David Bailey, a bitcoin entrepreneur and ally of Donald Trump, is attempting to revive his crypto reserve business. His firm Nakamoto merged and went public in May 2025 after raising approximately $760 million to build a bitcoin reserve. Its hedge fund strategy once achieved a 640% return. However, Nakamoto's stock has plunged about 99% from its peak, reflecting the broader collapse of digital asset treasury companies. Bailey is now trying to prove the business can be sustainable without a bitcoin premium, and said he remains in irregular contact with the White House.
David Bailey, a bitcoin entrepreneur and ally of Donald Trump, is attempting to revive his crypto reserve business, ChainCatcher reports. In May 2025, Bailey's firm Nakamoto completed a merger and went public, having raised about $760 million to build a bitcoin reserve. Its hedge fund strategy once achieved a 640% return.
Since then, Nakamoto's stock has plunged about 99% from its peak, epitomizing the broader collapse of digital asset treasury companies. Investors are no longer willing to pay a premium for holding bitcoin through listed firms, hammering valuations across the sector. Bailey is now trying to prove that Nakamoto can sustain a viable business model even without the bitcoin premium, and said he remains in irregular contact with the White House.
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