Bankless co-founder David Hoffman recently sold the last of his Ethereum holdings, saying the investment case for ETH had largely played out. That exit came the same week Bit Digital went the other direction — dropping $20 million to add more to its already substantial Ethereum stash.
A Company Building Around Ethereum
The purchase moved Bit Digital past Coinbase Global — which held about 151,175 ETH — to become the fourth-largest public corporate holder of Ether, based on CoinGecko data.
Other Firms Are Piling In TooBased on CoinGecko data, Bitmine Immersion currently ranks as the largest public Ethereum treasury holder, with more than 5 million ETH.
The buying spree is happening even as ETH trades well below its recent highs. The token was priced around $2,013 at the time of reporting, down about 30% year-to-date and nearly 60% off its August 2025 peak near $4,946.
Price Lags While Network Activity Holds SteadyThe bank’s global head of digital assets research, Geoff Kendrick, held to a price target of $4,000 for ETH by end of 2026 and $40,000 by 2030. He said growth in stablecoin use and tokenization activity on Ethereum could close the gap between network usage and token price.
Hoffman, meanwhile, acknowledged that Ethereum’s network may keep expanding through stablecoins, tokenization, and layer-2 activity. His concern is that only a limited share of that growth ends up benefiting ETH holders directly.
Featured image from Trail Runner Magazine, chart from TradingView
