Author: Claude, Deep Tide TechFlow

Deep Tide Introduction: Kevin Warsh, the Federal Reserve Chairman nominee by Trump, submitted a 69-page financial disclosure document showing that he and his wife have a combined asset of at least $192 million and indirectly hold investments in at least 20 crypto-related entities, including Solana, dYdX, Polychain Capital, Optimism, and Dapper Labs. If confirmed, he will become the first Federal Reserve Chairman with exposure to crypto venture capital. The confirmation hearing is scheduled for April 21, but Republican Senator Tillis is still threatening to cast a no vote due to the Powell investigation stalemate.

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

Federal Reserve Chairman nominee Kevin Warsh submitted a financial disclosure document to the U.S. Office of Government Ethics (OGE) on April 14, which is the last procedural hurdle before the Senate confirmation hearing. The document shows that Warsh and his wife Jane Lauder have a combined asset of approximately $192 million, possibly more. However, what truly drew the crypto industry's attention were the twenty-odd crypto and Web3-related holdings buried deep within the document.

Warsh previously made it clear in a public interview at the Hoover Institution that Bitcoin does not make him uneasy and he believes Bitcoin is an important asset that can help policymakers assess whether their decisions are correct. Now, the disclosed document proves that he is not just stopping at verbal levels—his money is indeed placed on this track.

At least 20 crypto entities: covering almost all fields from L1 public chains to DeFi protocols

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, with the same vehicle also containing 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 crypto-related holdings such as Dapper Labs, Deso, Eulith, Onjuno, Ridian, Friends With Benefits, and Zero Gravity (an L2 artificial intelligence blockchain platform). Warsh also directly holds shares in the Web3 company Metatheory Inc. valued between $1,001 and $15,000 through Founder Bets Master SPV LLC.

Additionally, according to Bitcoin Magazine, Warsh also holds equity in the Bitcoin payment startup Flashnet, which is positioned similarly to the Lightning Network for Bitcoin merchant payment systems. Warsh has previously invested in the crypto index management company Bitwise and the algorithmic stablecoin project Basis, although these two investments did not appear in this disclosure document.

In terms of coverage, this holdings list almost touches every major track in 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 blockchains (Zero Gravity).

However, according to OGE rules, holdings without specified amounts usually mean that the individual value is below $1,000, which means that these crypto positions are largely small-risk bets rather than concentrated positions.

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

The crypto positions are just one corner of Warsh's vast asset map.

The two largest investments in the document are two positions in Juggernaut Fund LP, each labeled "over $50 million," but the underlying assets are not disclosed due to confidentiality agreements. Warsh has pledged to sell all once confirmed. Additionally, there are about twenty THSDFS LLC series holdings, with single amounts reaching up to $5 million, also kept confidential regarding underlying assets.

In terms of income, Warsh received $10.2 million in advisory fees from Stanley Druckenmiller’s Duquesne Family Office. He also received $1.55 million from GoldenTree Asset Management and $750,000 from Cerberus Capital Management, and $750,000 as a speaking fee from Brevan Howard – all institutions with digital asset trading businesses.

OGE certification officer Heather Jones pointed out in the review opinion that once Warsh completes the promised asset sales, he will conform to the compliance requirements of the Government Ethics 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 policeman of policy," and now his holdings have confirmed his judgment

Warsh's attitude towards Bitcoin is distinctive among current and former Federal Reserve senior officials.

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 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 provided the most complete statement to date: Bitcoin is not a replacement 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 competitiveness of the U.S. economy.

For the crypto industry, Warsh's disclosure is a double-edged sword signal. On one hand, a Federal Reserve chair with personal venture capital exposure to DeFi and blockchain infrastructure may understand the nuances of this technology better than previous ones; on the other hand, compulsory sale and avoidance obligations may limit his ability to translate this sympathetic attitude into actual action in the early days of his tenure.