Scott Bessent, Biden's Treasury Secretary Nominee, Will Divest His Bitcoin ETF Holdings

Scott Bessent, who was recently nominated to be the new Treasury secretary, will divest his Bitcoin ETF holdings, according to a recent report by Bloomberg.

The billionaire American investor owns no more than $500,000 worth of shares of BlackRock's iShares Bitcoin Trust ETF (IBIT).

Overall, Bessent has listed more than $500 billion worth of assets.

If confirmed by the Senate, the investor will part ways with Connecticut-based hedge fund Key Square Group, which he co-founded in 2015.

The incoming Treasury secretary has millions of dollars in SPDR S&P 500 ETF Trust (SPY), Invesco QQQ Trust (QQQ) and Invesco S&P 500 Equal Weight ETF (RSP), according to his personal financial disclosure.

He also has minor exposure to iShares Gold Trust (IAU), iShares Silver Trust (SLV) and SPDR Gold Shares (GLD).

Bessent, who will replace current Treasury Secretary Janet Yellen, is viewed as a cryptocurrency-friendly pick.

During a July interview with Fox Business, Bessent said that crypto was about freedom, adding that the industry was here to stay.