- Scott Bessent, Trump’s nominee for U.S. Treasury Secretary, holds investments up to $500,000 in BlackRock’s Bitcoin ETF.
- If confirmed, Bessent will divest these holdings to avoid potential conflicts of interest, as required by ethics regulations.
Donald Trump’s nominee for U.S. Treasury Secretary, Scott Bessent, has revealed his significant financial position in the cryptocurrency market, holding an investment of up to $500,000 in BlackRock’s Bitcoin exchange-traded fund (ETF).
This move highlights not only Bessent’s personal involvement with digital assets but also signals potential shifts in the U.S. government’s stance on cryptocurrencies under the Trump administration.
Scott Bessent, a businessman with extensive experience in finance and investment, currently owns shares in the iShares Bitcoin Trust ETF (IBIT), which is recognized as the largest spot Bitcoin ETF in the market.
According to Bessent’s disclosed investment reports, his stake ranges between $250,000 and $500,000. The IBIT ETF, which manages an impressive $52 billion in assets, controls approximately 2.81% of Bitcoin‘s total supply, which is capped at 21 million coins.
This substantial holding underscores the growing influence of institutional investors in the cryptocurrency space.
However, Bessent has pledged to divest his interests in the Bitcoin ETF and other assets if he is confirmed as Treasury Secretary by the U.S. Senate. This divestment is in line with ethical guidelines, as outlined in a signed document from the Office of Government Ethics.
The ethics rules stipulate that Bessent will have a maximum of 90 days after confirmation to sell off shares in at least 25 companies, including his Bitcoin ETF holdings, to avoid any conflict of interest once he takes office.
Bessent, who is also a shareholder in the Key Square Group, a hedge fund, is committed to ensuring that no personal financial interests interfere with his official duties. In a statement, he affirmed that he would not engage in matters that could have a direct financial impact on his investments unless given written permission or a governmental exception.
This pledge serves to safeguard the transparency of his role as Treasury Secretary and to reassure the public that his decisions will be free from external financial influence.
Should Bessent be confirmed, he will play a crucial role in implementing Trump’s broader economic strategy, which is expected to include major shifts in how the U.S. interacts with cryptocurrencies.
Bessent is poised to be responsible for overseeing the management of a U.S. Bitcoin reserve, a policy likely to be expedited through an executive order by Trump. Early drafts of the executive order suggest that the Treasury Secretary will hold full responsibility for managing all matters related to Bitcoin within the U.S. government.
This development could mark a pivotal moment in the regulation and formal recognition of digital assets in the U.S., positioning the country as a potential leader in the institutional adoption of cryptocurrencies. Bessent’s confirmation and subsequent actions will set the stage for how the U.S. government approaches digital assets at a national level.