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Kash Patel, the newly confirmed Federal Bureau of Investigation director, has significant exposure to Bitcoin (CRYPTO: BTC), according to a financial disclosure.
What happened: Patel reported holding between $50,001 and $100,000 in the Grayscale Bitcoin Trust ETF (NYSE:GBTC) and up to $15,000 in its “spin-off,” the Grayscale Bitcoin Mini Trust ETF (NYSE:BTC).
Additionally, he owned a stake worth between $50,001 and $100,000 in leading Bitcoin mining firm Core Scientific Inc. (NASDAQ:CORZ).
See Also: Bitcoin ‘Early In Bull Market,’ Can Compete With Gold ETFs, Blockstream CEO Says
Why It Matters: The disclosure was the latest evidence of the involvement of high-ranking officials of the Donald Trump administration in cryptocurrency.
Apart from the president, who holds a significant amount of Ethereum (CRYPTO: ETH), Treasury Secretary Scott Bessent, Health Secretary Robert F. Kennedy Jr., and Commerce Secretary Howard Lutnick have invested in digital assets.
Patel, who was confirmed as FBI director by the Senate on Thursday, previously worked for Trump on the National Security Council in 2019. He also helped with the Pentagon transition effort from Trump to Biden.
Moreover, Patel served as a director on the board of Trump Media & Technology Group, which was co-founded by Trump. In the disclosure, Patel said he would terminate the position before taking charge as the FBI director.
Price Action: At the time of writing, Bitcoin was exchanging hands at $98,300.91 up 1.16% in the last 24 hours, according to data from Benzinga Pro.
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Photo courtesy: Shutterstock
