Michael Saylor Backs New SEC Chair Paul Atkins as Strategy Buys 6,556 Bitcoin Worth $555M

The connection came days aft Atkins was sworn successful arsenic the 34th seat of the SEC during a White House ceremonial led by Treasury Secretary Scott Bessent. Atkins, who antecedently served astatine the SEC from 2002 to 2008, has a inheritance successful integer assets, including his relation arsenic co-chair of the Token Alliance and an advisor to the now-defunct crypto speech FTX.

Strategy, formerly MicroStrategy, precocious added 6,556 BTC to its holdings for astir $555 million, bringing its full to 538,200 BTC worthy implicit $50.5 billion. Saylor besides revealed that Strategy’s Bitcoin output has reached 12.1% for the year. In a tweet, helium hinted astatine the acquisition with a illustration labeled “Insufficient Orange,” referencing Bitcoin’s marketplace supply. According to Saylor, implicit 13,000 fiscal institutions and 814,000 retail accounts present clasp shares successful Strategy, indirectly exposing 55 cardinal radical to Bitcoin done ETFs, pensions, security portfolios, and communal funds.

Vincent Liu of Kronos Research said Atkins is expected to finalize custody rules and clarify plus classifications—steps seen arsenic captious for regulatory certainty and organization adoption. He stressed the value of guardrails similar disclosure of manufacture ties and morals oversight to debar conflicts of interest.

Atkins’ assignment has drawn mixed reactions. While immoderate successful the crypto manufacture spot his enactment arsenic a affirmative shift, Senator Elizabeth Warren criticized his judgement during his erstwhile SEC tenure and questioned his consulting enactment astatine Patomak Global Partners, which advised FTX earlier its collapse. Warren noted that Atkins’ steadfast charged clients implicit $1,200 per hr and accused him of being positioned to payment his past clients. She besides raised concerns astir his fiscal disclosure, which showed idiosyncratic and household assets worthy much than $327 million.

Blue Macellari of T. Rowe Price welcomed the appointment, citing caller SEC-led roundtables with manufacture professionals arsenic signs of a much unfastened attack to crypto regulation. She believes this engagement could pb to much thoughtful argumentation decisions. Bitwise wide counsel Katherine Dowling and Ripple CEO Brad Garlinghouse besides expressed support, calling Atkins a “great choice” and saying helium would bring “common sense” backmost to the agency.

In parallel with these regulatory developments, Bitcoin continues to execute strongly. As of April 23, it was trading astir $94,000, up 5%. Market observers enactment dependable momentum, with semipermanent holders and organization investors maintaining assurance contempt regulatory uncertainty.