Building a Bitcoin Position, One ETF at a Time

Senator David McCormick (R-Pa.) made headlines again with his latest Bitcoin ETF purchases, disclosed through congressional trading records. Right before Thanksgiving, McCormick bought shares of the Bitwise Bitcoin ETF (BITB) on two consecutive days, continuing what has become a remarkably consistent investment pattern.

On November 24, he purchased between $15,000 and $50,000 worth of shares. The very next day, he bought another $50,000 to $100,000. These weren't impulsive trades either. McCormick made his purchases while Bitcoin traded in the $85,272 to $89,206 range, and it's now sitting at $92,635.62, meaning he's already ahead on these particular buys.

A Pattern of Persistent Buying

What makes McCormick's approach interesting is the sheer consistency. Since late February, he's been buying the Bitwise Bitcoin ETF with remarkable frequency. His 2025 transaction history reads like a dollar-cost averaging strategy on steroids:

• Feb. 25: $50,000 to $100,000
• Feb. 26: $15,000 to $50,000
• Feb. 27: $50,000 to $100,000
• Feb. 28: $15,000 to $50,000
• March 3: $50,000 to $100,000
• March 5: $15,000 to $50,000
• March 10: $50,000 to $100,000
• March 11: $15,000 to $50,000
• March 13: $15,000 to $50,000
• March 20: $50,000 to $100,000
• March 24: $15,000 to $50,000
• March 25: $50,000 to $100,000
• March 27: $50,000 to $100,000
• March 31: $15,000 to $50,000
• April 2: $15,000 to $50,000
• April 3: $15,000 to $50,000

In total, McCormick has accumulated between $550,000 and $1.3 million in shares of this single Bitcoin ETF during 2025. The disclosure also noted he's been trading municipal securities alongside his crypto purchases.

Bitcoin itself is down 0.9% year-to-date in 2025, though it's gained 10.1% over the past week. The Bitwise Bitcoin ETF (BITB) has dropped 5.0% year-to-date.

The Crypto-Friendly Senator

McCormick's investment enthusiasm shouldn't come as a complete surprise. The former CEO of hedge fund Bridgewater Associates narrowly won his Senate seat in the 2024 election, and during that campaign, he earned an endorsement from Coinbase Global CEO Brian Armstrong specifically for his pro-crypto stance.

"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.

But here's where things get interesting. McCormick's very first Bitcoin ETF purchase on February 25 happened to coincide with the inaugural hearing of the Senate Banking Subcommittee on Digital Assets, on which he serves as a member.

"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.

Timing That Raises Eyebrows

You can see how this creates an optics problem. A senator actively investing hundreds of thousands of dollars in Bitcoin ETFs while simultaneously serving on a committee that will shape cryptocurrency regulation is exactly the kind of scenario that fuels ongoing debates about congressional trading restrictions.

Does McCormick's buying signal genuine conviction in Bitcoin's future? Probably. Does it also position him to benefit financially from policy decisions he'll help influence? That's the uncomfortable question his trading pattern raises, particularly with discussions around a potential Bitcoin Strategic Reserve gaining momentum in Washington.

Whether you see this as a lawmaker putting his money where his mouth is or as a problematic conflict of interest likely depends on where you stand on the broader question of whether members of Congress should be trading individual securities at all. What's undeniable is that McCormick's sustained Bitcoin ETF accumulation strategy makes him one of the most crypto-exposed legislators on Capitol Hill.