The first Federal Reserve Chair to hold a crypto portfolio? Kevin Warsh discloses at least 20 crypto investments including Solana, dYdX, and more

Author: Claude, Deep Tide TechFlow

Deep Tide Overview: The Fed Chair nominee proposed by Trump, Kevin Warsh, submitted a 69-page financial disclosure document showing that his and his wife’s combined assets are at least $192 million, and that he indirectly holds investments in at least 20 crypto-related entities such as Solana, dYdX, Polychain Capital, Optimism, and Dapper Labs. If confirmed, he would become the first Fed Chair with exposure to crypto venture capital. The confirmation hearing is scheduled for April 21, but Republican Senator Tillis still threatens to vote against due to the Powell investigation deadlock.

Warsh’s crypto holdings list surfaced along with a 69-page government ethics document.

Kevin Warsh, the nominee for Fed Chair, submitted a financial disclosure to the U.S. Office of Government Ethics (OGE) on April 14, the final procedural hurdle before the Senate confirmation hearing. The document shows that Warsh and his wife Jane Lauder’s total assets are about $192 million, possibly higher. But what truly drew the crypto industry’s attention were more than twenty crypto and Web3-related holdings buried deep within the document.

Warsh previously made his position clear in a public interview at the Hoover Institution: Bitcoin will not make him uneasy; he believes Bitcoin is an important asset that can help policymakers assess whether their decisions are correct. Now, the disclosure shows that he isn’t just speaking—his money is indeed on this track.

At least 20 crypto entities: covering nearly all major sectors from L1 blockchains to DeFi protocols

Warsh’s crypto exposure is distributed across multiple venture capital fund structures. Through the AVGF I fund, he indirectly holds equity interests in Solana, Optimism, and Lightning Network. Through DCM Investments 10 LLC, he holds shares in dYdX and Polychain Capital; the same vehicle also 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, holdings also include crypto-related positions in Dapper Labs, Deso, Eulith, Onjuno, Ridian, Friends With Benefits, and Zero Gravity (an L2 artificial intelligence blockchain platform). Warsh also directly owns shares in the Web3 company Metatheory Inc. valued between $1,001 and $15,000 through Founder Bets Master SPV LLC.

In addition, according to Bitcoin Magazine, Warsh also holds equity in the Bitcoin payments startup Flashnet, which is positioned as a Bitcoin merchant payment system similar to Lightning Network. Warsh has also previously invested in the crypto index management firm Bitwise and the algorithmic stablecoin project Basis, though neither of these investments appeared in this disclosure document.

In terms of coverage, this holdings list nearly touches every major track in the crypto industry: L1 blockchains (Solana), L2 scaling (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 blockchains (Zero Gravity).

However, under OGE rules, holdings without specified amounts generally mean each position is worth less than $1,000—so these crypto positions are mostly small bets on risk rather than concentrated holdings.

The full picture of $192 million in assets: Druckenmiller advisory fees, Juggernaut Fund, and opaque holdings

Crypto positions are just one slice of Warsh’s vast asset landscape.

The two largest investments in the document are two positions in Juggernaut Fund LP, each marked as “over $50 million,” but the underlying assets are not disclosed due to confidentiality agreements. Warsh has committed that he will sell all of them if confirmed. Additionally, about twenty-plus THSDFS LLC series holdings, with the highest single amount up to $5 million, are likewise not disclosed due to confidentiality terms.

On the income side, Warsh received $10.2 million in advisory fees from Duquesne Family Office, owned by Wall Street legend Stanley Druckenmiller. He also received $1.55 million from GoldenTree Asset Management, $750k in advisory fees from Cerberus Capital Management, and $750k in speaking fees from Brevan Howard—each of these institutions has digital asset trading business.

In her review comments, OGE-certified official Heather Jones noted that once Warsh completes the asset sales he committed to, he will be in compliance with the Government Ethics Law.

Warsh’s wife, Jane Lauder, is the granddaughter of Estée Lauder’s founder, and Forbes estimates her personal net worth at about $1.9 billion.

Once called Bitcoin “a good policeman of policy,” his holdings now back up his judgment

Warsh’s attitude toward Bitcoin is unique among successive and current Fed leadership.

As early as 2011, Warsh saw the Bitcoin white paper from Marc Andreessen at a dinner. In 2018, he wrote in The Wall Street Journal that Bitcoin could become a “sustainable store of value” similar to gold. In 2021, he told CNBC that for people under 40, Bitcoin is their new gold.

By 2025, during an interview at the Hoover Institution, he gave his most complete statement to date: Bitcoin is not a substitute for the dollar, but it can be a very good policeman for policy. He also characterized software development in the crypto industry as part of the United States’ economic competitiveness.

For the crypto industry, Warsh’s disclosure is a double-edged-sword signal. On one hand, a Fed Chair with firsthand venture capital exposure to DeFi and blockchain infrastructure may better understand the nuances of this technology than predecessors; on the other hand, mandatory divestments and avoidance obligations could limit his ability to turn these sympathetic stances into real action early in his term.