Trump crypto ally David Bailey faces 99% stock crash, bitcoin treasury company Nakamoto seeks turnaround
Odaily Planet Daily News: Trump's crypto ally and bitcoin entrepreneur David Bailey is trying to revive his crypto reserve business. In May 2025, David Bailey's Nakamoto completed its merger and went public, after the company had raised approximately $760 million to build a bitcoin reserve. His hedge fund had previously achieved returns of as much as 640% on related strategies. However, since then, Nakamoto's stock has plunged roughly 99% from its peak, serving as a microcosm of the broader collapse in digital asset treasury companies, as investors are no longer willing to pay a premium for holding bitcoin through publicly traded companies, causing valuations across this sector to suffer severe damage.
Still, David Bailey is trying to prove that Nakamoto has a sustainable business model even without the bitcoin holding premium, and said he will continue to maintain periodic contact with the White House. (Bloomberg)
