A cryptocurrency exchange’s decision to list its first altcoin could usher in a never-ending cycle of memecoin listings, warns Alex Leishman, CEO of River Financial.
In a recent post on social media platform X, Leishman criticizes the constant rotation of new coins on some platforms, highlighting his company’s unique approach to Bitcoin.
“The minute an exchange adds a non-Bitcoin token, they are signing up to be on the eternal hamster wheel of memecoins,” Leishman said. He argues that it makes no sense to list Ethereum (ETH) without including tokens based on its technology, as does other blockchains like Solana.
Unlike many platforms that have become “successful crypto casinos,” River Financial is adamant that it will not follow that path. “The casino business model is built around maximizing the profits of our customers, while our focus is on helping people build long-term wealth with Bitcoin,” Leishman explained.
There are two paths for a crypto exchange/brokerage:
- Bitcoin-only path – focus on helping people build and preserve long-term wealth through hard money. This path leads to an exchange looking more like a “bank” long term.
- Multi-asset trading platform – add as many coins…
— Alexander Leishman (@Leishman)
March 29, 2025
River Financial, which operates exclusively in Bitcoin, stands alongside other institutions such as Swan Bitcoin, Bull Bitcoin and the decentralized exchange Bisq, all of which promote a long-term vision for cryptocurrency investing.
This view is disputed by critics who see the growing interest in memecoins as a challenge to the seriousness and sustainability of the cryptocurrency market. In April 2024, Eddy Lazzarin, chief technology officer at a16z, commented on the difficulties of maintaining a long-term view in the face of memecoins’ popularity. “At best, it feels like a risky casino,” Lazzarin said.
Over the course of 2025, the memecoin market saw a nearly 49% drop in its total value, now totaling around $48.49 billion. Despite the historical volatility of altcoins compared to Bitcoin, listing these coins still proves to be a profitable strategy for some exchanges.
Still, there are traders who see a memecoin’s listing on major exchanges as a sort of validation of its credibility, as noted by pseudonymous onchain analyst Ai_9684xtpa, who observed significant increases in value for 12 of the 15 memecoins listed by a major exchange in 2024.