Billionaire tech entrepreneur Reid Hoffman, best known for co-founding business networking platform LinkedIn, has emerged as a major Ethereum supporter.
Blockchain analytics company Arkham recently traced a public Ethereum address linked to Hoffman. The data indicates that Hoffman owns a significant $6.1 million worth of Ethereum, suggesting that he maintains a highly concentrated long position in the second-largest crypto by market capitalization.
In addition to his liquid ETH holdings, Hoffman owns a sought-after CryptoPunk non-fungible token (NFT), which Arkham reported he acquired for 150 ETH.
A Seasoned Cryptocurrency Enthusiast
Reid Hoffman has been an active investor and keen observer in the cryptocurrency space for more than ten years. The former PayPal COO disclosed last year that his crypto investments began in 2013, spotting the long-term potential of the technology well before digital assets became mainstream.
In a 2015 interview with Wired, Reid Hoffman suggested that either Bitcoin or another cryptocurrency could reach widespread adoption. He has consistently challenged the notion that crypto is merely a speculative asset, envisioning a future where blockchain technology eliminates intermediaries and enables micro-economies across the internet.
In December 2024, he enthusiastically cheered as Bitcoin smashed the $100,000 threshold for the first time.
Hoffman isn’t the only high-profile PayPal veteran betting big on crypto. Elon Musk, for example, made headlines by snapping up $1.5 billion in Bitcoin for Tesla in February 2021, only to later offload most of the BTC, citing environmental concerns. The electric vehicle maker still holds 11,509 BTC, valued at nearly $800 million.
Musk’s space exploration company, SpaceX, has also held Bitcoin since early 2021 and currently controls about 8,285 BTC, valued at around $552 million. Meanwhile, Musk’s remarks on OG meme coin Dogecoin (DOGE) have repeatedly reignited interest in the token, sometimes even propelling its price upward.
Source: https://zycrypto.com/linkedin-co-founder-reid-hoffman-makes-major-ethereum-bet-his-eth-holdings-revealed/
