Treasury nominee discloses up to $500K in Bitcoin ETF holdings

Scott Bessent, President-elect Donald Trump’s nominee for Treasury Secretary, has revealed a personal investment of between $250,001 and $500,000 in BlackRock’s Bitcoin (CRYPTO:BTC) exchange-traded fund (ETF), known as the iShares Bitcoin Trust (IBIT). 

This disclosure was made public by the U.S. Office of Government Ethics as part of Bessent’s confirmation process. 

His investment in the cryptocurrency-focused ETF highlights the increasing presence of digital assets within elite investment portfolios and raises questions about future U.S. economic policies.

Bessent's overall portfolio is valued at a minimum of $521 million and includes various assets such as U.S. Treasury bills and investments in Invesco funds. 

If confirmed, he has pledged to divest assets that may present potential conflicts of interest, including his stake in the Bitcoin ETF and other holdings related to his hedge fund, Key Square Group. 

The divestment process is necessary to comply with federal regulations that require nominees for high-ranking positions to mitigate any financial conflicts. 

However, some of Bessent's investments will take longer to liquidate due to withdrawal restrictions, with certain holdings not expected to be fully divested until September. 

As Treasury Secretary, Bessent would be responsible for overseeing critical areas of economic policy, including cryptocurrency regulation and monetary policy. 

In addition to his financial assets, his portfolio features non-financial investments such as real estate in the Bahamas valued over $5 million and a collection of art and antiques worth at least $1 million.

Bessent’s upcoming confirmation hearing is anticipated to address both his financial interests and his perspectives on digital assets and economic policy moving forward.

At the time of reporting, the Bitcoin price was $94,050.