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

The statement came days after Atkins was sworn in as the 34th chair of the SEC during a White House ceremony led by Treasury Secretary Scott Bessent. Atkins, who previously served at the SEC from 2002 to 2008, has a background in digital assets, including his role as co-chair of the Token Alliance and an advisor to the now-defunct crypto exchange FTX.

Strategy, formerly MicroStrategy, recently added 6,556 BTC to its holdings for approximately $555 million, bringing its total to 538,200 BTC worth over $50.5 billion. Saylor also revealed that Strategy’s Bitcoin yield has reached 12.1% for the year. In a tweet, he hinted at the purchase with a chart labeled “Insufficient Orange,” referencing Bitcoin’s market supply. According to Saylor, over 13,000 financial institutions and 814,000 retail accounts now hold shares in Strategy, indirectly exposing 55 million people to Bitcoin through ETFs, pensions, insurance portfolios, and mutual funds.

Vincent Liu of Kronos Research said Atkins is expected to finalize custody rules and clarify asset classifications—steps seen as critical for regulatory certainty and institutional adoption. He stressed the importance of guardrails like disclosure of industry ties and ethics oversight to avoid conflicts of interest.

Atkins’ appointment has drawn mixed reactions. While some in the crypto industry see his leadership as a positive shift, Senator Elizabeth Warren criticized his judgment during his previous SEC tenure and questioned his consulting work at Patomak Global Partners, which advised FTX before its collapse. Warren noted that Atkins’ firm charged clients over $1,200 per hour and accused him of being positioned to benefit his past clients. She also raised concerns about his financial disclosure, which showed personal and family assets worth more than $327 million.

Blue Macellari of T. Rowe Price welcomed the appointment, citing recent SEC-led roundtables with industry professionals as signs of a more open approach to crypto regulation. She believes this engagement could lead to more thoughtful policy decisions. Bitwise general counsel Katherine Dowling and Ripple CEO Brad Garlinghouse also expressed support, calling Atkins a “great choice” and saying he would bring “common sense” back to the agency.

In parallel with these regulatory developments, Bitcoin continues to perform strongly. As of April 23, it was trading around $94,000, up 5%. Market observers note steady momentum, with long-term holders and institutional investors maintaining confidence despite regulatory uncertainty.