Key Takeaways
- David Sacks divested from Multicoin Capital following scrutiny over Trump’s crypto stockpile plan.
- Sacks’ past investment in Solana through Multicoin generated approximately $1 billion in returns.
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David Sacks, the White House AI and Crypto Czar, said today he has divested from Multicoin Capital, the crypto-focused venture capital firm known for backing Solana.
The statement comes amid scrutiny over President Trump’s plan to include Bitcoin, Ether, Solana, XRP, and Cardano in a national crypto stockpile, which triggered major price increases for the selected digital assets.
Political commentator Krystal Ball raised concerns on X about the initiative’s use of taxpayer funds and potential insider benefits. Responding to Ball’s criticism, Sacks disclosed, “I sold $BITW on January 22 for $74k” and confirmed he had also sold his Multicoin Capital stake.
Sacks had initially invested in Multicoin Capital through his firm Craft Ventures in 2018. While Craft Ventures maintains investments in crypto startups, both Sacks and the firm have divested their direct crypto holdings following Trump’s inauguration.
Before joining the administration, Sacks liquidated his entire portfolio of digital assets, including Bitcoin, Ether, and Solana, he said in a Sunday statement. His investment in Solana through Multicoin Capital reportedly generated returns of approximately $1 billion, according to his previous podcast statements.
Sacks is set to chair the first White House Crypto Summit on Friday, which will convene crypto industry leaders and the President’s Working Group on Digital Assets to strengthen the US position in global crypto markets and develop clear regulatory frameworks.
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