Key Takeaways
- Scott Bessent plans to sell less than $500,000 in Bitcoin ETF holdings.
- He disclosed ownership of more than $500 billion in assets.
- Bessent has described Bitcoin as a symbol of freedom in past interviews.
Hedge fund manager Scott Bessent, nominated as the next U.S. Treasury secretary, will sell his Bitcoin ETF holdings, Bloomberg reports.
The billionaire investor holds less than $500,000 worth of shares in BlackRock’s iShares Bitcoin Trust ETF (IBIT).
Investment portfolio
Bessent, a co-founder of Key Square Group, a Connecticut-based hedge fund, is expected to part ways with the firm upon his confirmation by the Senate.
Known for his expansive portfolio, Bessent disclosed more than $500 billion in assets, including millions in traditional funds like SPDR S&P 500 ETF Trust (SPY), Invesco QQQ Trust (QQQ), and Invesco S&P 500 Equal Weight ETF (RSP).
Additionally, his portfolio shows minor investments in precious metals-focused funds such as iShares Gold Trust (IAU) and SPDR Gold Shares (GLD).
Crypto stance
Bessent’s cryptocurrency stance is considered favorable.
In a July interview with Fox Business, he described Bitcoin as a symbol of freedom and noted its lasting influence on financial markets.
He will replace Janet Yellen, the current Treasury secretary, if confirmed.
Ethics compliance
This divestment aligns with ethical guidelines requiring public officials to avoid potential conflicts of interest during their tenure in government positions.
