According to a hadith a report By Bloomberg Hedge fund manager Scott Besent, who was recently nominated to be the new Treasury Secretary, will divest his holdings of bitcoin ETFs.

The billionaire American investor owns no more than $500,000 worth of shares in BlackRock's iShares Bitcoin Trust ETF (IBIT).

In general, Besant has included Assets worth more than $500 billion.

If confirmed by the Senate, the investor will part ways with Connecticut-based hedge fund Key Square Group, which he co-founded in 2015.

The next Treasury Secretary owns millions of dollars in the 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.

It also has minor exposure to iShares Gold Trust (IAU), iShares Silver Trust (SLV) and SPDR Gold Shares (GLD).

Besent, who will replace current Treasury Secretary Janet Yellen, is seen as a crypto-friendly choice.

During a July interview with Fox Business, Besant said cryptocurrencies are about freedom, adding that the industry is here to stay.

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