Treasury nominee Scott Bessent discloses up to $500K in Bitcoin ETFs

Scott Bessent, nominated by President-elect Donald Trump for the position of Treasury Secretary, has revealed that he holds up to $500,000 in Bitcoin (CRYPTO:BTC) Exchange-Traded Funds (ETFs).

According to a filing from the U.S. Office of Government Ethics, Bessent owns between $250,000 and $500,000 worth of shares in BlackRock’s iShares Bitcoin Trust ETF (IBIT).

In addition to his cryptocurrency holdings, the document detailed other investments, including significant positions in the SPDR SP 500 Trust and Invesco’s QQQ Trust.

Bessent’s total disclosed assets are estimated at around $521 million, although analysts suggest the actual value could be much higher due to broad reporting ranges.

U.S. law mandates that high-ranking government officials disclose their investments and plans for divestment to prevent conflicts of interest.

If confirmed, Bessent has stated he will resign from Key Square Group, which he co-founded, and will divest his investments within 90 days.

Bessent is known for his support of cryptocurrencies, previously describing digital assets as essential for economic freedom and innovation.

His nomination comes amid a broader trend in the Trump administration, which has appointed several crypto advocates to key roles.

Concerns have been raised regarding whether Bessent will liquidate his Bitcoin ETF position.

While reports indicate he plans to divest from various assets, some analysts have noted that he did not explicitly mention his IBIT holdings in the same context.

This has led to speculation that he may retain his Bitcoin investment.

As the confirmation process unfolds, Bessent's substantial crypto exposure could influence discussions surrounding potential policies for digital assets under the incoming administration.

At the time of reporting, the Bitcoin (BTC) price was $94,371.00.