Treasury Secretary nominee plans to sell BlackRock's Bitcoin ETF before Trump takes office

Billionaire hedge fund manager and Treasury Secretary nominee Scott Bessent has spoken out about his involvement with Donald Trump.
The BlackRock Bitcoin ETF (IBIT) is reportedly being prepared to sell multiple assets, including the company's holdings, just one week before President-elect Trump's inauguration.
The sale, which is subject to federal ethics guidelines, will be completed in September after Senate approval, according to The New York Times.
The BlackRock Bitcoin ETF has over $50 billion in assets under management and is the world's largest physical Bitcoin ETF.
The coin fund is one of the most notable investments in Bessent's portfolio since President-elect Trump announced in November that he would nominate Bessent for Secretary of the Treasury.
The crypto community responded positively, taking note of Bessent’s IBIT holdings, estimated at around $250,000 to $500,000.
Bessent said it has a portfolio worth about $521 million.
This is based on documents made public through the Office of Ethics. The portfolio includes U.S. Treasury bonds, SPDR S&P
Major ETFs like 500 Trust (SPY), hedge funds, and raw materials like gold and silver.
He also plans to sell certain assets and resign from Key Square Group, a hedge fund he founded, to streamline his interests in the companies.
However, it remains unclear whether IBIT will be included in the sale.