- David Sacks divested over $200 million in digital-asset holdings to avoid conflicts of interest.
- Senator Elizabeth Warren criticized Sacks, questioning his crypto holdings.
- Sacks’ divestment details were revealed shortly before Warren’s letter requesting crypto ownership clarification.
To avoid potential conflicts of interest, Crypto Czar David Sacks, an advisor to President Donald Trump, has liquidated more than $200 million in digital-asset holdings. The move follows mounting criticism over his financial ties to the crypto sector and his advocacy for a bitcoin strategic reserve.
Sacks has faced scrutiny on social media and from U.S. lawmakers, including the ranking member of the Senate Banking Committee, due to his involvement in the digital-asset space.
A memo released by the White House now reveals that Sacks and his venture firm, Craft Ventures, moved to minimize any potential conflicts. The timing is notable: the memorandum was released a day before Senator Elizabeth Warren’s March 6 letter, demanding that he confirm he no longer owns any digital assets, following his claim on X that he sold all his crypto.
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Warren wrote, “Despite your public statements via X, it remains unclear exactly when you personally divested from BTC, ETH, and SOL, when Craft Ventures divested from Bitwise, and whether people close to you ‘may have held positions and sold into the recent price surge.”
David Sacks’ $200M+ Crypto Sell-Off
Key divestments made by Sacks and Craft Ventures include:
- Cryptocurrency Assets: Sacks sold all liquid cryptocurrency holdings, including Bitcoin, Ethereum, and Solana, prior to the beginning of President Trump’s second term on January 20, 2025. Additionally, he sold his stake in the Bitwise 10 Crypto Index Fund (BITW) on January 22, 2025.
- Public Company Stocks: Sacks also sold his shares in publicly traded companies, including Coinbase (COIN) and Robinhood (HOOD), as well as shares in private digital asset companies.
- Investment Fund Interests: Sacks divested his limited partner interests in digital asset-focused investment funds, such as Multicoin Capital and Blockchain Capital. Craft Ventures also sold its interest in Multicoin Capital and Bitwise Asset Management, Inc.
- Venture Capital Funds: Going even further, Sacks has initiated the sale of his limited partner interests in Sequoia Funds and approximately 90 other venture capital funds. These funds hold positions in thousands of companies, some of which may be linked to the digital asset industry.
Related: U.S. Senate Committee OKs Stablecoin Bill, Balancing State & Federal Roles
Altogether, Sacks and Craft Ventures have divested over $200 million in digital-asset holdings, with at least $85 million directly attributed to Sacks himself. The divestments came at a significant tax cost, as special government employees, like Sacks, are not entitled to certificates of divestiture.
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