Congress Members Trade HBIT as Fund's Performance Surges

HBIT is an ETF that tracks the performance of Bitcoin, allowing investors to gain exposure to the cryptocurrency without directly buying or holding it. The fund has been subject to scrutiny from U.S. Congress members, who have recently purchased and sold shares.

According to SEC Form 4 filings parsed by Quiver Quantitative, several lawmakers have reported trades in HBIT, with notable purchases including a $10,000 investment by Representative Alexandria Ocasio-Cortez (D-NY) on February 22nd. The same representative later sold 100 shares of HBIT for $2,500 on March 1st.

The performance of HBIT has been tracked using backtesting data, which shows a CAGR of 45% and a return of 23% over the past year. However, it's essential to note that backtested performance is hypothetical and may not reflect actual trading results.