The Most Crypto-Knowledgeable Fed Chair in History: What Cryptocurrencies Does Kevin Warsh Hold?
Original Title: "First Federal Reserve Chairman with Crypto Holdings? Kevin Warsh Reveals Investments in Solana, dYdX, and at Least 20 Other Crypto Assets"
Original Author: Claude, DeepTech TechFlow
DeepTech Summary: Federal Reserve Chair nominee appointed by Trump, Kevin Warsh, submitted a 69-page financial disclosure filing, revealing joint assets with his wife of at least $192 million and indirect investments in at least 20 crypto-related entities including Solana, dYdX, Polychain Capital, Optimism, Dapper Labs, and more.
If confirmed, he would become the first Federal Reserve Chairman with exposure to crypto venture investments. The confirmation hearing is scheduled for April 21, but Republican Senator Tillis threatens to vote against due to the Powell investigation deadlock.
Warsh's crypto holdings list emerged with a 69-page government ethics filing.
Federal Reserve Chair nominee Kevin Warsh submitted a financial disclosure filing to the U.S. Office of Government Ethics (OGE) on April 14, the final procedural hurdle before the Senate confirmation hearing. The filing reveals that Warsh and his wife Jane Lauder have joint assets of approximately $192 million, possibly more. However, what truly caught the crypto industry's attention were the twenty-plus crypto and Web3-related holdings buried in the filing.
Warsh had previously stated unequivocally in a public interview at the Hoover Institution: btc-42">Bitcoin does not make him nervous, he considers Bitcoin an important asset that can help policymakers assess the correctness of their decisions. Now, the disclosure filing proves that he has not only stayed at the verbal level—he has indeed put his money on this track.
At Least 20 Crypto Entities: From L1 Blockchains to DeFi Protocols, Almost Fully Covered
Warsh's crypto exposure is spread across multiple venture capital fund structures. Through the AVGF I fund, he indirectly holds stakes in Solana, Optimism, and the Lightning Network; through DCM Investments 10 LLC, he holds shares in dYdX and Polychain Capital, and the same vehicle includes dozens of fintech and Web3 projects such as Compound, Lighter, Lemon Cash, and Blast (an Ethereum L2 protocol).
Under the AVF series of funds, there are also holdings in crypto-related projects such as Dapper Labs, Deso, Eulith, Onjuno, Ridian, Friends With Benefits, and Zero Gravity (an L2 AI blockchain platform). Warsh also directly holds shares of the Web3 company Metatheory Inc. through Founder Bets Master SPV LLC, valued between $1001 and $15,000.
Additionally, according to Bitcoin Magazine, Warsh also holds equity in the Bitcoin payment startup Flashnet, which aims to provide a Bitcoin merchant payment system similar to the Lightning Network. Warsh has previously invested in the crypto index management company Bitwise and the algorithmic stablecoin project Basis, although these two investments are not listed in this disclosure.
From a coverage perspective, this holdings list nearly touches on every major track of the crypto industry: L1 blockchains (Solana), L2 scaling solutions (Optimism, Blast), DeFi protocols (dYdX, Compound), NFT infrastructure (Dapper Labs), prediction markets (Polymarket), Bitcoin payments (Flashnet, Lightning Network), and even social tokens (Friends With Benefits) and AI blockchain (Zero Gravity).
However, following OGE rules, holdings without specified amounts usually indicate positions valued below $1,000, meaning that these crypto positions are mostly small-risk bets rather than concentrated positions.
$192 Million Asset Overview: Druckenmiller Advisory Fees, Juggernaut Fund, and Opaque Holdings
The crypto holdings represent just a fraction of Warsh's vast asset landscape.
The two largest investments in the filing are two positions in Juggernaut Fund LP, each labeled as "over $50 million," but the underlying assets are not disclosed due to confidentiality agreements. Warsh has committed to selling these in full upon confirmation. Furthermore, there are over twenty THSDFS LLC series holdings, with individual amounts up to $5 million, also undisclosed in terms of underlying assets due to confidentiality agreements.
On the income side, Warsh received a $10.2 million advisory fee from Wall Street legend investor Stanley Druckenmiller's Duquesne Family Office.
He also received $1.55 million from GoldenTree Asset Management, $750,000 advisory fee from Cerberus Capital Management, and a $750,000 speaking fee from Brevan Howard—all of which have digital asset trading operations.
OGE certifying officer Heather Jones noted in the review opinion that once Warsh completes the promised asset sales, he will meet the compliance requirements of the Ethics in Government Act.
Warsh's wife, Jane Lauder, is the granddaughter of Estée Lauder founder, with Forbes estimating her personal net worth at around $1.9 billion.
Once Called Bitcoin the 'Good Cop of Policy,' Now Holding Confirms His Judgment
Warsh's stance on Bitcoin stands out among former and current Fed officials.
As early as 2011, Warsh saw the Bitcoin whitepaper at a dinner from Marc Andreessen. In 2018, he wrote in The Wall Street Journal that Bitcoin could become a "sustainable value storage tool" similar to gold. In 2021, he stated on CNBC that for people under 40, Bitcoin is their new gold.
In 2025, in an interview at the Hoover Institution, he made his most comprehensive statement to date: "Bitcoin is not a replacement for the dollar, but it can be a very good policy cop." He also classified software development in the crypto industry as part of U.S. economic competitiveness.
For the crypto industry, Warsh's disclosure is a double-edged sword signal.
On one hand, having a Fed Chair with a personal VC exposure to DeFi and blockchain infrastructure may mean better understanding of the nuances of this technology compared to his predecessors;
On the other hand, forced sales and avoidance obligations may initially limit his ability to translate these sympathetic views into actual actions.
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