President-elect Donald Trump’s nominee for the US Treasury Department, businessman Scott Bessent, has invested up to half a million dollars in the spot bitcoin (BTC) price exchange-traded fund (ETF) issued by BlackRock .
According to their reports personal investment, Bessent has placed between $250,000 and $500,000 in the iShares Bitcoin Trust ETF (IBIT)which is the largest spot bitcoin ETF.
The IBIT manages net assets in the order of 52,000 million dollars, according to data by SosoValue. Due to its accumulation of BTC, this fund controls 2.81% of the total bitcoin supply, which is limited to 21 million coins.
Bessent also owns stakes in Key Square Group, a hedge fund. However, if the Senate confirms him as Treasury Secretary, will sell those holdings, as well as their shares in the IBIT, to avoid conflicts of interest.
According to an Office of Government Ethics document signed by Bessent, Trump’s nominee is willing to get rid of its holdings and other investments to avoid such conflicts.
The document establishes that, if the Senate confirms him as secretary, Bessent has a maximum period of 90 days after his confirmation to divest his interests in at least 25 entities, highlighting his investments in BlackRock’s IBIT.
Bessent stated:
“With respect to each of these entities, I will not personally and substantially participate in any particular matter that, in my opinion, has a direct and predictable effect on the financial interests of the entity or its underlying interests until I have divested it, unless you first obtain a written waiver or qualify for a regulatory exemption. “I have verified that I will be able to carry out the divestitures within the period described above.”
Trump selected Bessent to lead the Treasury Department on November 23, 2024. If Bessent is confirmed and Trump carries out his bitcoiner and pro-cryptocurrency policieshe will be in charge of administering and managing the national bitcoin reserve of the United States.
Everything indicates that Trump will choose the express path to create the bitcoin reserve in the US through an Executive Order. There is already a draft of this order that establishes that the Secretary of the Treasury will be in charge of everything related to the BTC treasury, as has been reported by CriptoNoticias.
This move reflects not only Bessent’s personal interest in cryptocurrencies, but also a possible shift in US economic policy toward more formal and structured recognition of digital assets.
Bessent’s Senate confirmation and implementation of Trump’s Executive Order could mark a milestone in how the federal government handles and regulates cryptocurrencies, potentially positioning the United States as a leader in the institutional use of bitcoin.
