Official announcement from the U.S. Senate or other reputable news outlets

Trump's Treasury Nominee Scott Bessent to Divest $250K-$500K Bitcoin ETF Stake, Resign from Key Square Group

Jan 12, 2025, 05:40 PM

Scott Bessent, President-elect Donald Trump's nominee for Treasury Secretary, has disclosed plans to divest from a range of assets to avoid conflicts of interest, including his stake in BlackRock's Bitcoin ETF (IBIT), valued between $250,001 and $500,000. Bessent's financial disclosures reveal a portfolio worth approximately $521 million, which includes investments in Bitcoin, property in the Bahamas, and bets against China's currency. He will also resign from Key Square Group, the hedge fund he founded, as part of his efforts to comply with Federal ethics guidelines. Additionally, Bessent's assets and investments appear to be worth in excess of $700 million, with other key investments posing potential conflicts including a margin loan of more than $50 million with Goldman Sachs, an account for trading China's currency, and a stake in conservative publisher All Seasons. Bessent's confirmation hearing is scheduled for January 16, and if confirmed, he is expected to play a key role in Trump's economic agenda, which includes tax cuts, deregulation, and promoting cryptocurrency adoption.