Treasury Secretary Nominee Reveals Holding Up to $500,000 in Bitcoin ETFs

President-elect Donald Trump’s pick for Treasury Secretary Scott Bessent has disclosed ownership of up to $500,000 worth of Bitcoin exchange-traded fund (ETF) holdings.

If confirmed for the post, the investor who co-founded Key Square Group says he will step down from the company and divest his investments.

Exposure to Bitcoin via IBIT

A document released on Saturday by the US Office of Government Ethics (OGE) revealed Bessent’s ownership of a stake in a BTC ETF. It showed the potential government official had between $250,000 and $500,000 in BlackRock iShares Bitcoin Trust ETF (IBIT) shares.

The filing also highlighted other investments held by the 62-year-old firm, including interests in SPDR S&P 500 Trust, Invesco’s QQQ Trust and its S&P 500 Equal Weight ETF. He also listed a residential property in the Bahamas worth $5 million and an art collection valued at at least $1 million.

In total, Bessent disclosed holdings estimated at about $521 million, although analysts believe his portfolio could be worth much more, as he is only asked to report the value of his assets within broad ranges.

US law requires senior government officials to disclose their investments, as well as divestment plans if any of their holdings may pose a conflict of interest. Bessent, who was nominated to the powerful Treasury docket by Trump on Nov. 22, 2024, is a well-known supporter of crypto, having previously described digital assets as “integral to economic freedom and innovation.”

He beat out a long list of candidates, including Cantor-Fitzgerald CEO and Trump transition team co-chairman Howard Lutnick, former Federal Reserve Governor Kevin Warsh, Tennessee lawmaker William Hargety and executive d ‘Apollo Global Marc Rowan. Lutnick was chosen to lead the Commerce Department.

Trump has also appointed several crypto supporters to key positions in his administration, including Robert F. Kennedy as Secretary of Health and Human Services, Elon Musk and Vivek Ramaswamy to co-head a new department to streamline efficiency of the government, and David Sacks as headquarters. crypto and AI czar.

Will Bessent liquidate the BTC position?

According to the OGE filing, Bessent will resign from his role as chief investment officer of Key Square Group immediately after his confirmation by the Senate as Treasury secretary and will divest his interest in the company within 90 days

A Bloomberg report also indicates that, like the assets held through its macro hedge fund, Bessent will liquidate its crypto ETF position. However, Matthew Sigel, head of digital research at VanEck, has disputed the Bloomberg reports, noting that while Bessent noted in its footnote its divestment of other assets, it did not do the same for the his holdings in IBIT, suggesting he might keep it. This view was reinforced by Swan Bitcoin’s Steven Lubka, who stated in a January 12 post on X that the Treasury Secretary nominee will not abandon his Bitcoin position, but will continue to maintain it.

SPECIAL OFFER (Sponsored) Binance Free $600 (Exclusive to CryptoPotato): Use this link to register a new account and receive an exclusive welcome offer of $600 to Binance (full details).

LIMITED OFFER for CryptoPotato readers on Bybit – Use this link to register and open a FREE $500 position with any currency!