Representative Sheri Biggs’ Investment in Bitcoin ETF
Representative Sheri Biggs, a Republican from South Carolina, revealed on Friday that she invested between $100,000 and $250,000 in BlackRock’s spot Bitcoin Exchange-Traded Fund (ETF) during the previous month. This move underscores her increasing interest in Bitcoin, which holds the position of the largest cryptocurrency by market value. Data from Unusual Whales highlighted the uncertainty in the exact amount of her investment due to disclosure regulations allowing lawmakers to report investments within a general range.
Additional Financial Moves
On the same day she made her crypto investment, Biggs also acquired shares in a private credit fund managed by Apollo Global Management, a notable asset management firm. Conversely, she divested from a similar financial product provided by Oaktree Capital, which competes with Apollo.
Market Context and Political Climate
The timing of Biggs’ Bitcoin ETF purchase coincided with a turbulent period in global politics, specifically shortly after tensions escalated between Israel and Iran. CoinGecko recorded Bitcoin’s valuation at a low point of approximately $67,800 on March 4, the date of Biggs’ transaction; since then, the cryptocurrency’s price has experienced a notable recovery, rising around 14%.
Growing Interest Among Lawmakers
Investments in digital currencies have grown increasingly popular among U.S. lawmakers. For context, former Representative Marjorie Taylor Greene was the last known politician to announce a purchase of BlackRock’s Bitcoin ETF, made in November, with a value ranging from $1,000 to $15,000.
Support from Advocacy Groups
Though Biggs’ congressional website does not explicitly reference her pro-crypto stance, the Stand With Crypto Alliance, an advocacy organization established by Coinbase, endorses her. This group recognizes Biggs’ support, highlighted by her votes in favor of three significant crypto-related legislative measures: the CLARITY Act, the GENIUS Act, and H.J. Res 25, which abolished perceived burdensome tax regulations on decentralized finance initiatives.
Scrutiny and Compliance Issues
In January, Biggs took office representing South Carolina’s 3rd Congressional District. However, she has faced scrutiny regarding her adherence to the Stop Trading on Congressional Knowledge Act, commonly known as the Stock Act, which mandates timely disclosure of congressional trades. A report by NOTUS in October indicated a potential violation, noting that Biggs and her husband had delayed in reporting over 170 transactions, including a prior investment in BlackRock’s Bitcoin ETF in July amounting up to $250,000.
The recent investment’s timing hints that she may have been close to the deadline for public disclosure under the Stock Act, which mandates reporting within 45 days for specific trades. Decrypt has also contacted her office for further clarification on these matters.
