With just one week left before President-elect Donald Trump's inauguration, Scott Besent, billionaire hedge fund manager and Treasury Secretary nominee, is preparing to divest various assets, including his stake in BlackRock's Bitcoin exchange-traded fund (IBIT).

Divestment follows federal ethics guidelines, which require nominees to sell specific properties within 90 days of Senate confirmation to prevent conflicts of interest.

Black Rock Bitcoin ETFwhich manages more than $50 billion in assets, is the world's largest spot bitcoin fund and one of the most closely watched investments in the Paycent portfolio.

The cryptocurrency community welcomed Trump's nominee for Treasury Secretary in late November, mainly due to his Bessen't IBIT stake, which is worth between $250,001 and $500,000.

Picent revealed his investment portfolio, which is worth approximately $521 million, according to Deposit It was published on Saturday by the US Office of Government Ethics.

They include US Treasuries, major ETFs like the SPDR S&P 500 Trust (SPY), hedge funds, commodities like gold and silver, and many more.

In addition to selling some assets, Besant will resign from Key Square Group, the hedge fund he founded, and end his interest in the company.

While Bessent has pledged to dispose of several properties, questions remain about whether IBIT will be listed.

This ambiguity has led to speculation fueled by a tweet from Matthew Siegel, head of research at VanEck, who questioned the necessity of divestment.

“I'm not sure why Bloomberg He says he will sell the Bitcoin ETF. For other assets, divestment was indicated, but not IBIT,” Siegel said books On the tenth of Monday.

In November Trump Exploited Bescent nominated him for Secretary of the Treasury, citing his extensive financial experience and track record as an investor.

Trump wrote on his platform, Truth Social, at the time: “(Scott Bescent) will help me usher in a new golden age for the United States.”

Prior to founding Key Square Group, Besant served as chief investment officer at Soros Fund Management from 2011 to 2015, where he oversaw the assets of billionaire George Soros and his charitable foundations.

Outside of his investment career, Besant taught economic history as an assistant professor at Yale University, his alma mater, from 2006 to 2010.

Picente's confirmation hearing is scheduled for January 16, a few days before Trump takes office.

If confirmed, he will play a pivotal role in Trump's economic agenda, which includes tax cuts, deregulation, and encouraging cryptocurrency adoption.

Modified by Sebastian Sinclair