David Sacks, who served as President Donald Trump’s adviser for artificial intelligence and cryptocurrencies, along with his venture-capital firm Craft Ventures, have sold more than $200 million in holdings related to the digital-asset industry, as stated in a White House memo.
The memo, issued by White House counsel David Warrington on March 5, reported that Sacks and Craft Ventures liquidated all their cryptocurrency assets, including Bitcoin, Ethereum, and Solana, before Trump’s inauguration. Sacks also sold his shares in Coinbase Global Inc. (NASDAQ:COIN) and Robinhood Markets Inc. (NASDAQ:HOOD), in addition to his limited-partner stakes in cryptocurrency funds Multicoin Capital and Blockchain Capital.
Craft Ventures also divested from its interests in Multicoin Capital and Bitwise Asset Management Inc., according to the same memo.
The memo further noted that at least $85 million of the total divestments, which exceeded $200 million, were directly attributable to Sacks. The sales resulted in a substantial tax burden, as special government employees like Sacks are not eligible for capital-gains tax deferrals.
