David Sacks and his venture capital firm, Craft Ventures, liquidated over $200 million in cryptocurrency and crypto-related stocks prior to his appointment as the White House AI and crypto czar, as per a March 5 memorandum from the White House. The memo mentioned that both Sacks and Craft Ventures divested over $200 million from digital asset positions, with $85 million directly linked to Sacks himself. This step was taken to minimize potential conflicts of interest as Sacks took on the role of developing a regulatory framework for the crypto industry.
Before Donald Trump assumed office as the 47th U.S. president on January 20, Sacks sold all his personal cryptocurrency holdings, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL). Craft Ventures similarly divested its crypto investments, ensuring no digital assets were held by either party upon his appointment. Additionally, Sacks sold stakes in publicly traded crypto firms like Coinbase (COIN) and Robinhood (HOOD), as well as in private digital asset companies. He also exited his limited partner interests in Solana-focused Multichain Capital and Blockchain Capital, while Craft Ventures offloaded its holdings in Multichain Capital and Bitwise Asset Management.
Since Trump’s inauguration, the crypto market has seen a downturn, attributed to uncertainty over U.S. interest rates and proposed tariffs. Bitcoin, which hit an all-time high of $109,000 just before Trump took office, dropped below $80,000 by February 27. Currently, Bitcoin is trading around $84,155.
The memorandum came to light a day before Senator Elizabeth Warren requested that Sacks prove he no longer held any cryptocurrency. This followed Sacks’ statement on social media confirming he had sold all his crypto holdings.
On Twitter, Sacks wrote: “Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration.”
