First Fed Chair with Crypto Holdings? Kevin Warsh Discloses at Least 20 Crypto Investments, Including Solana and dYdX
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First Fed Chair with Crypto Holdings? Kevin Warsh Discloses at Least 20 Crypto Investments, Including Solana and dYdX
He once called Bitcoin “a good policy cop,” and his current holdings confirm his judgment.
Navigating Web3 tides with focused insightsAuthor: Claude, TechFlow
TechFlow Introduction: Kevin Warsh, President Trump’s nominee for Federal Reserve Chair, submitted a 69-page financial disclosure form revealing combined assets with his wife totaling at least $192 million—and indirect investments in at least 20 crypto-related entities, including Solana, dYdX, Polychain Capital, Optimism, and Dapper Labs. If confirmed, he would become the first Fed Chair with exposure to crypto venture capital. His confirmation hearing is scheduled for April 21, though Republican Senator Thom Tillis has threatened to vote against him due to the ongoing impasse over the investigation into current Chair Jerome Powell.
Warsh’s crypto holdings have surfaced via a 69-page government ethics filing.
Federal Reserve Chair nominee Kevin Warsh submitted his financial disclosure form to the U.S. Office of Government Ethics (OGE) on April 14—the final procedural step before his Senate confirmation hearing. The filing shows that Warsh and his wife, Jane Lauder, hold combined assets of approximately $192 million, potentially more. What truly captured the crypto industry’s attention, however, are the two dozen-plus crypto- and Web3-related holdings buried deep within the document.
Warsh previously stated unequivocally in a public interview at the Hoover Institution that Bitcoin does not unsettle him—he views it as an important asset that can help policymakers gauge whether their decisions are correct. Now, the disclosure confirms he has moved beyond rhetoric: his own money is indeed invested in this space.
At Least 20 Crypto Entities: Coverage Spanning L1 Blockchains to DeFi Protocols
Warsh’s crypto exposure is distributed across multiple venture fund structures. Through the AVGF I fund, he holds indirect stakes in Solana, Optimism, and the Lightning Network. Through DCM Investments 10 LLC, he holds interests in dYdX and Polychain Capital; the same vehicle also includes stakes in Compound, Lighter, Lemon Cash, and Blast—a Layer-2 Ethereum protocol—alongside dozens of other fintech and Web3 projects.
Under the AVF series of funds, additional crypto-related holdings include Dapper Labs, DeSo, Eulith, Onjuno, Ridian, Friends With Benefits, and Zero Gravity—an AI-focused Layer-2 blockchain platform. Warsh also directly holds shares valued between $1,001 and $15,000 in Metatheory Inc., a Web3 company, via Founder Bets Master SPV LLC.
Additionally, according to Bitcoin Magazine, Warsh holds equity in Flashnet, a Bitcoin payments startup building a merchant payment system similar to the Lightning Network. He has also previously invested in Bitwise—a crypto index management firm—and Basis, an algorithmic stablecoin project—though neither appears in this disclosure.
In terms of scope, this holdings list touches nearly every major crypto sector: Layer-1 blockchains (Solana), Layer-2 scaling solutions (Optimism, Blast), DeFi protocols (dYdX, Compound), NFT infrastructure (Dapper Labs), prediction markets (Polymarket), Bitcoin payments (Flashnet, Lightning Network), social tokens (Friends With Benefits), and AI blockchains (Zero Gravity).
However, per OGE rules, positions without specified monetary values typically indicate individual holdings worth less than $1,000—meaning most of these crypto positions represent small-scale risk bets rather than concentrated exposures.
The Full $192 Million Picture: Druckenmiller Consulting Fees, Juggernaut Fund, and Non-Disclosed Holdings
These crypto holdings represent only one corner of Warsh’s vast asset portfolio.
The two largest entries in the filing are two positions in Juggernaut Fund LP, each marked “over $50 million”—but the underlying assets remain undisclosed due to confidentiality agreements. Warsh has pledged to divest all such holdings upon confirmation. Additionally, roughly two dozen positions under the THSDFS LLC umbrella—each valued up to $5 million—are similarly shielded from disclosure by confidentiality clauses.
On the income side, Warsh earned $10.2 million in consulting fees from Duquesne Family Office, the firm led by Wall Street legend Stanley Druckenmiller. He also received $1.55 million from GoldenTree Asset Management, $750,000 from Cerberus Capital Management, and $750,000 in speaking fees from Brevan Howard—all institutions actively engaged in digital asset trading.
Heather Jones, OGE-certified ethics official, noted in her review that once Warsh completes his pledged divestitures, he will meet the compliance requirements of the Ethics in Government Act.
Warsh’s wife, Jane Lauder, is the granddaughter of Estée Lauder’s founder; Forbes estimates her personal net worth at approximately $1.9 billion.
Once Called Bitcoin a “Good Policeman for Policy”—Now His Holdings Confirm That View
Warsh’s stance on Bitcoin stands apart among past and present senior Fed officials.
As early as 2011, Warsh encountered the Bitcoin whitepaper at a dinner with Marc Andreessen. In 2018, he wrote in The Wall Street Journal that Bitcoin could evolve into a “sustainable store of value,” akin to gold. In 2021, he told CNBC that for people under 40, Bitcoin is their new gold.
In 2025, during his Hoover Institution interview, he delivered his most comprehensive statement to date: Bitcoin is not a replacement for the U.S. dollar—but it can serve as an excellent “policeman for policy.” He also characterized software development in the crypto industry as integral to U.S. economic competitiveness.
For the crypto industry, Warsh’s disclosure sends a double-edged signal. On one hand, a Fed Chair with firsthand venture exposure to DeFi and blockchain infrastructure may possess deeper technical understanding than his predecessors. On the other, mandatory divestitures and recusal obligations could constrain his ability to translate that empathy into concrete action during his early tenure.
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