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According to Bloomberg, Scott Bessent, a hedge fund manager rumored to be the new U.S. Treasury Secretary, is preparing to sell his investments in spot Bitcoin 
$106,194 ETFs. Bessent reportedly holds stakes valued at less than $500,000 in BlackRock’s iShares Bitcoin Trust ETF (IBIT).
Bessent’s $500 Billion Asset Portfolio
Bessent’s personal wealth declaration indicates that his total asset value exceeds $500 billion. He currently possesses large stakes in major funds such as the SPDR S&P 500 ETF Trust (SPY), Invesco QQQ Trust (QQQ), and Invesco S&P 500 Equal Weight ETF (RSP). Additionally, he holds smaller investments in precious metal funds like iShares Gold Trust (IAU), iShares Silver Trust (SLV), and SPDR Gold Shares (GLD).
If approved for his new position, Bessent will have to leave Key Square Group, a hedge fund he co-founded in 2015.
Perception as a Crypto-Friendly Secretary
Bessent is expected to take over from current Treasury Secretary Janet Yellen. Known for his favorable stance towards cryptocurrencies, Bessent previously remarked in a July Fox Business interview, “Cryptocurrency means freedom. This industry is here to stay.” His comments were positively received by the crypto market at the time.
Bessent’s decision to sell his Bitcoin ETF investments signifies a notable shift for the cryptocurrency market. As a potential new Treasury Secretary, his influence on market policies raises questions about future developments, with effects still uncertain.
