FBI Director Patel Files MicroStrategy Trade 6 Months Late, Sees ~48% Drawdown 🕵️‍♂️

FBI Director Kash Patel disclosed a purchase of between $100,001 and $250,000 in MicroStrategy stock roughly six months after the trade, breaching the STOCK Act reporting window, according to NOTUS. Patel bought the shares on November 21, 2025, but only reported the transaction to federal regulators on May 26, 2026, stating he had "inadvertently omitted" it from an earlier filing. The Stop Trading on Congressional Knowledge Act, a US federal law signed by former President Obama in April 2012, requires covered federal officials to disclose securities trades worth at least $1,000 within 45 days.

The delayed filing has drawn scrutiny because MicroStrategy, rebranded as Strategy, ranks as the largest corporate holder of Bitcoin ($BTC). The firm also works as a contractor for the federal government and has done millions of dollars' worth of business with the Justice Department, which oversees the FBI. The bureau itself investigates cryptocurrency fraud, and Patel has publicly promoted its enforcement record, including a $15 billion Bitcoin seizure announced in October 2025. First-time STOCK Act violators face a $200 fine, which the Justice Department has not imposed on Patel so far, according to NOTUS.

Ethics officials and watchdogs split on the violation. Deputy Assistant Attorney General William Taylor reviewed the amended filing, which attributed the delay to a "miscommunication," and said in a May 28 letter, "I continue to believe that Director Patel is in compliance with applicable laws and regulations governing conflicts of interest." Dylan Hedtler-Gaudette of the Project on Government Oversight took a different view, stating the disclosure was "absolutely" late under the statute. "That's violating the law — no other way to put it," he said.

Late STOCK Act filings are not uncommon, with NOTUS reporting that more than 30 members of Congress submitted overdue disclosures over the past year. The trade has also proven costly for Patel: MicroStrategy stock has lost nearly 48% since his November 21, 2025 purchase date, dropping below $100 for the first time since March 2024 in late June before the company announced a financial overhaul plan.