Trump's AI and cryptocurrency advisors sell over $200 million in digital assets

David Sacks, who served as President Donald Trump’s artificial intelligence and cryptocurrency advisor, and his venture capital firm Craft Ventures have sold more than $200 million in digital asset-related holdings, according to a White House memo.

The memo, issued on March 5 by White House counsel David Warrington, states that Sacks and Craft Ventures liquidated all cryptocurrency assets, including Bitcoin, Ethereum and Solana, before Trump’s inauguration. Sacks also sold his stakes in Coinbase Global Inc. (NASDAQ:COIN) and Robinhood Markets Inc. (NASDAQ:HOOD), as well as limited partner interests in cryptocurrency funds Multicoin Capital and Blockchain Capital.

Craft Ventures also divested its investments in Multicoin Capital and Bitwise Asset Management Inc., according to the same memo.

The memo further states that of the total divestment of more than $200 million, at least $85 million was directly attributable to Sacks. These sales generate a large tax burden because special government employees like Sacks are not eligible for capital gains tax deferrals.