Bankless Co-Founder David Hoffman Sells All His ETH

Steady attention without excessive speculation.

Hoffman tweeted on May 20, 2026, asking whether there had been “a huge vibe shift in CT over the last 2 weeks, or was that just me selling the last of my ETH.” The remark came as ETH dropped roughly 10% over two weeks to around $2,130.

In follow-up replies, Hoffman clarified that he still supports the Ethereum network. However, he no longer holds the token personally.

Ryan Adams Declares a New Era

Ryan Sean Adams, the other Bankless co-founder, quoted the tweet with a public statement. He wrote that “the first era of Bankless has concluded.” According to Adams, the past six years were a collaboration focused on crypto, DeFi, and maximizing Ethereum.

Adams said he plans to take a backseat role going forward. Specifically, he will step back from content direction and guest interviews. Still, he plans to appear on every weekly rollup episode.

Hoffman now has “the helm,” Adams wrote. He also added his full support for Hoffman’s new direction.

Adams closed with a pointed joke: “50/50 chance david sold the bottom.”

Why Bankless Was Synonymous With ETH

Bankless launched as a newsletter and podcast in 2020. Its core thesis was simple: replace traditional banking with self-custody, DeFi, and Ethereum as the settlement layer for a new financial system.

Hoffman and Adams championed ETH as “ultra sound money.” They built a media brand around maximizing exposure to Ethereum and became two of the loudest ETH-aligned voices in the industry.

Hoffman in particular was known for deep personal conviction. He bought ETH aggressively during the 2018 bear market when prices fell to $300. As a result, he became a symbol of ETH maximalism in Crypto Twitter.

During DeFi summer in 2020 and the bull run that followed, the duo onboarded thousands of new users to Ethereum. That track record made Bankless one of the most recognized crypto media brands worldwide, according to coverage from IQ.wiki.

What Might’ve Changed for David Hoffman

ETH has underperformed relative to BTC and Solana in recent cycles. While Bitcoin reached new all-time highs and Solana surged on memecoin and DeFi activity, ETH struggled to maintain momentum. Meanwhile, L2 fragmentation and slower execution on certain upgrades frustrated parts of the community.

At the same time, a broader narrative shift in Crypto Twitter toward AI-integrated chains and high-throughput L1s weakened the pure ETH-maximalist thesis. Projects like Solana gained significant mindshare, drawing attention away from Ethereum’s roadmap. For many longtime ETH holders, the relative underperformance raised questions about the token’s value proposition even as the network itself continued to grow.

Hoffman also recently sold a CryptoPunk, originally purchased for 62 ETH, in exchange for Zcash. That move signaled openness to assets outside the Ethereum ecosystem.

In addition, the Bankless show expanded its coverage beyond Ethereum. Some longtime fans viewed this shift as a dilution of the original mission. Hoffman has said he plans to share details about his current portfolio soon.

Crypto Twitter Reacts to Hoffman Selling ETH

The tweets triggered hundreds of replies and quote tweets within hours. Reactions fell into several camps.

Many treated the announcement as a capitulation signal. Replies included “What better bottom signal do you need?” and “One half of Bankless now ETHless?” Others suggested renaming the show “Ethless” or “Worthless.”

A second group criticized Hoffman directly. They accused him of platforming “flavor of the season” projects. Some called Bankless a “pump and dump machine.”

Others referenced the CryptoPunk-to-Zcash trade as further evidence of a broader pivot. They argued that Hoffman had abandoned Ethereum principles entirely.

Still, some community members defended the move. A few argued that personal portfolio decisions should not define someone’s principles. Adams, in turn, received praise for his transparency and for remaining ETH-positive.

Ryan Adams Stays Bullish on ETH

Adams made his personal stance clear. He wrote that he remains “bullish ETH” and “bullish Bankless.” He framed the transition as David exploring new frontiers, not abandoning the project.

The distinction matters for Bankless listeners. Adams will still appear weekly, while Hoffman takes over content direction. As a result, the show may change tone, but the ETH-positive voice will not disappear entirely.

A Symbolic Moment for Ethereum

Bankless helped build the “max ETH” narrative that defined a generation of Ethereum believers. One co-founder fully exiting the token while the other steps back from daily content marks a visible shift for the broader community.

For ETH holders, the reaction will likely split. Some see capitulation as a classic bottom signal, especially given Hoffman’s history of buying before major rallies. Others view it as confirmation that Ethereum’s dominance in mindshare is fading against newer competitors.

Both sides now wait to see how the “second era” of Bankless takes shape. Hoffman has promised more details on his current thinking and portfolio in the coming days.

This article is for informational purposes only and is not financial advice.