A senator who bought shares of a Bitcoin BTC/USD ETF before President Donald Trump announced an Executive Order to establish Strategic Bitcoin Reserves has added more shares to his portfolio, bringing his total bet on Bitcoin up to the $375,000 to the $850,000 range since February.

What Happened: Senator David McCormick (R-PA) has been actively buying shares of the Bitwise Bitcoin ETF BITB and may have taken advantage of a dip in Bitcoin’s price during March before the recent rally back to the $95,000 level.

According to Benzinga's Government Trades page, McCormick recently made the following trades:

• March 24: Bought $15,000 to $50,000 BITB shares
• March 25: Bought $50,000 to $100,000 BITB shares
• March 27: Bought $50,000 to $100,000 BITB shares

BITB traded as high as $ 483.40 during those three days and trades at $51.79 at the time of writing, making these trades already profitable a month later for the senator.

McCormick's involvement in the Subcommittee on Digital Assets and his heavy trading in a Bitcoin ETF in 2025 could continue to raise red flags as the pro-crypto White House administration may look to establish a Bitcoin Strategic Reserve and buy Bitcoin.

"Senator McCormick is trading alongside his Subcommittee's mission – he just reported buying a quarter million dollars of Bitwise Bitcoin ETF $BITB," CongressTrading tweeted after the latest filing.

Here are the other trades disclosed by McCormick in BITB since Feb. 27:

• Feb. 27: Bought $50,000 to $100,000
• Feb. 28: Bought $15,000 to $50,000
• March 3: Bought $50,000 to $100,000
• March 5: Bought $15,000 to $50,000
• March 10: Bought $50,000 to $100,000
• March 11: Bought $15,000 to $50,000
• March 13: Bought $15,000 to $50,000
• March 20: Bought $50,000 to $100,000

Since February 27, McCormick has bought a total of between $375,000 and $850,000 in shares of the Bitwise Bitcoin ETF.

Read Also: Top 10 Stock Traders In Congress For 2024: How Nancy Pelosi, Pete Sessions, Susan Collins, Marjorie Taylor Greene Rank

Why It's Important: McCormick is a member's committee assignment that could draw red flags to the purchase and the timing of the trades.

On the day of McCormick's earlier ETF purchase (Feb. 26), he was part of the Senate Banking Subcommittee on Digital Assets's first hearing.

"2025 is the year for digital assets. Blockchain and digital assets offer Pennsylvania and America a chance to lead the next wave of innovation, enhancing our national security and our economy. Proud to be a member of the inaugural Senate Banking Subcommittee on Digital Assets," McCormick tweeted.

The Senator has been perceived as being friendly to the cryptocurrency sector, which prompted an endorsement from a key crypto figure in his 2024 Senate race.

McCormick, the former CEO of Bridgewater Associates, a hedge fund, narrowly won a Senate seat in the 2024 election. During his Senate campaign, McCormick was endorsed by Coinbase Global CEO Brian Armstrong for his support of crypto.

"If you live in Pennsylvania, you should vote for Dave McCormick. He is the better candidate on crypto (among many other credentials," Armstrong said at the time.

A Senator buying Bitcoin ETFs could signal support for the leading cryptocurrency. The purchase and timing could also raise red flags and continue the ongoing debate over whether members of Congress should be able to profit from buying and selling stocks, options, and cryptocurrencies.

BTC Price Action: Bitcoin trades at $94,955.59 Friday versus a 52-week trading range of $49,121.24 to $109,114.88.

Did You Know?

• Congress Is Making Huge Investments. Get Tips On What They Bought And Sold With Our Easy-to-Use Tool

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