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Bankless Co-Founder Sells His ETH While Endorsing the Ethereum Network

He said the move was a personal capital-allocation decision after concluding that apps, stablecoins and layer‑2 networks will likely capture more economic value than ETH itself.

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Overview

  • David Hoffman confirmed he sold his personal ETH holdings after nine years while saying he remains bullish on Ethereum as a technical platform and ecosystem.
  • Hoffman argued the long-running “ETH is money” thesis has largely played out and that future growth on Ethereum may not translate into a large rerating for the ETH token.
  • He pointed to rollup-led scaling and layer‑2 networks as places that can set fees and keep margins, and to rising stablecoin use on Ethereum as activity that strengthens the network without directly lifting ETH demand.
  • The sale comes alongside signs of continuing corporate interest in ETH, including firms building Ethereum treasuries and index-related moves that show institutional demand can differ from individual allocations.
  • The debate highlights a practical issue for investors and builders: Ethereum may thrive as open infrastructure that benefits apps and L2s, so observers should watch coordination between L2 teams, Foundation policy on ETH sales, and fee- and revenue-sharing models that could change who captures value.