A Bitcoin initiative organization called the Nakamoto Project ran print advertisements in The Wall Street Journal for the past three weeks. While the ads went viral on social media, what drew even more attention was how this small nonprofit managed to fund a nationwide newspaper advertising campaign.
The public price is approximately $2.17 million.
According to Fortune’s calculation based on The Wall Street Journal’s 2026 advertising rate card, the standard published price for this advertising round is approximately $2.17 million. This includes six full-page color ads at approximately $181,000 each and twenty-four quarter-page color ads at approximately $45,200 each.
Regarding the accompanying sponsored articles, the pricing is not listed in the rate card, and the actual total cost may be higher or vary due to discounts. This has also prompted external questions about who is ultimately bearing this advertising budget.
The institution aims to raise awareness.
The head of the Nakamoto Project told Fortune that the goal of this campaign is to correct public misconceptions about Bitcoin and to establish communication with people who have only heard the name Bitcoin but lack further understanding.
The report notes that Bitcoin itself has no corporate entity and no unified marketing budget. Therefore, public communications surrounding Bitcoin are typically led by advocates, research institutions, or industry groups with a vested interest.
Public financial scale is relatively small
The Nakamoto Project was established in 2023 and registered as a 501(c)(3) tax-exempt nonprofit organization in Sheridan, Wyoming. Public databases classify it as an education-related organization.
According to publicly filed documents reviewed by Fortune, the organization received $275,000 in donations during its first operational year. The public version lists only one donor, suggesting that its early funding may have come primarily from a single source. However, U.S. federal regulations allow nonprofit organizations to omit donor identities in public filings.
Historical spending and投放 show a clear contrast.
Public records show that the Nakamoto Project spent over $204,000 in total during 2023 and 2024. Of this, approximately $180,500 was allocated to executive compensation and contract services, accounting for over 88%; advertising and promotion expenses amounted to approximately $12,300, or about 6%.
Compared to this historical spending level, the recent scale of advertising placements in The Wall Street Journal is significantly larger, prompting external interest in the source of new funds. The report also notes that the organization’s 2025 filing has not yet been made public, and the latest donation details cannot be seen from available materials.
Additional information: The organization’s tax filings were prepared by Satoshi Pacioli Accounting Services, an accounting firm serving the Bitcoin industry, whose name honors both Satoshi Nakamoto and Luca Pacioli.