Treasury Pick Scott Bessent to Divest BlackRock Bitcoin ETF Before Trump's Inauguration

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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).

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The divestment follows Federal ethics guidelines, which require nominees to sell specific holdings within 90 days of Senate confirmation to prevent 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 disclosed his portfolio worth approximately $521 million, as per the filing made public Saturday by the U.S. Office of Government Ethics.

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

In addition to selling certain assets, Bessent will resign from Key Square Group, the hedge fund he founded, and wind down his interest in the firm.

While Bessent has pledged to divest from numerous holdings, questions remain about whether IBIT will be included.

This ambiguity has led to speculation fueled by a tweet from Mathew Sigel, head of research at VanEck, who questioned the necessity of the divestment.

“I’m not so sure why Bloomberg says he will be selling the Bitcoin ETF. For other assets, the divestment is footnoted, but not IBIT,” Sigel wrote on X on Monday.

In November, Trump tapped Bessent for the Treasury Secretary role, citing his extensive financial expertise and proven track record as an investor.

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“[Scott Bessent] will help me usher in a new Golden Age for the United States,” Trump wrote in his Truth Social platform at the time.

Before founding Key Square Group, Bessent served as the chief investment officer at Soros Fund Management from 2011 to 2015, overseeing assets for billionaire George Soros and his philanthropic foundations.

Beyond his investment career, Bessent taught economic history as an adjunct professor at Yale University, his alma mater, from 2006 to 2010.

Bessent’s confirmation hearing is scheduled for January 16, just days before Trump takes office.

If confirmed, he will play a pivotal role in Trump’s economic agenda, which includes tax cuts, deregulation, and driving crypto adoption.

Edited by Sebastian Sinclair