Treasury nominee Scott Bessent reveals up to $500K in BlackRock Bitcoin ETF investments, sparking debates about cryptocurrency’s role in U.S. economic policy.
Scott Bessent, President-elect Donald Trump’s nominee for Treasury secretary, has disclosed a personal investment of between $250,001 and $500,000 in BlackRock’s bitcoin exchange-traded fund (ETF), the iShares Bitcoin Trust (IBIT). This revelation, included in a filing by the U.S. Office of Government Ethics, highlights cryptocurrency’s growing prominence in elite financial portfolios.
Bessent’s overall financial portfolio is valued at a minimum of $521 million, encompassing U.S. Treasury bills, Invesco funds, and other currency-related investments. The nominee also holds significant non-financial assets, including Bahamian real estate valued at over $5 million and a $1 million art and antiques collection.
To comply with federal conflict-of-interest requirements, Bessent has pledged to divest any holdings that could pose ethical concerns. This includes the BlackRock Bitcoin ETF and other assets tied to his hedge fund, Key Square Group, which is expected to wind down operations by March. Some investments may take longer to divest due to withdrawal restrictions, with full divestiture anticipated by September.
Scott Bessent Impact of BlackRock Bitcoin ETF
The BlackRock Bitcoin ETF, which aims to integrate cryptocurrencies into traditional finance, represents one of the high-profile holdings in Bessent’s portfolio. If confirmed, Bessent’s role as Treasury secretary would place him at the forefront of economic policy and cryptocurrency regulation, pivotal areas given the expanding adoption of digital assets.
Federal guidelines allow nominees to reinvest proceeds from divested assets into approved financial instruments, such as Treasury bills or mutual funds, to defer capital gains taxes. Bessent’s confirmation hearing will scrutinize his financial interests, particularly his views on digital assets and how they might influence economic policymaking.
Stay updated on Bessent’s confirmation hearing to understand how his financial interests and views on digital assets could shape U.S. economic policy.
