Bit holder with floating magnet sleeve

A tool bit holder comprising;

• a shank removably receivable in a tool holder of a rotary tool;
• a body coupled to the shank and defining a socket with a longitudinal axis, the socket being open at a front end of the body to removably receive a tool hit therein;
• an elongated elastic element extending axially along the body and having a front end configured to project radially inward into the socket to retain a tool bit in the socket;
• an actuator sleeve coupled to the elongated elastic element to move the elongated elastic element between a locked position in which the front end projects radially inward into the socket to engage a tool bit and a released position in which the front end moves radially outward to allow a tool bit to be released from the socket;
• an annular recess defined in an exterior surface of the body and having a rear shoulder, a front shoulder, and an axial length;
• a floating sleeve slidably received over the body;
• a retainer coupled to an interior of the floating sleeve and having an axial length less than the axial length of the annular recess, the retainer movably received in the annular recess to enable the floating sleeve to float axially between a rear position where the retainer abuts the rear shoulder and a front position where the retainer abuts the front shoulder;
• and
• a ring magnet disposed at a forward end of the floating sleeve to magnetize a fastener being engaged by a tool bit.