Trump’s Crypto Czar David Sacks Confirms Selling All Crypto Assets Before Joining Administration

David Sacks, the White House’s first AI and Crypto Czar, has confirmed selling all his cryptocurrency holdings before President Trump assumed office. In a recent post on X, Sacks stated that he no longer holds Bitcoin (BTC), Ether (ETH), or Solana (SOL).

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

Sacks’ statement follows online discussions about potential conflicts of interest, particularly regarding his connections to Bitwise, an asset management firm offering exchange-traded funds (ETFs) that include Bitcoin, Ether, XRP, Solana, and Cardano (ADA). He founded Craft Ventures, a venture capital firm that holds stakes in several crypto startups, including Bitwise.

Sacks Denies Indirect Crypto Holdings

Craft Ventures, established in 2017, has raised four investment funds, with its most recent closing in November after securing $712 million. The firm’s portfolio, as listed on its website, includes investments in Bitwise, crypto custody provider BitGo, and social media platforms such as Meta, Reddit, and X. Additionally, Sacks invested in Solana-focused venture firm Multicoin Capital in 2018.

Given these connections, speculation arose that Sacks might still have indirect exposure to cryptocurrencies. A community note on X suggested that his ties to Bitwise meant he retained crypto holdings. 

In response, Sacks dismissed the claim, explaining that he previously held a $74,000 position in the Bitwise ETF but sold it on January 22.

“I do not have “large indirect holdings.” I’ll provide an update at the end of the ethics process,” he tweeted.

Trump Moves Forward With Crypto Strategic Reserve

Meanwhile, President Trump announced plans for a “Crypto Strategic Reserve,” including Bitcoin and Ether. He also directed his crypto working group to incorporate Solana, XRP, and Cardano into the reserve.

Sacks responded on X, stating that the initiative aligns with Executive Order 14178, issued during Trump’s first week in office, and supports the administration’s vision of making the U.S. the “Crypto Capital of the World.” He hinted that additional details would be shared at an upcoming summit.

Following Trump’s announcement, the crypto market surged, with assets like BTC, XRP, SOL, and ADA experiencing significant daily price increases.