Bankless Co-Founder David Hoffman Exits Entire ETH Position on May 27, Says Thesis 'Played Out'

ETH-4.6%
David Hoffman, co-founder of crypto media company Bankless, sold his entire remaining Ether position on May 27, according to his X platform disclosure. Hoffman characterized Ethereum as "a giver, not a taker," noting that roughly $163 billion in stablecoins now sit on the network—up from $3 billion in 2020—with layer-2 rollups and applications capturing most economic value instead of ETH itself. He stated the "ETH is Money" thesis "didn't fail… it played out," distinguishing between his bullishness on the Ethereum network and diminished prospects for the token at current levels. ETH currently trades near $2,000, approximately 60% below its August 2025 peak near $5,000.
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