David Sacks Divests $200 Million in Crypto Holdings

David Sacks, President Donald Trump’s key advisor for AI and crypto, along with his venture-capital firm Craft Ventures, has liquidated a substantial $200 million in digital assets.

According to a memo from the White House reported by Bloomberg, Sacks and Craft sold off their complete crypto portfolio—Bitcoin (BTC), Ethereum (ETH), and Solana (SOL)—prior to Trump’s inauguration on January 20. This information was disclosed on March 5 by White House counsel David Warrington.

Details of Divestment

Sacks sold his stakes in Coinbase and Robinhood, as well as his limited-partner shares in crypto funds Multicoin Capital and Blockchain Capital. Craft Ventures also divested its interests in Multicoin Capital and Bitwise Asset Management.

Sacks has stated that he is no longer involved with crypto since becoming the White House crypto czar. He confirmed this in a tweet on March 3, clarifying, “I sold all my cryptocurrency (including BTC, ETH, and SOL) prior to the start of the administration.”

Democratic Senator Elizabeth Warren has urged for Sacks to publicly disclose his financial interests to avoid potential conflicts of interest, especially given his role as crypto advisor.

Trump’s Crypto Ventures

In contrast, Trump launched a memecoin called Official Trump (TRUMP) on the eve of his inauguration, which has drawn significant criticism for its lack of utility. The token peaked at a value of $15 billion but has since dropped about 83.5%. The project reportedly raised at least $350 million shortly after launch, with concerns about the token’s actual backers.

Additionally, Trump launched World Liberty Financial, a decentralized finance platform involved in selling the WLFI token. The project has secured $550 million in funding through a recent token sale, with Trump’s sons also reportedly involved.

On March 6, Trump signed an Executive Order to set up a U.S. Bitcoin reserve and a Digital Asset Stockpile, which Sacks has downplayed in terms of altcoin inclusion.

Potential Collaboration with Binance

Binance is in discussions with Trump or World Liberty Financial about selling a financial stake in its U.S. operations. This comes as the exchange navigates previous legal issues related to money laundering and regulatory violations. Under Trump, crypto firms like Binance may face fewer regulations as many investigations from the Biden administration have been halted.

Read more: Is Trumpism winning and crypto failing? Bitcoin, Ethereum, and XRP continue to struggle as market reactions unfold.