to allocate 5% to 10% of their wealth to Bitcoin or similar currency hedging tools. He believes it is reasonable for young investors with decades-long investment horizons to take on higher risks in stocks and digital assets. Institutional perspective on asset allocation and market outlook: caution in the short term, bullish in the long term Despite having a highly concentrated personal holding in Bitcoin, Yusko is not blindly optimistic about short-term trends. He anticipates that the cycle low for Bitcoin could occur around October 5, 2026. He believes the market is "super, super overbought," and the recent surge resembles a short squeeze in a bear market, warning that Bitcoin could drop again to around $60,000 before bouncing back. However, he dismissed predictions that Bitcoin prices would fall to $30,000 or $40,000. Based on the Metcalfe's Law valuation model, which attempts to link network value to user numbers, he estimates Bitcoin's current fundamental value to be approximately $105,000. Yusko argues that Bitcoin differs from other cryptocurrencies because its primary investment value does not rely on network revenue distribution. He regards Bitcoin as a store of value whose fixed supply can withstand inflation and the long-term devaluation of government-issued currency. He expects that as governments increase money supply to repay growing debts, the demand for assets with fixed supply will rise, enhancing Bitcoin's long-term value. Scarcity is an advantage, Yusko summarized. Market backdrop: Bitcoin hovers around $80,000, macro headwinds intensify At the time of Yusko's commentary, Bitcoin was oscillating near the $80,000 mark. Last week, Bitcoin briefly touched $82,272, its highest since May 11, before retreating below $80,000 due to strong U.S. employment data. On the macro front, Fed Chair Waller's hawkish statements at the Jackson Hole meeting pushed the probability of a rate hike in September to over 60%. Oil prices, impacted by factors related to GEO Group Inc., climbed above $90, further exacerbating inflation concerns. Internal signals from the Bitcoin market are also mixed. After experiencing strong inflows over the summer, the U.S. spot Bitcoin ETF saw significant outflows for two consecutive days at the end of August. Data from Glassnode indicates the presence of a supply wall from long-term holders in the $83,000 to $86,000 range, potentially presenting short-term upward resistance. Meanwhile, Strategy continues to buy around the $80,000 mark, becoming a key force against selling pressure. Insights on asset allocation from an institutional perspective Yusko's portfolio serves as an enlightening example for long-term institutional investorshow to prepare for the ongoing depreciation of currencies: combining direct holdings of Bitcoin and Bitcoin-related securities with venture capital, while essentially avoiding other mainstream tokens. However, this concentrated allocation also exposes him to significant risk. If the current turbulent conditions for Bitcoin worsen, or if the stocks of companies holding Bitcoin underperform relative to the cryptocurrency itself, his personal wealth could face substantial fluctuations. In Yuskos view, the logic of Bitcoin's long-term value is based on a simple proposition: when fiat currency continues to depreciate due to government debt expansion, assets with a fixed supply will achieve sustained premiums. As for tokens like Solana and Ethereum, he chose to take profits after a thousand-fold returnnot because their technology is inadequate, but because their economic models failed to allow holders to share in the true value of network growth.