BTC Inc’s CEO David Bailey, a prominent crypto advisor to President Donald Trump, is moving to launch a publicly-traded Bitcoin investment company.
According to CNBC, Bailey has already secured $300m in funding for the venture, while The Information reported that he is still seeking the funds through private equity and convertible debt.
The merger announcement is expected early next week. Following that, the company’s public listing is anticipated later this summer. Bailey’s company, named after the pseudonymous Bitcoin creator Satoshi Nakamoto, will focus on acquiring and holding Bitcoin.
The deal has been in the works since January. As a result, Bailey’s company, Nakamoto, will merge with an existing Nasdaq-listed firm.
Bailey’s approach is aligned with the strategy popularized by Michael Saylor, the founder of Strategy (formerly MicroStrategy). In 2020, Saylor began converting the company’s cash reserves into Bitcoin.
The venture has already attracted a lineup of prominent investors. It will also feature a high-profile advisory board. Bitcoin investment firms like Nakamoto raise significant capital through a combination of equity and debt.