David Sacks Divests from Multicoin Capital

David Sacks, the White House AI and Crypto Czar, announced today that he has divested from Multicoin Capital, a venture capital firm that focuses on cryptocurrency and is recognized for its support of Solana.

This announcement comes as President Trump’s proposal to include Bitcoin, Ether, Solana, XRP, and Cardano in a national crypto stockpile is facing scrutiny. The plan has led to significant price increases for these digital assets.

Political commentator Krystal Ball expressed concerns on X regarding the potential misuse of taxpayer funds and the possibility of insider advantages associated with the initiative. In response to Ball’s remarks, Sacks revealed, “I sold $BITW on January 22 for $74k” and confirmed his divestiture of Multicoin Capital as well.

Sacks initially invested in Multicoin Capital through Craft Ventures in 2018. Although Craft Ventures continues to invest in crypto startups, both Sacks and the firm have divested their direct cryptocurrency holdings since Trump took office.

Prior to joining the administration, Sacks liquidated his entire digital asset portfolio, including major cryptocurrencies like Bitcoin, Ether, and Solana, as stated on Sunday. His investment in Solana through Multicoin Capital is reported to have yielded returns of around $1 billion, based on his previous podcast comments.

Sacks is scheduled to lead the first White House Crypto Summit this Friday, where he will gather cryptocurrency industry leaders and the President’s Working Group on Digital Assets to enhance the US’s position in global cryptocurrency markets and establish clear regulatory frameworks.