Kevin Warsh's Altcoin Safari: All the Solana, Zero Bitcoin (While Goldman Sachs Yolos Into Covered Calls)

Trump's nominee to replace Jerome Powell as Fed Chair filed his 69-page financial disclosure with the Office of Government Ethics Tuesday, revealing combined assets with his wife of at least $192M. Because nothing says "independent monetary policy" quite like having more money than a small nation's GDP.

Through DCM Investments 10 LLC, Kevin Warsh holds stakes in Solana, Polymarket, Blast, Optimism, dydx, Dapper Labs, and multiple crypto fintech firms. He also has direct exposure to SpaceX via the AVGF II fund, and more than $100M through Juggernaut Fund LP positions tied to advisory work with the Duquesne Family Office. The man is basically running a crypto index fund with extra steps and a Fed chair application.

The man who would set US interest rate policy, oversee banking supervision, and influence stablecoin and crypto regulatory posture is heavily exposed to Solana and a crypto-native prediction market. Warsh has previously called Bitcoin "the new gold." But notably, he doesn't own any. Imagine telling your date you're "really into fitness" while refusing to touch a treadmill.

He's too busy investing down the risk curve. Bitcoin is so 2017. Solana is where the real alpha is, apparently—or at least that's what $192M worth of conviction says.

Goldman Sachs filed with the SEC on Tuesday for the Goldman Sachs Bitcoin Premium Income ETF - one of the bank's first direct crypto product filings and its most significant Bitcoin move yet. The establishment isn't just dipping a toe in anymore; they're cannonball-ing in with a life vest made of call options.

The fund holds exposure to spot Bitcoin ETPs and sells call options on 40–100% of that exposure, collecting premiums it distributes to investors as monthly income. In practice, upside participation gets capped in strong rallies, and in exchange, investors collect yield. It's basically the financial equivalent of owning a race car but leaving it in the garage because you're making decent money charging people to sit in it.

It's the same covered-call playbook Goldman already runs on the S&P 500 via GPIX and the Nasdaq via GPIQ. BlackRock just launched a similar income ETF for Bitcoin as well. TradFi saw retail yield farmers doing covered calls on their meme stocks and thought, "we can do that but for actual money."

The biggest TradFi players are finding more crypto products to offer their customers. First they said Bitcoin was a fad. Then they said it was tulips. Now they're launching Bitcoin yield products. At this rate, banks will be running nodes by 2030.

Tether, the world's largest stablecoin issuer with $184B USDT in circulation, launched tether.wallet on Tuesday as its first consumer-facing product. Because when you print more money than most countries, the logical next step is to make a wallet app.

The self-custodial app lets users hold and send USDT, USAT,