Rep. Sheri Biggs Doubles Down on Bitcoin, Buys Up to $250K of BlackRock’s ETF

Rep. Sheri Biggs (R-SC) disclosed on Friday that she purchased up to $250,000 worth of BlackRock’s spot Bitcoin ETF (IBIT) last month, marking the conservative House member’s latest bet on the leading digital asset by market capitalization.

The purchase could have been as little as $100,000, Unusual Whales data showed, because U.S. lawmakers are only required to disclose the value of trades within a broad range.

Around the time that she scooped up Wall Street’s most popular vehicle for Bitcoin exposure, Biggs purchased shares in a private credit fund offered by asset manager Apollo. Meanwhile, the representative sold a similar product established by Apollo competitor Oaktree.

Biggs’ latest IBIT purchase was made on March 4, a few days after the U.S.-Israel war with Iran broke out. At the time, Bitcoin was valued as low as $67,800, according to CoinGecko. Bitcoin’s price has jumped around 14% since that nadir.

Over time, investments associated with digital assets have become commonplace among U.S. lawmakers, from meme coins to shares in Strategy (MSTR), the Bitcoin-buying behemoth. Former Rep. Marjorie Taylor Greene (R-GA) was the last politician to disclose a purchase of BlackRock’s spot Bitcoin ETF last November that was valued between $1,000 and $15,000.

Although Biggs’ official congressional homepage is devoid of language associated with digital assets, the representative is viewed as someone who “strongly supports crypto” by the Stand With Crypto Alliance, a grassroots advocacy group launched by Coinbase.

The advocacy group says Biggs has voted for three pro-crypto bills in the House: the CLARITY Act, the GENIUS Act, and H.J. Res 25, a resolution enacted last year that nullified tax reporting requirements for decentralized finance projects, viewed by some lawmakers as “burdensome.”

The congresswoman, who was sworn in as a representative of South Carolina’s 3rd Congressional District last January, appears to have previously violated the Stop Trading on Congressional Knowledge Act, or Stock Act, per an analysis by NOTUS.

The publication reported last October that Biggs apparently failed to meet a 45-day deadline while disclosing more than 170 trades made by her and her husband, which included another investment in BlackRock’s spot Bitcoin ETF of up to $250,000 last July. 

The representative’s latest IBIT purchase, made on March 4, indicated that Biggs had one day left under the law to make the trade’s details publicly available.

Decrypt has reached out to Biggs’ office for comment.