Charles Hoskinson Renews “List ADA” Call to Gemini, Citing $70M in Lost Cardano (ADA) Revenue

Hoskinson's Reply Lands on Gemini's 11th Birthday

Cardano (ADA) founder Charles Hoskinson has renewed his demand that Gemini list Cardano (ADA), answering a birthday post from Gemini co-founder Tyler Winklevoss with two words: "List ADA." Winklevoss used X to mark the crypto exchange's 11th anniversary, and Hoskinson's brief public reply landed the same day, reigniting one of the longest-running listing standoffs in the industry. Gemini has broadened its roster steadily since its 2015 launch, and its lineup today covers leading proof of stake networks such as Solana (SOL), Avalanche (AVAX), Polkadot (DOT), Cosmos (ATOM) and Tezos (XTZ). Cardano's native token has never appeared among them, despite ADA being one of the most established assets in its class, and after years of expansion the omission stands out more, not less. The company's published listing policy says it weighs asset maturity, liquidity depth, market demand, real utility, regulatory posture, cybersecurity exposure and control concentration before adding any market. It has never issued a public statement explaining where Cardano (ADA) stands against those criteria, a silence that has frustrated the Cardano community for years. The birthday message recapped the company's first eleven years, and Hoskinson's demand sat directly beneath it for every follower to see. No new listing announcement accompanied the post, so Gemini's position is unchanged: no ADA market, and no stated reason why. Attention has so far centered on the dispute itself rather than the Cardano (ADA) price, and Winklevoss had not responded publicly at the time of writing. For holders, an eventual listing would open another regulated US venue for ADA spot trading, though no application or timeline has been made public.

@IOHK_Charles · X post

Brief public reply.

View on X

A Standoff That Goes Back to 2022

The reply was not a one-off. Hoskinson has needled Gemini over the missing market for years, and the record stretches back to December 2022. With the exchange locked in its crisis involving the crypto lender Genesis, he suggested at the time that refusing to list Cardano (ADA) looked "pretty tightly correlated" with bankruptcy and weak risk management. The jab came days after FTX collapsed, and FTX had also shut down without ever opening an ADA spot market. On a live audio broadcast later that month, he joked that staying off Gemini might actually be a good thing, since the collapsed exchange had not listed the token either. In September 2024 he turned the campaign into theater, appearing beside the company's booth while holding a handwritten sign that read "Wen ADA?" and captioning the post with a direct tag at Gemini. The tone hardened in 2025. Hoskinson argued then that Gemini is the last major exchange that does not trade ADA and estimated the company has forfeited roughly $70 million in revenue over five years as a result, money that rivals such as Binance and Coinbase have instead captured from ADA order flow. Gemini has never publicly disputed that figure or addressed the estimate. Cardano, one of the oldest delegated proof of stake networks in operation, sustains one of the widest staking participation bases among major chains, which is why the venue gap reads as a deliberate omission rather than an oversight. Each company milestone, from asset expansions to anniversary posts, has become an occasion for the same question, and Tuesday's reply followed that pattern exactly. Holders weighing alternatives can consult the guide to the best crypto exchanges, though none of those selection criteria explain Gemini's silence.

Why Gemini's Silence Still Matters

In our reading, the exchange's refusal is now the more consequential fact than the founder's jab. Gemini has published criteria, applied them to dozens of assets and never once explained its verdict on ADA, while the $70 million revenue estimate is Hoskinson's own figure and remains unverified by the company. The venue gap itself is verifiable: ADA trades across the top-tier rivals and does not trade on Gemini. The listed criteria give the company cover, but applying them selectively without disclosure is exactly the practice that keeps the question alive. Until the exchange answers, expect the same two-word demand at every company milestone. Our Cardano technical analysis tracks the levels that matter while the listing debate runs, and Hoskinson has kept the network in the headlines on other fronts as well, from his Leios scalability teaser to a warning over digital euro spending caps raised at the United Nations.