“ETH Is Money” Played Out: David Hoffman Fully Sold His Ethereum

We explain why the well-known Ethereum bull decided to completely sell his holdings in the leading altcoin. 

Well-known Ethereum (ETH) bull and Bankless co-founder David Hoffman has announced that he sold all of his ETH▼$1,742.58. The decision by one of the most prominent Ethereum supporters has caused significant resonance in the community.

Hot topic: Bitmine’s Tom Lee Says He Expects Supercycle for Ethereum Ahead

Why Did Hoffman Exit ETH?

In a detailed essay, Hoffman explained that the “ETH is Money” thesis did not fail—it simply materialized in the form that Ethereum deserved. In his view, the window for significant upside revaluation of the asset is closing.

“Ethereum got the ETH price it deserves. I do not see the asset being significantly mispriced by the market—neither up nor down,” he wrote.

Hoffman emphasized that he remains “massively bullish” on the Ethereum network itself. However, he said, Ethereum is a “giver, not a taker“. It gives almost all its value to L2 solutions and applications, operating “at cost” like a successful non-profit project. 

That is why most of the network’s success, in Hoffman’s forecast, will not be reflected in ETH’s price. At the time of publication, the altcoin’s price stands at approximately $2,100. Over the past 24 hours, Ethereum’s price has barely changed but remains in negative territory.

Read more: Ethereum Dominance Falls Below 2024 Levels as Market Share Slides

BitMine Continues Aggressively Buying ETH on the Dip

Amid Hoffman’s sale, BitMine, led by Tom Lee, executed one of its largest purchases of 2026. Over the week, the firm acquired nearly 112,000 ETH worth approximately $235M.

BitMine’s reserves now stand at 5.39 million ETH—4.47% of Ethereum’s total supply. The company confirmed its goal of reaching 5% in 2026 and has already staked 4.71 million ETH, expecting approximately $276M in annual staking income.

Sharplink and Forward Industries Join Russell Indexes

Meanwhile, two other companies with crypto reserves, Sharplink (Ethereum) and Forward Industries (Solana, SOL), will be added to the Russell 2000 and Russell 3000 effective June 29. This strengthens institutional recognition of corporate treasury strategies.

Learn more: Ethereum’s Glamsterdam — A Complete Guide to Ethereum’s Upcoming Upgrade