TLDR
- David Sacks, White House AI and crypto czar, confirmed selling all his cryptocurrency holdings (BTC ($91,840.20), ETH ($2,342.64), SOL ($159.85)) before Trump’s administration began
- His firm, Craft Ventures, maintains investments in some crypto startups despite selling direct crypto holdings
- Craft Ventures raised $712 million in its latest fund and has investments in Bitwise, BitGo, Meta, Reddit, and X
- Trump announced a strategic crypto reserve and will host the first White House Crypto Summit on March 7
- Eric Trump praised the timing of the reserve announcement, noting retail investors’ advantage over traditional markets
White House AI and crypto czar David Sacks has confirmed he no longer holds any cryptocurrency assets. The announcement came through a social media post on March 2, where Sacks stated he sold all his holdings, including Bitcoin, Ethereum, and Solana, before the start of the Trump administration.
Correct. I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration. https://t.co/dN6nuGQUtu
— David Sacks (@DavidSacks) March 3, 2025
The disclosure followed a Financial Times report about Sacks’ investment firm, Craft Ventures. The report revealed that while Sacks personally divested from cryptocurrencies, his firm maintains investments in several crypto-focused startups.
Craft Ventures, founded by Sacks in 2017, continues to show interest in the crypto sector through strategic investments. The San Francisco-based venture capital firm recently closed its fourth fund, raising $712 million in November.
The firm’s portfolio includes investments in major crypto companies. These include Bitwise Asset Management and crypto custodian BitGo, alongside tech giants Meta, Reddit, and X.
Sacks made an early investment in the Solana ecosystem. In 2018, he backed Solana-focused venture firm Multicoin Capital, showing his early recognition of blockchain technology’s potential.
White House Plans
The timing of Sacks’ announcement coincides with new developments in cryptocurrency policy. Trump recently announced plans for a strategic crypto reserve, which Sacks praised as fulfilling a promise to make the US the crypto capital of the world.
The White House is preparing to host its first Crypto Summit on March 7. The event will bring together industry leaders and executives to discuss various topics including regulations and stablecoins.
The summit will also address the proposed US crypto reserve. This initiative represents a major step in the administration’s approach to digital assets.
Eric Trump commented on the strategic timing of the reserve announcement. He pointed out that making the announcement on Sunday gave retail investors an advantage while traditional markets were closed.
I love the genius of announcing a strategic reserve on a Sunday, when traditional markets are closed and Wall Street sleeps. For the first time, retail investors win. Traditional finance better catch up, or it will quickly become extinct. The world no longer runs on a Mon-Friday,… pic.twitter.com/EPtbEisbdI
— Eric Trump (@EricTrump) March 3, 2025
The President’s son emphasized the impact on retail investors. “For the first time, retail investors win,” he stated as crypto markets rose 12% following the announcement.
Eric Trump suggested traditional finance needs to adapt. He warned that traditional financial institutions risk becoming obsolete if they don’t keep pace with crypto markets.
The market response to the announcement was immediate. Cryptocurrency values increased by 12% after the news broke.
Anthony Pompliano, CEO of Professional Capital Management, shared his thoughts on the announcement’s timing. He found humor in Wall Street’s inability to participate due to traditional market hours.
While Sacks maintains his role as crypto czar, his firm continues its involvement in the sector. Craft Ventures’ investment strategy shows ongoing commitment to blockchain technology development.
The combination of Sacks’ personal divestment and his firm’s continued crypto investments illustrates the complex relationship between public service and private sector interests. His actions demonstrate a clear separation between personal holdings and professional responsibilities.
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