Pennsylvania Senator Dave McCormick’s Bitcoin Investments
Pennsylvania Republican Senator Dave McCormick, known for his previous leadership at hedge fund Bridgewater Associates, has positioned himself as Congress’s foremost Bitcoin investor. Recent financial disclosures reveal that McCormick has notably invested in the Bitwise Bitcoin Exchange-Traded Fund (ETF), accumulating investments nearing $250,000.
Just in March, he channeled between $310,000 and $700,000 into the same ETF. Furthermore, in February, his disclosures indicated investments totaling up to $450,000, suggesting his overall commitment to this cryptocurrency investment could approach $1 million.
Strategic Timing and Broader Investments
In what appears to be a strategic move, McCormick acquired between $65,000 to $150,000 in Bitwise Bitcoin ETF shares shortly before former President Donald Trump issued an Executive Order aimed at exploring a Strategic Bitcoin Reserve. In addition to his Bitcoin investments, the senator also reported significant trades, including the sale of $1 million to $5 million worth of stock from Goldman Sachs.
Endorsements and Political Stance
As a leading voice in the cryptocurrency conversation, McCormick’s pro-cryptocurrency stance has garnered important endorsements, including one from Brian Armstrong, the CEO of Coinbase Global. This support was pivotal in his close victory for a Senate seat in the 2024 election. Armstrong stated that McCormick was superior among candidates when it came to crypto issues.
Advocacy for Digital Assets
During a Senate Banking Subcommittee on Digital Assets hearing earlier this year, McCormick asserted that
“2025 is the year for digital assets,”
emphasizing the potential of blockchain technology to not only drive innovation but also bolster national security and economic growth. He articulated these views on social media platform X, emphasizing the importance of these technologies for both Pennsylvania and the broader United States.
The Broader Political Landscape
In the realm of crypto-investing among politicians, McCormick isn’t alone. Senator Steve Daines from Montana has previously held multiple ETFs related to Bitcoin but has since divested those holdings. Additionally, Georgia Republican Representative Marjorie Taylor Greene disclosed her purchase of shares in the iShares Bitcoin Trust ETF (IBIT) shortly before Trump’s Strategic Bitcoin Reserve announcement. Furthermore, Justin Sun, an advisor linked to Trump’s World Liberty Financial, claims to be the largest shareholder of Valkyrie’s Bitcoin and Ether strategies.
