Crypto entrepreneur David Bailey has reportedly raised $300 million to launch a publicly traded Bitcoin investment company, The Information reported on May 7.
Bailey, Donald Trump's advisor on crypto policy during the 2024 presidential campaign, is the CEO of BTC Inc. and the owner of the Bitcoin Magazine.
As per the report, the new company will merge with BTC Inc. and will be known as Nakamoto in honor of the pseudonymous Bitcoin creator.
The company will focus on buying and holding Bitcoin and is expected to go public this summer. The fund raised includes $200 million in equity and $100 million in convertible debt.
Bailey wrote on X on May 7, "No comment," without further elaboration.
The next day, he wrote on X, "Drop the Satoshi. Just Nakamoto. it’s cleaner."
While Bailey again didn't specify what he meant, his post imitated tech entrepreneur Sean Parker advising Facebook founder Mark Zuckerberg to drop the "The" from the "Facebook" title in the Hollywood film, 'The Social Network' (2010).
Bailey is a well-known Bitcoin bull who predicted on Jan. 21 that the cryptocurrency has the potential to hit $1 million within the next four years during Trump's presidency.
Bailey's new firm is following in the footsteps of Bitcoin holding companies such as Michael Saylor's MicroStrategy (Nasdaq: MSTR), now known as Strategy.
Strategy is the world's largest corporate Bitcoin holder that has 555,450 BTC worth $57 billion on its balance sheet.
Bitcoin was trading at $103,537 at the time of writing, as per Kraken's price feed. The king coin neared $105,000 on May 10 as Trump hinted that great progress has been made in the U.S.-China relationship.
