David Sacks and Craft Ventures Sell Off Crypto Holdings before Trump’s Inauguration
David Sacks, President donald Trump’s AI and crypto advisor, and his firm, Craft Ventures, have sold their entire crypto portfolio. The divestiture, worth $200 million, includes Bitcoin, Ethereum, and Solana. This move happened before Trump’s inauguration on January 20, as reported by Bloomberg.
White house counsel david Warrington announced this on March 5. Sacks also sold his stakes in Coinbase and Robinhood, along with shares in crypto funds like Multicoin Capital and Blockchain Capital. Craft Ventures followed suit, selling its interests in these funds and Bitwise Asset Management.
Sacks confirmed the sale on X (formerly Twitter), stating he no longer holds any cryptocurrency. This decision comes amid pressure from Democratic Sen. Elizabeth Warren for financial transparency.
However, Trump’s crypto ventures continue. He launched Official Trump (TRUMP), a memecoin with no utility, which peaked at $15 billion but has since lost 83.5% of its value. The Financial Times found that the project raised $350 million in its first three weeks.
Trump also launched World Liberty Financial, a decentralized finance platform. It raised $550 million in a token sale. His sons are reportedly involved in the project.
On March 6, Trump signed an Executive Order to establish a U.S. Bitcoin reserve. Sacks downplayed the inclusion of altcoins in this stockpile.
Binance, the world’s largest crypto exchange, is reportedly in talks with Trump or World Liberty Financial to sell a stake in its U.S. arm. This could benefit Binance, which faced legal troubles under the Biden management.
