Newly unearthed Department of Justice documents shed light on Jeffrey Epstein’s foray into the burgeoning cryptocurrency market, revealing investments in significant early players like Coinbase and Blockstream. These disclosures illustrate Epstein’s continued ability to penetrate diverse financial and technological sectors, even following his 2008 conviction for solicitation of prostitution involving a minor. While the exact timeline of his initial interest in digital assets remains unclear, the documents confirm his engagement with prominent figures within the crypto space.
One notable connection centered around Brock Pierce, a former child actor and early crypto advocate. Pierce, then a managing partner at Crypto Currency Partners—which later evolved into Blockchain Capital—began advising Epstein on potential crypto ventures in the early 2010s. This relationship facilitated Epstein’s examination of investment opportunities within the nascent industry. Pierce, a co-founder of the stablecoin firm Tether, played a role in guiding Epstein towards some of his eventual investments.
In 2014, Pierce reportedly approached Epstein regarding an investment in Coinbase. Correspondence from that year shows Epstein inquiring about the opportunity with LinkedIn co-founder Reid Hoffman, asking, “Coinbase is closing a c round. this week? should i play? how hard?” Ultimately, Epstein committed to the venture, contributing $3 million to Coinbase’s $75 million Series C round in 2015. At that time, the company was valued at approximately $400 million. Years later, in 2018, a trust associated with Epstein sold its Coinbase equity, valued at $15 million, to Blockchain Capital. Both Coinbase and Blockchain Capital have declined to comment on the matter or have stated no wrongdoing.
Beyond Coinbase, Epstein also directed funds towards Blockstream in 2014, a company instrumental in developing early Bitcoin infrastructure. Communications released by the DOJ indicate Epstein’s engagement with Blockstream co-founders Austin Hill and Adam Back. Hill, for instance, shared research with Epstein advocating for Bitcoin’s utility. Back later clarified in a public statement that Blockstream was introduced to Epstein through Joi Ito, then director of the MIT Media Lab, with Epstein investing as a limited partner in Ito’s fund. Back maintained that Blockstream has no current financial ties to Epstein, citing Ito’s subsequent divestment due to “potential conflict of interest, and other concerns.” Ito himself faced scrutiny and resigned from several positions in 2019 due to his associations with Epstein.
Interestingly, despite his early involvement, Epstein appears to have overlooked an opportunity to invest in what would become a major Bitcoin enterprise. In 2010, his publicist, Peggy Siegal, encountered Michael Saylor, then the founder of Microstrategy. Siegal’s impression of Saylor, preserved in an email to Epstein, was distinctly negative, describing him as a “complete creep” with “no personality. Sort of like a zombie on a drug.” Saylor’s company would later pivot to become one of the largest corporate holders of Bitcoin globally. Siegal, when recently asked about the exchange, stated, “Who is Michael Saylor? The nightmare was years ago and I have no memory of this person,” without further clarification. Neither Siegal, Hill, Back, Blockstream, Ito, nor Saylor have been implicated in any wrongdoing in connection with Epstein.
