Bankless co‑founder David Hoffman sells all ETH holdings

David Hoffman, a co-founder of the influential media platform Bankless, has sold his entire personal holding of Ethereum's native token, ETH. Hoffman, a long-time public advocate for the Ethereum network, disclosed the sale in late May, framing it as a strategic portfolio decision rather than a loss of faith in Ethereum's underlying technology.

In detailed public statements, Hoffman explained that his decision stems from a belief that the core investment thesis he long supported—that ETH would function as a superior form of "money"—has largely played out in the market. He argued that Ethereum's current valuation appropriately reflects its achievements and that he sees limited potential for a major structural re-rating of the asset, either higher or lower, in the foreseeable future.

Central to Hoffman's rationale is a distinction between Ethereum the network and ETH the asset. He reiterated that he remains "massively bullish" on Ethereum's future as a foundational blockchain, expecting it to continue dominating areas like decentralized finance, stablecoins, and tokenization. However, he contends that the economic value generated by this ecosystem growth is increasingly captured...