Trump's Treasury Pick Scott Bessent Reveals Up To $500,000 Bitcoin Stake, $521M In Assets

Kaustubh Bagalkote

January 12, 2025

Scott Bessent, President-elect Donald Trump‘s nominee for Treasury Secretary, has disclosed owning between $250,001 and $500,000 in the iShares Bitcoin Trust ETF (NASDAQ:IBIT), according to financial documents released Saturday by the U.S. Office of Government Ethics.

What Happened: The disclosure comes as Bitcoin (CRYPTO: BTC) trades near $94,227, following a pullback from its December peak of $108,135. BTC has drawn increased attention amid expectations of crypto-friendly policies under the incoming Trump administration.

Bessent, founder of Key Square Capital Management, reported total assets worth at least $521 million, though the actual value could be substantially higher due to broad reporting ranges. His largest holdings include positions exceeding $50 million each in major ETFs like the SPDR S&P 500 ETF (NYSE:SPY) and Invesco QQQ Trust, Series 1 (NASDAQ:QQQ).

The hedge fund veteran maintains significant currency positions, with over $50 million each in dollar trades against the euro, Chinese yuan, and Japanese yen. He also holds more than $50 million in U.S. Treasury bills, highlighting substantial exposure to government securities.

See Also: Elon Musk’s Ex-Wife And Mother To His 5 Kids Says His Secret To Extreme Success Is Working Harder Than ‘Average Bear’ And Saying ‘No’ A Lot

Why It Matters: To address potential conflicts of interest, Bessent pledged to resign from Key Square and divest his partnership stake if confirmed by the Senate, according to Reuters.

The nomination comes as Trump has signaled plans for a national cryptocurrency strategy, including a potential executive order to create a strategic Bitcoin reserve. However, the Federal Reserve recently stated it lacks the authority to acquire Bitcoin without legislative changes.

Bessent’s portfolio also includes luxury real estate, with properties in the Bahamas and Cashiers, N.C., each valued between $5 million and $25 million, as well as art and antiques worth $1 million to $5 million.

Read Next:

Bitcoin, Ethereum, Dogecoin Rise As ‘Greed’ Sentiment Takes Over: Top Analyst Says Breaking This Resistance Level Could Be ‘Pivotal’ For BTC

Image via Shutterstock

Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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