Incoming Treasury to Sell Bitcoin ETF Holdings
According to a recent report by Bloomberg, hedge fund manager Scott Bessent, who was recently nominated to be the new Treasury secretary, will divest his Bitcoin ETF holdings.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 back 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.