Scott Bessent, the billionaire hedge fund manager and nominee for Treasury Secretary, is preparing to divest his stake in BlackRock’s Bitcoin ETF (IBIT) and other assets ahead of President-elect Donald Trump’s inauguration. This divestment is in line with federal ethics guidelines, requiring nominees to sell certain holdings within 90 days of Senate confirmation to avoid conflicts of interest. BlackRock's Bitcoin fund, managing over $50 billion, is one of the most prominent investments in Bessent's portfolio, with his stake valued between $250,001 and $500,000. Bessent's overall portfolio is worth approximately $521 million and includes U.S. Treasury bills and major ETFs. In addition to asset sales, he will resign from the hedge fund he founded, Key Square Group. Despite plans to divest, there is uncertainty around the fate of IBIT as speculation continues regarding the necessity of this particular divestment. Bessent was nominated by Trump for his financial expertise, which he has demonstrated throughout his investing career.

Source 🔗