Crypto Entrepreneur David Bailey Has Raised $300M to Launch a Bitcoin Investment Company

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Crypto entrepreneur David Bailey has reportedly secured $300 million to establish a publicly traded Bitcoin investment company, according to a report by The Information on May 7.

The new company will be funded by a combination of $200 million in equity and $100 million in convertible debt, and it will merge with BTC Inc., becoming known as Nakamoto—a tribute to the pseudonymous creator of Bitcoin.

The firm will concentrate on acquiring and holding Bitcoin, with its public listing anticipated to take place this summer.

The report also mentioned that Bailey himself took to X to comment on the report with "No comment, " later adding, "Drop the Satoshi. Just Nakamoto. It’s cleaner."

No comment.

— David Bailey (@DavidZoomBAILEY) May 7, 2024

While Bailey did not elaborate further, his post appeared to be in response to a report by The Information that the crypto entrepreneur is launching a new company that will invest in Bitcoin and be named after the cryptocurrency's creator.

The report said that the company, which will be called Nakamoto, is being launched by Bailey and will be a special purpose acquisition company (SPAC).

It will be funded by a combination of $200 million in equity and $100 million in convertible debt, and it will merge with BTC Inc., the parent company of Bitcoin Magazine, which Bailey owns.

The new company will focus on buying and holding Bitcoin, and it is expected to be listed on a major stock exchange by this summer.

It is also reported that Trump advisor David Bailey is launching a new $300 million investment firm to invest in bitcoin.

The new firm, which will be called BTC Inc., will be a special purpose acquisition company (SPAC').

SPACs are essentially shell companies that are set up to raise money from investors in order to acquire an existing company within a certain time period. In this case, BTC Inc. will be used to acquire a company that invests in bitcoin.

The report by The Information said that the new firm is already in the process of raising funds from institutional investors.

It is said to be aiming for a total valuation of $500 million to $750 million.

BTC Inc. will be merging with another company that is going public.

The new company, which will be called Nakamoto, will be listed on a major stock exchange.

It is expected that the SPAC will close its fundraising round in May.

BTC Inc. is the parent company of Bitcoin Magazine. Bailey is also a well-known bitcoin bull.

Earlier this year, he made a bold prediction that bitcoin could reach $1 million within four years during Trump’s presidency.

At the time, he said that he believed bitcoin had the potential to outperform the stock market and other asset classes in the long term.

His new firm will be following in the footsteps of other bitcoin holding companies, such as Michael Saylor’s Strategy (NASDAQ:MSTR).

Strategy is the world’s largest corporate bitcoin holder, with 184,788 BTC held at an average price of $64,836.

Bitcoin is currently trading at $103,537 at the time of writing, according to Kraken’s price feed.

The king coin neared $105,000 on May 10 as Trump hinted at progress in the U.S.-China relationship.