U.S. Senator Dave McCormick, a Republican from Pennsylvania and former CEO of hedge fund Bridgewater Associates, has emerged as the largest Bitcoin investor among members of Congress.
Recent financial disclosures indicate that McCormick has made significant investments in the Bitwise spot Bitcoin ETF, totaling nearly $250,000.
In just March, the Senator increased his stakes, investing between $310,000 to $700,000 in the same ETF. He had previously disclosed an investment of up to $450,000 in February, bringing his cumulative investment to nearly $1 million.
The recent filings reveal that McCormick acquired shares worth $65,000 to $150,000 in the Bitwise Bitcoin ETF just days prior to an Executive Order from former President Trump directing an exploration of a Strategic Bitcoin Reserve.
Additionally, McCormick reported other significant trades, including the sale of between $1 million and $5 million in Goldman Sachs stock.
Coinbase CEO’s Endorsement for Crypto-Friendly McCormick
His favorable position towards crypto was highlighted by a key endorsement from Brian Armstrong, the CEO of Coinbase Global, which reportedly aided McCormick in his narrow victory for a Senate seat in the 2024 elections.
Armstrong stated, “[McCormick] is the better candidate on crypto among many other credentials,” emphasizing his belief in the senator’s capabilities.
During a hearing held in February by the Senate Banking Subcommittee on Digital Assets, McCormick expressed that “2025 is the year for digital assets.”
He further asserted on social media platform X that “Blockchain and digital assets offer Pennsylvania and America a chance to lead the next wave of innovation, enhancing our national security and our economy.”
Other Senators with Involvement in Crypto
In addition to McCormick, Senator Steve Daines of Montana has also been involved in the crypto market, having previously owned several ETFs related to cryptocurrency before selling them. This portfolio included the ProShares Bitcoin Strategy ETF, Bitwise Crypto Industry Innovators ETF, Amplify Blockchain Leaders ETF, Vaneck Bitcoin Strategy ETF, and Valkyrie’s Bitcoin and Ether Strategy ETF.
Furthermore, Georgia Republican Representative Marjorie Taylor Greene has disclosed acquiring shares of the iShares Bitcoin Trust ETF (IBIT) shortly before Trump’s announcement regarding the Bitcoin Strategic Reserve.
Additionally, Justin Sun, an advisor to Trump’s World Liberty Financial, has claimed to be the largest shareholder of Valkyrie.
The original report can be found on Finance Newso.
