David Sacks and Craft Ventures Sell Over $200 Million in Crypto Holdings
David Sacks, a former adviser to President Donald Trump on artificial intelligence and cryptocurrencies, along with his venture-capital firm Craft Ventures, has sold over $200 million in digital-asset holdings. According to a White House memo, the sales included Bitcoin, Ethereum, and Solana, as well as shares in major crypto platforms Coinbase Global Inc. (NASDAQ:COIN) and Robinhood Markets Inc. (NASDAQ:HOOD).
Sacks also divested his limited-partner stakes in cryptocurrency funds Multicoin Capital and Blockchain Capital. Craft Ventures further sold its interests in Multicoin Capital and Bitwise Asset Management Inc. At least $85 million of the total divestments were directly tied to Sacks.
The transactions resulted in significant tax implications, as special government employees like Sacks are not eligible for capital-gains tax deferrals. This move underscores the financial and regulatory complexities surrounding cryptocurrency investments at high levels of government and finance.
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