When a member of Congress starts buying cryptocurrency ETFs while sitting on a committee that oversees cryptocurrency policy, people tend to notice. Senator David McCormick (R-Pa.) has been doing exactly that throughout 2025, accumulating substantial holdings in a Bitcoin ETF while serving on the Senate Banking Subcommittee on Digital Assets.

A Very Active Buyer

McCormick's most recent purchases came during Thanksgiving week, with two transactions in the Bitwise Bitcoin ETF (BITB). On November 26, he bought between $50,000 and $100,000 worth of shares, followed by another purchase in the same range on November 28. During those days, Bitcoin (BTC) was trading between $86,316.90 and $92,969.09.

But these weren't isolated incidents. McCormick has been consistently buying shares of BITB throughout the year. His 2025 purchase history reads like a steady accumulation strategy:

• Nov. 25: $15,000 to $50,000
• Nov. 24: $50,000 to $100,000
• April 9: $15,000 to $50,000
• April 7: $15,000 to $50,000
• April 3: $15,000 to $50,000
• April 2: $15,000 to $50,000
• March 31: $15,000 to $50,000
• March 27: $50,000 to $100,000
• March 25: $50,000 to $100,000
• March 24: $15,000 to $50,000
• March 20: $50,000 to $100,000
• March 13: $15,000 to $50,000
• March 11: $15,000 to $50,000
• March 10: $50,000 to $100,000
• March 5: $15,000 to $50,000
• March 3: $50,000 to $100,000
• Feb. 28: $15,000 to $50,000
• Feb. 27: $50,000 to $100,000
• Feb. 26: $15,000 to $50,000
• Feb. 25: $50,000 to $100,000

Add it all up, and McCormick has purchased at least $680,000 in shares of the Bitwise Bitcoin ETF this year, with the potential total reaching as high as $1.6 million depending on where his purchases fell within the disclosed ranges.

His trading activity in 2025 has been fairly focused. Beyond these Bitcoin ETF purchases, McCormick has mostly been dealing in municipal securities, with limited activity in traditional stocks and options.

Timing Is Everything

Here's where things get interesting from both an investment and optics perspective. McCormick appears to have shown some market timing discipline. He didn't make any BITB purchases between May and October, which conveniently means he avoided buying when Bitcoin was trading above $100,000. Most of his purchases came when the cryptocurrency was ranging between $80,000 and $90,000.

As of now, Bitcoin trades at $87,252.99, down 6.2% year-to-date in 2025. The Bitwise Bitcoin ETF has fared slightly worse, declining 10.0% year-to-date.

The Committee Connection

The potential conflict of interest becomes apparent when you look at the timeline. McCormick made his first Bitcoin ETF purchase on February 25, the same day he participated in the Senate Banking Subcommittee on Digital Assets's inaugural hearing. That's not exactly subtle.

McCormick celebrated the occasion on social media, stating: "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."

So you have a senator who sits on a committee that will shape cryptocurrency policy, actively accumulating a significant position in a Bitcoin ETF. This setup will likely draw scrutiny, especially as discussions around a potential Bitcoin Strategic Reserve continue.

Pro-Crypto Credentials

McCormick's cryptocurrency-friendly stance isn't new. The former CEO of hedge fund Bridgewater Associates narrowly won his Senate seat in the 2024 election, and during that campaign, he received a notable endorsement from Coinbase Global CEO Brian Armstrong.

"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 genuine support for the cryptocurrency industry. It could also represent sound personal investing based on his beliefs about the technology's future. But the combination of his committee assignment and his aggressive buying pattern raises the perennial question about whether members of Congress should be allowed to trade in assets that their legislative work directly impacts.

McCormick's situation adds fresh fuel to the ongoing debate over congressional stock trading, now extending into the cryptocurrency space. With his prominent position on the Digital Assets subcommittee and his substantial Bitcoin ETF holdings, his trades will likely face continued examination as cryptocurrency legislation moves forward.