Alert 🚨🚨"Scott Bessent" to Divest from BlackRock Bitcoin ETF Before Trump’s Inauguration 🔥 🔥 🔥 🔥
Scott Bessent, the billionaire hedge fund manager and nominee for U.S. Treasury Secretary under President-elect Donald Trump, is preparing to divest from multiple assets, including his stake in BlackRock’s Bitcoin ETF (IBIT). This divestment comes in compliance with federal ethics guidelines, which require nominees to sell certain holdings within 90 days of Senate confirmation to prevent conflicts of interest.
BlackRock Bitcoin ETF and Bessent’s Stake
BlackRock’s Bitcoin ETF, the world’s largest spot Bitcoin fund with over $50 billion in assets, is a significant part of Bessent’s portfolio. His stake in IBIT is valued between $250,001 and $500,000, which initially garnered attention from the crypto community. His pro-crypto stance had made him a popular choice among crypto supporters.
Confusion Over IBIT’s Divestment
Despite Bessent’s plan to divest from many holdings, there has been some uncertainty surrounding the Bitcoin ETF. Mathew Sigel, head of research at VanEck, questioned whether IBIT would actually be sold, pointing out that the ETF was not explicitly mentioned in divestment filings.
Bessent’s Background and Upcoming Confirmation
Before being tapped for Treasury Secretary, Bessent was the chief investment officer at Soros Fund Management and founder of Key Square Group. He is also a former adjunct professor at Yale University. His confirmation hearing is set for January 16, just days before Trump’s inauguration. If confirmed, Bessent is expected to play a significant role in shaping the administration’s economic policies, including those that may encourage cryptocurrency adoption.
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