David Bailey, CEO of Bitcoin Magazine and cryptocurrency advisor to President Donald Trump, raised $300 million to create a publicly traded Bitcoin (CRYPTO: BTC) investment company, according to a report on Wednesday.
What Happened: The fundraising effort, which began in January, includes $200 million in equity funding and $100 million in convertible debt, CNBC reported, citing sources familiar with the matter.
The new company, named Nakamoto in honor of the pseudonymous creator Satoshi Nakamoto, will focus on acquiring and holding Bitcoin. Nakamoto is expected to merge with an existing Nasdaq-listed company, with an announcement likely to be made early next week.
Nakamoto’s public listing is slated for this summer. The company plans to acquire businesses worldwide, including in Brazil, Thailand, and South Africa, and invest its bitcoin into them, the report mentioned.
Interestingly, Bailey shared a cryptic post, hinting at a future in which the equivalent of Strategy Inc. (NASDAQ:MSTR) would be available in different countries. “This play is just getting started,” he wrote.
Bailey didn’t immediately return Benzinga’s request for confirmation.
Why It Matters: This development follows Bailey’s influential role in shaping Trump’s stance on Bitcoin. Bailey, along with Bitcoin mining expert Amanda Fabiano and former California prosecutor Tracy Hoyos-López, successfully convinced Trump about Bitcoin’s potential, leading to his embrace of the apex cryptocurrency.
Trump pushed for a strategic national Bitcoin stockpile on the campaign trail and ended up creating one after assuming office
Price Action: At the time of writing, Bitcoin was exchanging hands at $98,927.66, up 2.61% in the last 24 hours, according to data from Benzinga Pro.
Photo Courtesy: Mc_Cloud on Shutterstock.com
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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.
