Did Bankless' co-founder just dump his entire $ETH portfolio?!

@TrustlessState David Hoffman, co-founder of the popular crypto media platform @Bankless, has publicly announced that he sold the last of his personal $ETH holdings. The disclosure did not specify the exact amount of ETH sold or the total value of the transaction. The move has surprised many in the crypto community, given that Hoffman had built much of his public profile around a strongly pro-Ethereum investment thesis, making him one of Ethereum's most outspoken supporters.

The End of Bankless's First Era

The sale coincided with a significant structural shift at Bankless. Co-founder @RyanSAdams posted that "the first era of Bankless has ended," describing the moment as the conclusion of his six-year collaboration with Hoffman exploring crypto, DeFi and Ethereum. Adams is stepping into a more backseat role at Bankless, reducing his involvement in content direction and guest interviews while continuing to appear regularly on the podcast and supporting Hoffman as he takes over leadership of the platform.

Adams, for his part, stated that he remains optimistic on $ETH, and despite stepping back operationally, said the transition marks the beginning of a new chapter for the platform rather than a departure from crypto. The two co-founders are now moving in notably different directions: Adams stopped short of endorsing Hoffman's move, with one co-founder liquidating his position while the other quietly steps back from the mic but insists he is still optimistic.

Broader Context for Ethereum

Bankless has been one of Ethereum's loudest and most effective megaphones since 2019, evangelizing DeFi, helping thousands navigate self-custody, and turning "bankless" from a slogan into a lifestyle brand. Hoffman's exit from $ETH is therefore more than a personal portfolio decision. According to reports, Hoffman pointed to a significant shift in crypto Twitter sentiment over the past two weeks, and his move was not a rebalancing. It was a clean exit.

Ethereum's recent price performance has fallen short compared to several major crypto assets, with the token hovering around $2,111 at the time of writing, marking a decline of about 57% from its all-time high recorded in August 2025. Ethereum has underperformed Bitcoin every single week of May 2026. Against that backdrop, Hoffman's clean exit from one of crypto's most prominent Ethereum advocates carries weight beyond one person's wallet.

Sources:
Crypto Briefing: Bankless co-founder sells last of his ETH as media outlet enters second era
Blockchain Reporter: Bankless Co-Founder Dumps All ETH As First Era Closes
Crypto.news: Bankless reportedly axes most of team as co-founder declares end of first era