David Sacks Confirms Dumping BTC, ETH, SOL Before Trump Crypto Gig

David Sacks also refuted claims of large indirect crypto holdings, clarifying he only had a minor Bitwise ETF position which was sold.

On Monday, March 3, 2025, Sacks confirmed that he sold his entire cryptocurrency portfolio, including Bitcoin (BTC), Ethereum (ETH), and Solana (SOL), before joining the Trump administration.

This disclosure, made in an X post on March 3, 2025, comes as Sacks prepares to lead the inaugural White House Crypto Summit on March 7, 2025, where President Donald Trump is set to deliver remarks to “prominent founders, CEOs, and investors from the crypto industry.”

The move is part of a government ethics review, ensuring no conflicts of interest as Sacks shapes federal crypto policy.

This news has sparked interest in the crypto community, given Sacks’ extensive background as a venture capitalist with ties to the sector.

David Sacks Confirms Crypto Sale

In response to a Financial Times report citing him as being “in the process” of an ethics review, Sacks clarified his position in an X post on March 3, 2025, stating,

“I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration.”

This confirmation addresses questions about potential conflicts between his personal investments and his new role, ensuring transparency as he takes on regulatory responsibilities.

The sale, made before his official start, aligns with standard ethics protocols for government appointees, as noted in the report.

Details of Divestment and Bitwise ETF Position

Sacks further detailed his divestment in another X post on March 3, 2025, refuting a Community Note claiming he had “large indirect holdings” due to his firm’s investments in crypto asset management firm Bitwise.

He stated,

“I had a $74k position in the Bitwise ETF which I sold on January 22, 2025. I do not have ‘large indirect holdings.’

I’ll provide an update at the end of the ethics process.” This specific figure, $74,000, highlights the scale of his indirect exposure. The same he has now eliminated, ensuring no remaining personal stakes in crypto assets.

Sacks Appointment as White House AI and Crypto Czar

Sacks was appointed in December 2024 and chairs the President’s Digital Asset Working Group, tasked with establishing crypto regulatory frameworks.

Industry stakeholders have generally welcomed his appointment, seeing his technological background as valuable for developing informed regulations.

Sacks brings significant experience, with his venture capital firm, Craft Ventures, having invested in numerous blockchain and crypto-focused projects.

However, the firm divested itself of its direct cryptocurrency holdings shortly after Trump’s inauguration.

This move is separate from Sacks’ personal divestment. Craft Ventures is still maintaining investments in several crypto-focused startups, according to the same report.

This scrutiny reflects broader concerns about potential indirect exposure. Sacks’ X post on March 3, 2025, clarifies that he has no large indirect holdings, focusing on his personal divestment.