"Crypto Czar Sacks Sells Holdings, Trump's Reserve Boosts Market"
1min read The White House's crypto czar, David Sacks, has confirmed that he sold all his crypto holdings before joining President Donald Trump's administration. In a statement on March 2, Sacks revealed that he sold his Bitcoin (BTC), Ethereum (ETH), and Solana (SOL) before assuming his role in the administration.
Sacks' remarks came after a report from the Financial Times, which indicated that his investment company, Craft Ventures, continues to possess stakes in multiple crypto-related startups. The company, established in 2017, has supported firms like bitwise Asset Management, BitGo, and various other blockchain-oriented enterprises. A source referenced by the Financial Times additionally verified that Craft Ventures sold off its direct cryptocurrency assets right after Trump's inauguration. However, uncertainties persist regarding indirect exposure via investments in crypto-oriented funds.
Following Sacks' announcement, some industry figures raised concerns about his potential indirect exposure to digital assets. Adam Cochran, managing partner at Cinneamhain Ventures, questioned whether Sacks' divestment included liquidity pool positions or stakes in crypto-related funds. Sacks later denied claims that he held large indirect investments, responding to a Community Note on X that suggested his firm still had major crypto-related exposure.
Sacks has been an active participant in shaping U.S. crypto policy since his appointment in December 2024. As chair of the President's Digital Asset Working Group, he has worked on developing regulatory guidelines for the industry. His role comes as President Trump pushes new crypto initiatives, including the creation of a national cryptocurrency reserve. Trump's recent announcement confirmed that the reserve will include BTC, ETH, ADA, SOL, and XRP.
The White House will also host its first Crypto Summit on March 7, bringing together industry leaders and executives to discuss regulations, stablecoins, and the crypto reserve. Sacks is expected to play a key role in the discussions.
Following Trump's crypto reserve announcement, major cryptocurrencies experienced a market surge. Bitcoin rose over 10%, trading at $93,080, while Ethereum saw similar gains. Trump's son, Eric Trump, commented on the timing of the announcement, calling it "genius" because it came on a Sunday, when traditional markets were closed.
With the White House Crypto Summit approaching, industry participants are closely 