David Sacks, recently appointed as a Trump administration advisor on AI and crypto, offloaded a massive amount of his cryptocurrency holdings before starting his new role. This move was made to avoid any potential conflicts of interest.
A Big Sell-Off
According to a White House memo, Sacks and his firm, Craft Ventures, sold off over $200 million worth of crypto investments. This included a variety of assets like Bitcoin, Ethereum, Solana, and shares in companies such as Coinbase and Robinhood. He also divested from several crypto investment funds. Sacks personally sold at least $85 million of his holdings. The White House emphasized that these actions were taken to ensure the integrity of Sacks’s position.
Remaining Investments
While Sacks significantly reduced his personal crypto exposure, the memo notes that Craft Ventures still holds investments in some crypto-related businesses, including BitGo, Chia Network, and Dapper Labs. The White House memo stated that the sale of investments in approximately 90 venture capital funds was done “out of an abundance of caution,” as these firms might invest in the digital asset space.
Disclaimer
This information is for general knowledge only and should not be considered investment advice. Always conduct your own research before making any investment decisions.
