Alert šØšØ"Scott Bessent" to Divest from BlackRock Bitcoin ETF Before Trumpās Inauguration š„ š„ š„ š„
Scott Bessent, the billionaire hedge fund manager and nominee for U.S. Treasury Secretary under President-elect Donald Trump, is preparing to divest from multiple assets, including his stake in BlackRockās Bitcoin ETF (IBIT). This divestment comes in compliance with federal ethics guidelines, which require nominees to sell certain holdings within 90 days of Senate confirmation to prevent conflicts of interest.
BlackRock Bitcoin ETF and Bessentās Stake
BlackRockās Bitcoin ETF, the worldās largest spot Bitcoin fund with over $50 billion in assets, is a significant part of Bessentās portfolio. His stake in IBIT is valued between $250,001 and $500,000, which initially garnered attention from the crypto community. His pro-crypto stance had made him a popular choice among crypto supporters.
Confusion Over IBITās Divestment
Despite Bessentās plan to divest from many holdings, there has been some uncertainty surrounding the Bitcoin ETF. Mathew Sigel, head of research at VanEck, questioned whether IBIT would actually be sold, pointing out that the ETF was not explicitly mentioned in divestment filings.
Bessentās Background and Upcoming Confirmation
Before being tapped for Treasury Secretary, Bessent was the chief investment officer at Soros Fund Management and founder of Key Square Group. He is also a former adjunct professor at Yale University. His confirmation hearing is set for January 16, just days before Trumpās inauguration. If confirmed, Bessent is expected to play a significant role in shaping the administrationās economic policies, including those that may encourage cryptocurrency adoption.
