Key dealers
- David Sacks sold over $ 200 million in digital assets including Bitcoin and Ethereum before his white house role.
- Sacks maintains limited exposure to the crypto industry through the craft companies’ venture capital funds.
The White House revealed that David Sacks, Trump’s AI and Crypto Czar and his venture company Craft Ventures divested over $ 200 million in crypto assets and related holdings before taking on his new role. At least 85% are attributed to bags.
The revelation came in a memorandum dated March 5 and granted sacks a limited ethics departure to participate in digital asset policy issues.
“Overall, you and craft companies have sold over $ 200 million in positions related to the digital asset industry, of which at least $ 85 million is directly attributable to you,” pm States.
Really sacks revealed This information when you joined all-in podcast last week. White House’s cryptots met many accusations that he had exploited his position for personal gain in crypto.
“We cleared that before day a paid tax on it and in principle said that there would be no conflict,” he said, rejecting accusations of using his government position to personally benefit from crypto market movements.
The divestments, which were completed before the president’s second term on January 20, 2025, included Liquid Crypto assets such as Bitcoin, Ethereum and Solana, as well as positions in Bitwise 10 Crypto Index Fund. Sacks also sold its directly included shares in public companies Coinbase and Robinhood, along with shares in private digital asset companies.
Sacks liquidated its limited partner interests in cryptocorated investment funds, including multicoin capital and blockchain capital. His company, Craft Ventures, also sold its shares in multicoin capital and some asset management.
The technical investor still maintains some exposure to the digital asset industry through venture capital funds managed by Craft Ventures, where he serves as both a general and limited partner. These remaining holdings include efforts in Bitgo and Lightning Labs that represent less than 2.5% and 1.2% of his total investment assets.
As a special government employee, Sacks was not eligible for tax relief that were usually available through a sale certificate. He also began to sell interests in about 90 venture capital funds, including Sequoia, which may have less digital assets.
The White House granted sacks a limited ethics departure to participate in digital asset policy issues, despite his retaining smaller holdings in private crypto companies through craft companies.
Sacks has agreed not to acquire the new Digital Asset Holdings during its term, which is limited to 130 days or fewer annually as a special government employee.
