Kevin Warsh’s Fed Filing Reveals Surprise Crypto and Venture Holdings

Federal Reserve nominee Kevin Warsh has disclosed more than $100 million in assets alongside significant exposure to cryptocurrency and venture capital investments, according to a mandatory ethics filing.

The 69-page report highlights stakes across blockchain networks, private funds, and technology ventures as he moves closer to Senate confirmation.

If confirmed, he will be required to divest most of these private investments to avoid conflicts of interest.

The 2026 Public Financial Disclosure Report (OGE Form 278e) shows that Warsh and his spouse, Jane Lauder, hold combined assets of at least $192 million, with some estimates placing the total significantly higher.

A large portion of the household wealth is tied to Jane Lauder, an Estée Lauder executive and granddaughter of the company’s founder, whose personal net worth is estimated at approximately $1.9 billion.

The filing shows that since leaving the Federal Reserve in 2011, Warsh has remained highly active in private markets, where he balances extreme stability (UPS board, Estée Lauder family wealth, Goldman Sachs cash funds) with aggressive growth bets (AI, robotics and health, satellites and private equity).

He earned $10.2 million in consulting fees from Stanley Druckenmiller’s Duquesne Family Office and over $780,000 in speaking fees in early 2025 from firms including TPG, Warburg Pincus, and State Street.

Fed nominee lists two separate interests in Juggernaut Fund LP, each valued at over $50,000,000. This is the single largest asset class in the filing.

The most material positions are held in broader private funds. Warsh reports two separate interests in Juggernaut Fund LP, each valued at over $50 million, alongside holdings in THSDFS LLC, which contains approximately 24 positions valued between $1 million and $5 million each. The underlying assets of these vehicles are not fully disclosed due to confidentiality agreements.

Juggernaut Fund LP is a “black box” investment fund, meaning its underlying holdings, strategy, and portfolio composition are not publicly disclosed.  The fund is managed by Duquesne Family Office LLC.

THSDFS LLC is a limited liability company used as an investment holding structure and functions as a private wealth and portfolio aggregation vehicle, rather than a publicly managed fund.

In DeFi and trading infrastructure, holdings include Compound, dYdX, Polymarket, Lighter, and Eulith. The filing also lists exposure to Bitcoin infrastructure through the Lightning Network and Flashnet.

Additional crypto-native investments include Polychain Capital, Scalar Capital, Bitwise Asset Management, and Dapper Labs, covering venture capital, asset management, and blockchain entertainment applications.

Beyond direct venture exposure, Warsh also reported income from firms active in digital asset markets, including $1.55 million from GoldenTree Asset Management and $750,000 from Brevan Howard, both of which have significant crypto trading activity.

If Kevin Warsh is confirmed as the Fed Chair, he will be required to divest nearly all of these private investments and most of his stocks under a signed Ethics Agreement to avoid conflicts of interest. Consequently, by the end of 2026, his portfolio may likely consist only of cash, Treasury bonds, and diversified index funds.

Still, the composition of Fed nominee Kevin Warsh’s portfolio suggests a more “pro-innovation” outlook and a closer familiarity with crypto markets than under Jerome Powell’s Federal Reserve.

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