TLDR
- White House cryptocurrency advisor David Sacks confirms selling his crypto portfolio before joining administration
- Craft Ventures, Sacks’ VC firm, keeps investments in crypto startups despite his personal exit
- Trump administration prepares for first White House Crypto Summit on March 7
- New strategic crypto reserve announced by Trump administration
- Markets responded with 12% surge as announcement came during traditional market closure
David Sacks, the White House advisor on artificial intelligence and cryptocurrency, has disclosed selling his entire cryptocurrency portfolio. The sale included holdings in Bitcoin, Ethereum, and Solana, completed before he joined the Trump administration.
Sacks made this announcement on X on March 2. His statement came as a response to recent media coverage about his investment firm’s ongoing involvement in the crypto sector.
His venture capital firm, Craft Ventures, maintains connections to the cryptocurrency industry. The firm holds stakes in several crypto-focused companies despite Sacks’ personal exit from direct cryptocurrency ownership.
Craft Ventures completed its latest funding round in November. The San Francisco firm raised $712 million, marking its fourth fund since its founding in 2017.
The investment firm’s current portfolio shows its continued faith in blockchain technology. Investments include positions in crypto companies Bitwise Asset Management and BitGo.
White House Plans
Trump’s administration has scheduled the first White House Crypto Summit for March 7. The event will gather crypto industry executives and leaders to discuss regulatory frameworks.
The summit announcement follows Trump’s reveal of plans for a strategic crypto reserve. Sacks endorsed this move, stating it aligns with Trump’s goal of making America a crypto leader.
Eric Trump highlighted the timing of the reserve announcement. The Sunday release gave retail investors early access to market movement before traditional exchanges opened.
Cryptocurrency markets reacted quickly to the news. Values rose by 12% across major cryptocurrencies following the announcement.
The timing created an unusual advantage for crypto traders. Traditional market participants couldn’t react immediately due to weekend closure.
Professional Capital Management CEO Anthony Pompliano commented on the situation. He pointed out how traditional market hours limited Wall Street’s ability to respond.
Craft Ventures continues its blockchain industry involvement through various investments. The firm holds positions in tech companies including Meta, Reddit, and X.
In 2018, Sacks demonstrated early support for emerging blockchain platforms. He invested in Multicoin Capital, a venture firm focusing on Solana projects.
The Financial Times reported on Sacks’ investment activities. Their coverage prompted his public clarification about personal cryptocurrency holdings.
Sacks maintains his advisory role while keeping clear separation between personal finances and policy work. His firm’s investment strategies remain independent of his government position.
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