Senator Buys Up To $600K In Bitcoin ETF After Selling $1 Million In Goldman Sachs Stock: Committee Assignment Could Be Red Flag (CORRECTED)

Editor's Note: The headline has been updated to reflect David McCormick's current title.

A senator who bought shares of a Bitcoin BTC/USD ETF before President Donald Trump announced an Executive Order to establish a Strategic Bitcoin Reserve is back again with a hefty bet on the future price of the leading cryptocurrency.

What Happened: Trump's friendly stance toward cryptocurrency helped propel Bitcoin and other cryptocurrencies to all-time highs after his 2024 presidential election win.

Bitcoin hit new all-time highs months later in January, ahead of Trump's inauguration.

While the price of Bitcoin has fallen since Trump took office, potential plans for a Bitcoin Strategic Reserve could place optimism in the United States buying the leading cryptocurrency and sending the value of BTC higher.

Senator David McCormick (R-Pa.) could be hedging his investments on this very scenario. Benzinga previously reported that McCormick bought between $65,000 and $150,000 in shares of the Bitwise Bitcoin ETF BITB.

McCormick is back to buying shares of the Bitwise Bitcoin ETF, according to the Benzinga Government Trades page. This time, the Senator is investing with more size. Here's a look at his latest BITB trades.

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

McCormick disclosed the trades over the weekend and included eight buys of the Bitcoin ETF. Adding up the transactions, McCormick bought between $260,000 and $600,000 in the Bitwise Bitcoin ETF.

The senator also disclosed several other trades, mostly in corporate bonds. The other notable trade in the recent filing was McCormick selling between $1 million and $5 million in Goldman Sachs GS stock, a partial sale of his position in the company.

Why It's Important: 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 the hedge fund Bridgewater Associates, narrowly won a Senate seat in the 2024 election. During his Senate campaign, McCormick was endorsed by Coinbase Global CEO Brian Armstrong for his pro-crypto support.

“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 draw red flags and continue the hot debate of whether members of Congress should be able to profit off the buying and selling of stocks, options and cryptocurrencies.

On the day of McCormick’s 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.

McCormick’s being part of the Subcommittee on Digital Assets and his heavy trading in a Bitcoin ETF will likely raise red flags ahead of a potential Bitcoin Strategic Reserve.

Price Action: The Bitwise Bitcoin ETF trades at $45.49 on Monday versus a 52-week trading range of $27.07 to $59.07. The ETF is down 14.2% year-to-date.

Bitcoin trades at $83,557.17 on Monday versus a 52-week trading range of $49,121.24 to $109,114.88.

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