Treasury Pick Scott Bessent to Sell BlackRock Bitcoin ETF Before Trump&#039, s Opening

With just a week to go before President-elect Donald Trump’s inauguration, Scott Bessent, the billionaire hedge fund manager and nominee for Treasury Secretary, is preparing to divest various assets, including his stake in BlackRock’s Bitcoin ETF ( IBIT ). &nbsp,

The withdrawal adheres to Federal Ethics Guidelines, which mandate nominees must offer particular holdings within 90 days of Senate verification to avoid conflicts of interest.

BlackRock’s Bitcoin ETF, managing over$ 50 billion in assets, is the world’s largest spot Bitcoin fund and one of the most closely watched investments in Bessent’s portfolio.

The crypto community welcomed Trump’s Treasury Secretary nominee in late November, mainly due to Bessen’t IBIT stake, valued between$ 250, 001 and$ 500, 000.

Bessent made known his portfolio value about$ 521 million, according to the filing released by the U.S. Office of Government Ethics on Saturday.

It includes U. S. Treasury bills, major ETFs like the SPDR S&amp, P 500 Trust ( SPY), hedge funds, commodities such as gold and silver, and many more.

In addition to selling specific assets, Bessent may withdraw from Key Square Group, the hedge fund he founded, and wind down his involvement in the organization.

Questions remain regarding IBIT’s inclusion despite Bessent’ pledge to withdraw from several holdings.

This uncertainty has fueled debate, which was fueled by a tweet from VanEck’s Mathew Sigel, head of research, who questioned the necessity of the withdrawal. &nbsp,

” I’m not sure why claims to be selling the Cryptocurrency ETF. For other goods, the withdrawal is footnoted, but no IBIT”, Sigel wrote on X on Monday.

Trump tapped Bessent for the position of Treasury Secretary in November, citing his substantial financial knowledge and proven track record as an investment.

In his Truth Social software at the time, Trump stated,” Scott Bessent did help me attendant in a new golden age for the United States.”

Bessent was the main investment officer at Soros Fund Management from 2011 to 2015, where he oversaw the resources of billionaire George Soros and his charitable foundations. Prior to founding Key Square Group, Bessent was the foundation’s founder. &nbsp,

Beyond his expense job, Bessent taught financial history as an adjunct professor at Yale University, his old school, from 2006 to 2010.

Bessent’s assurance hearing is scheduled for January 16, just weeks before Trump takes office. &nbsp,

If confirmed, he does play a key role in Trump’s economic plan, which includes tax cuts, restructuring, and driving crypto implementation.