According to Bloomberg, crypto entrepreneur David Bailey, who helped persuade Trump to support Bitcoin, is attempting to rebuild his business after the stock price of his Bitcoin treasury company, Nakamoto, fell by approximately 99% from its peak.
Nakamoto entered the public market via merger in May 2025, and since then, its stock price has declined approximately 99% from its peak. Previously, Bailey had raised approximately $760 million for the publicly traded company to build a Bitcoin reserve.
This movement is part of a broader correction among digital asset treasury companies, as the premium investors previously paid to gain indirect exposure to Bitcoin through publicly traded companies has largely disappeared. Bailey’s hedge fund previously achieved a 640% return when investing in similar strategies.
He stated that he still occasionally stays in touch with the White House and is working to demonstrate that, despite the significant drop in stock price, Nakamoto continues to operate a viable and sustainable business.