FBI Director Kash Patel disclosed a six-figure investment in Strategy (MSTR), the world’s largest corporate holder of Bitcoin, more than six months past the deadline set by federal ethics law, according to a report from NOTUS. The lapse has reopened a fight over stock trading by senior government officials and raised questions about a potential conflict of interest.

Patel purchased between $100,001 and $250,000 in shares of Strategy on November 21, 2025. He did not report the trade to federal regulators until May 26, 2026, a gap of more than 180 days. The Stop Trading on Congressional Knowledge (STOCK) Act requires senior executive-branch officials to disclose individual stock trades over $1,000 within 45 days of the transaction.

In his May 26 letter to the Office of Government Ethics, Patel said the trade had been “inadvertently omitted” from a prior filing. Two days later, Deputy Assistant Attorney General William Taylor attributed the omission to a miscommunication, and an FBI official told NOTUS the late reporting was “not realized and unintentional.” 

First-time STOCK Act violators face a $200 fine. The Department of Justice, which would issue or waive the penalty, has not fined Patel. The bureau said the corrected filing was reviewed and approved by a DOJ ethics official.

Why Patel’s stock omission is drawing attention

Strategy, the firm led by Michael Saylor, pioneered the corporate Bitcoin-treasury model and holds more than 760,000 BTC. The stock functions as a proxy for the price of Bitcoin, which makes it one of the most direct routes to a Bitcoin bet through a brokerage account. Strategy’s shares have lost about half their value since the date of Patel’s purchase.

The identity of the company is the crux of the concern. The FBI, under Patel, plays a central role in cryptocurrency enforcement, and Patel has promoted that record.

In a June 19 post on X, he warned crypto fraudsters that “this FBI will find you, and we will bring you to justice.” Weeks before his purchase, he had touted a case that seized roughly $15 billion 

Strategy has done millions of dollars in business with the Justice Department, of which the FBI is a part, along with the Departments of Health and Human Services, Defense, and State, over the past decade, according to the report.

Taylor maintained that Patel’s stake does not create a conflict of interest with his oversight of the bureau.

Patel is not an outlier. Vice President JD Vance disclosed up to $500,000 in Bitcoin, and President Trump and his sons reported more than $1 billion in crypto-related income last year.