Author: Claude, Deep Tide TechFlow
Deep Tide Guide: Kevin Warsh, nominated by Trump for Fed Chair, submitted a 69-page financial disclosure revealing combined assets with his wife of at least $192 million, including 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 venture capital. The confirmation hearing is scheduled for April 21st, but Republican Senator Tillis still threatens to vote no due to the Powell investigation stalemate.
Warsh's crypto holdings list emerged through a 69-page government ethics document.
Fed Chair nominee Kevin Warsh submitted his financial disclosure to the U.S. Office of Government Ethics (OGE) on April 14th, the final procedural step before the Senate confirmation hearing. The document shows that Warsh and his wife Jane Lauder have combined assets of approximately $192 million, potentially more. But what truly captured the crypto industry's attention were the over twenty crypto and Web3-related holdings buried deep within the file.
Warsh had previously stated clearly in a public interview at the Hoover Institution: Bitcoin doesn't make him uncomfortable; he considers it an important asset that can help policymakers judge whether their decisions are correct. Now, the disclosure proves he's gone beyond mere words—his money is indeed on this track.
At Least 20 Crypto Entities: Nearly Full Coverage from L1 Public Chains to DeFi Protocols
Warsh's crypto exposure is distributed across multiple venture capital fund structures. Through the AVGF I fund, he indirectly holds interests in Solana, Optimism, and the Lightning Network; through DCM Investments 10 LLC, he holds stakes in dYdX and Polychain Capital, with the same vehicle also including dozens of fintech and Web3 projects like Compound, Lighter, Lemon Cash, and Blast (an Ethereum L2 protocol).
Under the AVF series of funds, crypto-related holdings also appear including Dapper Labs, Deso, Eulith, Onjuno, Ridian, Friends With Benefits, and Zero Gravity (an L2 AI blockchain platform). Warsh also directly holds shares worth $1,001 to $15,000 in Web3 company Metatheory Inc. through Founder Bets Master SPV LLC.
Furthermore, according to Bitcoin Magazine, Warsh also holds equity in Bitcoin payments startup Flashnet, a company positioned as a Bitcoin merchant payment system similar to the Lightning Network. Warsh had previously invested in crypto index management company Bitwise and algorithmic stablecoin project Basis, although these investments did not appear in this disclosure.
In terms of coverage, this holdings list touches nearly every major sector of the crypto industry: L1 public chains (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, according to OGE rules, holdings without specified amounts typically mean the individual item is valued below $1,000, indicating these crypto positions are mostly small risk bets rather than concentrated positions.
Full Picture of $192 Million in Assets: Druckenmiller Advisory Fees, Juggernaut Fund & Opaque Holdings
Crypto holdings are just one corner of Warsh's vast asset portfolio.
The two largest investments in the file are two positions in the Juggernaut Fund LP, each marked as "over $50 million," but the underlying assets are not disclosed due to confidentiality agreements. Warsh has committed to selling all of these if confirmed. Additionally, about twenty-plus THSDFS LLC series holdings, with individual amounts up to $5 million, also have undisclosed underlying assets due to confidentiality clauses.
Regarding income, Warsh received a $10.2 million advisory fee from the Duquesne Family Office of Wall Street legend Stanley Druckenmiller. He also received $1.55 million from GoldenTree Asset Management, $750,000 from Cerberus Capital Management in advisory fees, and a $750,000 speaking fee from Brevan Howard—all institutions with digital asset trading businesses.
OGE certifying official 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's founder, with Forbes estimating her personal net worth at approximately $1.9 billion.
Once Called Bitcoin a "Good Police for Policy," Now His Holdings Confirm His Judgment
Warsh's attitude toward Bitcoin is unique among past and current senior Fed officials.
As early as 2011, Warsh saw the Bitcoin whitepaper 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 stated on CNBC that for people under 40, Bitcoin is their new gold.
In 2025, in a Hoover Institution interview, he gave his most complete statement to date: Bitcoin is not a substitute for the dollar, but it can be a very good police for policy. He also characterized 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 one hand, a Fed Chair with firsthand venture capital exposure to DeFi and blockchain infrastructure may understand the nuances of this technology better than his predecessors; on the other hand, forced sales and recusal obligations may limit his ability to translate these sympathetic attitudes into concrete actions early in his tenure.
