Crypto Czar David Sacks Says He Sold All His Crypto and Bitcoin ETFs Before Trump Took Office

Highlights:

• David Sacks sold the entire crypto portfolio before joining the Trump administration, ensuring ethics compliance.
• Trump appointed Sacks to establish a transparent regulatory framework for AI and crypto sectors.
• Sacks will also oversee the first-ever White House crypto summit on March 7.

David Sacks, the White House’s first AI and Crypto Czar, confirmed on X Sunday that he had sold his entire portfolio of crypto assets, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), before joining the Donald Trump administration. His comments followed a March 2 Financial Times article shared by George Hammond. The article stated that Sacks’ firm, Craft Ventures, still holds stakes in some crypto startups. It also reported that both Sacks and his firm sold their crypto holdings soon after Trump’s inauguration.

According to a source cited by the Financial Times, Sacks is undergoing an official ethics review and is expected to provide updates on his crypto holdings soon. 

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

In December last year, Trump selected Sacks, a former PayPal COO, to oversee AI and crypto policy. His key responsibility is establishing a transparent regulatory framework the crypto sector has long sought. Due to the importance of this position, it is essential to ensure he holds no direct financial interest in the assets under his supervision. This helps maintain credibility and prevents regulatory bias.

Crypto Czar’s Crypto Investments Gain Spotlight

Sacks founded the San Francisco-based venture capital firm in 2017. Since then, it has launched four funds, the most recent of which closed in November after raising $712 million. As listed on its official website, Craft Ventures has invested in Bitwise Asset Management, crypto custodian BitGo, and social media platforms like Meta, Reddit, and X. In 2018, Sacks also backed Multicoin Capital, a venture firm focused on Solana.

The Community Notes service on X claimed Sacks still held Bitcoin exchange-traded funds (ETFs) in Bitwise. Sacks denied this, calling the note false and stating he sold his ETF shares on January 22. He promised to update once his government ethics review is complete, confirming whether he holds any crypto.

This community note is a lie. I had a $74k position in the Bitwise ETF which I sold on January 22. I do not have “large indirect holdings.” I’ll provide an update at the end of the ethics process. pic.twitter.com/gwuVjL2HA5

— David Sacks (@DavidSacks) March 3, 2025

Sacks’ disclosure follows Donald Trump’s announcement of a US strategic crypto reserve, including Bitcoin, Ether, and other digital assets. “I will make sure the U.S. is the Crypto Capital of the World. We are MAKING AMERICA GREAT AGAIN!” wrote Trump on the social media platform Truth Social. This move represents a major change in US financial policy, strengthening the legitimacy of digital assets nationally.

Sacks to Oversee White House Crypto Summit

Crypto Czar will oversee the first White House crypto summit on March 7, which Trump will host. The event will gather top crypto founders, CEOs, investors, and members of the President’s Working Group on Digital Assets. It will focus on the administration’s goal of making the US a global crypto leader while establishing clear regulatory guidelines.