DeepTech Summary: Federal Reserve Chair nominee chosen by Trump, Kevin Warsh, has submitted a 69-page financial disclosure filing, revealing combined assets with his wife of at least $192 million and indirect 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 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 has surfaced with a 69-page government ethics document.
Federal Reserve Chair nominee Kevin Warsh submitted a financial disclosure filing to the Office of Government Ethics (OGE) on April 14, a final procedural hurdle before the Senate confirmation hearing. The filing shows that Warsh and his wife Jane Lauder's combined assets are approximately $192 million, potentially higher. However, what has truly sparked the crypto industry's attention is the over twenty crypto and Web3-related holdings buried in the document.
Warsh had previously stated unequivocally in a public interview at the Hoover Institute: Bitcoin does not make him nervous, he views Bitcoin as an important asset that can help policymakers assess the correctness of their decisions. Now, the disclosure filing proves that he is not just paying lip service—he has indeed put his money on this track.
At Least 20 Crypto Entities: From L1 Blockchains to DeFi Protocols, Virtually Comprehensive Coverage
Warsh's crypto exposure is spread across various 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 shares in dYdX and Polychain Capital, with the same vehicle also encompassing dozens of fintech and Web3 projects such as Compound, Lighter, Lemon Cash, and Blast (an Ethereum L2 protocol).
Under the AVF series 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 15000 USD.
Additionally, according to Bitcoin Magazine, Warsh also holds equity in the Bitcoin payment startup Flashnet, which focuses on 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 touches almost every major track in the crypto industry: L1 blockchain (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 blockchain (Zero Gravity).
However, following OGE rules, holdings without specified amounts typically indicate values below 1000 USD, meaning these crypto positions are mostly small-risk bets rather than concentrated positions.
192 Million USD Asset Overview: Druckenmiller Advisory Fees, Juggernaut Fund, and Opaque Holdings
The crypto positions are just a small part of Warsh's vast asset landscape.
The two largest investments in the document are two positions in Juggernaut Fund LP, each labeled as "over 50 million USD," but the underlying assets are not disclosed due to confidentiality agreements. Warsh has committed to selling all if confirmation is received. Additionally, there are holdings in over twenty THSDFS LLC series, with individual amounts up to 5 million USD, also not disclosing the underlying assets due to confidentiality terms.
On the income side, Warsh received a $10.2 million advisory fee from Wall Street legend 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.
In the OGE certification officer Heather Jones's review opinion, 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 the founder of Estée Lauder, and Forbes estimates her personal net worth to be around $1.9 billion.
Once Called Bitcoin the "Good Cop of Policy," Now His Holdings Confirm His Judgment
Warsh's attitude toward Bitcoin stands out among past and present high-ranking Federal Reserve officials.
As early as 2011, Warsh saw the Bitcoin whitepaper at a dinner party from Marc Andreessen. In 2018, he wrote in The Wall Street Journal that Bitcoin could become a "sustainable store of value" similar to gold. In 2021, he stated on CNBC that for those 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 qualified software development in the crypto industry as part of U.S. economic competitiveness.
For the crypto industry, Warsh's disclosure is a double-edged signal.
On the one hand, a Fed chair with a personal venture capital exposure to DeFi and blockchain infrastructure may have a better understanding of the nuances of this technology than his predecessors;
On the other hand, forced divestitures and recusal obligations may initially limit his ability to translate these sympathetic views into actual actions.
