Bloomberg reported that crypto entrepreneur David Bailey, who had helped steer Donald Trump toward a pro-Bitcoin stance, is trying to rebuild his Bitcoin treasury company Nakamoto after its stock fell about 99% from its peak. Bailey had previously raised about $760 million for the public company to build a Bitcoin reserve. Nakamoto said in May 2025 that it would enter the public market through a merger, and the stock has since lost roughly 99% from its high. The decline reflects a broader pullback across digital asset treasury companies, where the premium investors once paid to gain indirect Bitcoin exposure through listed firms has largely disappeared. Bloomberg also noted that Bailey’s hedge fund had previously generated a 640% return from a similar strategy. Bailey said he still keeps in touch with the White House from time to time and is now trying to show that Nakamoto still has a real and sustainable business after the sharp drop in its share price.
According to Bloomberg, crypto entrepreneur David Bailey, who helped push Donald Trump toward supporting Bitcoin, is trying to rebuild his Bitcoin treasury company Nakamoto after the stock fell about 99% from its peak.
Nakamoto shares have fallen about 99% from their high
Bailey had previously raised about $760 million for the listed company to build a Bitcoin reserve. Nakamoto announced in May 2025 that it would enter the public market through a merger, and its shares have since dropped roughly 99% from their high.
Part of a wider pullback in digital asset treasury companies
Bloomberg said the move is part of a broader retreat across digital asset treasury companies. The premium that investors had been willing to pay to get indirect Bitcoin exposure through public companies has now largely disappeared.
Bailey says he is still working to prove the business is sustainable
Bloomberg also noted that Bailey’s hedge fund had previously posted a 640% return when investing in a similar strategy. Bailey said he still speaks with the White House from time to time and is trying to prove that Nakamoto still has a real business with sustainable footing even after the steep decline in its stock price.
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