Bankless Co-Founder David Hoffman Sells All His ETH Holdings
David Hoffman, co-founder of the crypto media outlet Bankless and a prominent Ethereum advocate, has revealed that he sold his entire Ether (ETH) position. Hoffman announced the decision via an X post on May 21, citing a belief that the window for ETH to achieve a significant market repricing has closed. “Ethereum got the ETH price it deserves, and I don‘t see ETH being rerated as an asset, higher or lower,” Hoffman wrote. While remaining optimistic about Ethereum’s future as a blockchain, he no longer sees its native token, ETH, as a primary beneficiary of that success. ETH is currently trading at $2,073.32 as of May 27, 2026, down nearly 60% from its all-time high of just under $5,000 reached in late 2021. The tokens price has been rangebound for years, underperforming other major cryptocurrencies during the most recent market cycles. “ETH Is Money” Thesis Falls Flat Hoffman‘s decision marks a symbolic shift, given his long-standing advocacy for the “ETH is Money” narrative. This thesis posits that Ethereum’s native token functions as a superior store of value due to its decentralized nature and inflation-resistant mechanisms introduced after the London hard fork in 2021. However, Hoffman now argues that this narrative has “played out” and that