Michaela Alvez
Scott Bessent, nominated by President-elect Donald Trump to be the next U.S. Treasury Secretary, has taken steps to divest key assets to avoid potential conflicts of interest.
As Trump’s inauguration nears, Bessent revealed assets totaling at least $521 million, though the actual value is likely significantly higher.
A filing made public on January 11 by the U.S. Office of Government Ethics revealed Bessent’s assets, listing a range of values for each. The founder of Key Square Capital Management did not disclose exact values, with some assets simply listed as “over $50,000,000.”
For instance, Bessent reported owning residential property in the Bahamas valued between $5 million and $25 million, generating annual rental income ranging from $50,001 to $100,000.
Bessent also disclosed ownership of a property in Cashiers, North Carolina, valued between $5 million and $25 million, along with art and antiques estimated at $1 million to $5 million.
Bessent, known for his success on Wall Street with major currency trades and for founding Key Square to capitalize on global macroeconomic trends, also appears to embrace passive investing.
He holds more than $50 million each in three major ETFs: the SPDR S&P 500 ETF, the Invesco S&P 500 Equal Weight ETF, and the Invesco QQQ, which tracks the Nasdaq 100.
In addition, he owns over $50 million in U.S. Treasury bills and holds sizable positions in the dollar, euro, Chinese yuan, and Japanese yen. For his crypto investments, Bessent has listed the iShares Bitcoin Trust ETF, valued between $250,001 and $500,000.
Bessent’s decision to divest aligns with federal ethics guidelines, which mandate that nominees sell certain assets within 90 days of Senate confirmation to avoid potential conflicts of interest.
These guidelines are in place to ensure that government officials make decisions based on the public good, rather than personal financial interests. As a nominee for a high-level government position, Bessent must avoid situations where his personal investments or financial holdings could be seen as influencing his actions or the policies he would oversee.
In addition to divesting his assets, Bessent plans to step down from his role at Key Square Group and reduce his involvement in the firm. While he has committed to selling off various holdings, it remains unclear whether he will include his stake in BlackRock’s Bitcoin ETF.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
