Latest government disclosures reveal that FBI Director Kash Patel purchased shares in Bitcoin Treasury Company Strategy last November, investing between $100,000 and $250,000. This investment was previously undisclosed; if still held, it now represents an approximate 44% unrealized loss based on the current share price.
The purchase occurred in November last year.
Documents show that Patel purchased Strategy shares on November 21, 2025, at a price of approximately $181. As of press time, Strategy shares are trading at $100.55, a significant decline from the purchase price.
Based on this decline, the unrealized loss on this position is estimated to be between $44,000 and $110,000, depending on the actual purchase amount.
Disclosure timing has drawn attention
The report noted that this transaction should have appeared in Patel’s financial disclosure filing from early December last year. Under U.S. federal law, certain government officials, including the FBI director, are required to report securities transactions exceeding $1,000 within 45 days.
However, Patel did not initially disclose this Strategy investment, later amending the relevant documents.
The price of Strategy has declined more than Bitcoin.
Strategy is one of Wall Street’s most closely watched Bitcoin treasury companies. It currently holds over 847,000 BTC, valued at more than $52 billion at current prices. Its stock price moves in close correlation with Bitcoin but exhibits greater volatility.
Over the past year, Bitcoin's price has fallen from above $106,000 to approximately $61,900, a decline of more than 41%. During the same period, Strategy's stock price has declined even more sharply. The stock reached above $442 last summer and is now more than 77% below that peak.
Earlier this week, some analysts lowered their target price for Strategy from $400 to $260, citing Bitcoin's continued weakness as one of the reasons.