According to Cointelegraph, David Bailey, a prominent Bitcoin advocate and advisor to U.S. President Donald Trump on cryptocurrency policy, has revealed plans to acquire $762 million worth of Bitcoin, potentially as soon as Tuesday. Bailey expressed his long-standing ambition to make a substantial Bitcoin purchase, stating, "Ever since getting into Bitcoin, I’ve always had this dream of smash buying $1 billion of Bitcoin in a single bid." He clarified that the $1 billion figure was a "generous" round-up from the actual amount of $762 million, which would equate to approximately 6,400 Bitcoin at current market prices.
Bailey, who serves as the CEO of Nakamoto Inc., a Bitcoin-native holdings company, plans to execute the purchase using a Volume Weighted Average Price (VWAP) strategy. This approach involves breaking down the large order into smaller trades to minimize slippage and market disruption, rather than opting for a direct market buy. Bailey, who also co-founded Bitcoin Magazine’s parent company, BTC Inc., emphasized Nakamoto's unique strategy, stating, "We have a one-of-a-kind strategy at Nakamoto, once you see it in action, you’ll understand why we’ll be one of the top holders of Bitcoin in the world." He further added, "We’re building a Bitcoin juggernaut."
Bailey has been instrumental in raising Bitcoin awareness in the United States, having served as an adviser during Donald Trump’s presidential campaign. He is recognized as a key figure in the president’s Bitcoin pivot. Earlier this month, Bailey announced his intention to raise $200 million for a political action committee (PAC) aimed at advancing Bitcoin interests in the U.S. He remarked, "I’ve learned a lot about politics and how the game is played this year. I’m thinking about raising a $100m-$200m PAC, anchored by Nakamoto, to advance Bitcoin priorities."
In a recent development, Nakamoto Inc. adopted the American bullfrog as its mascot, symbolizing a "legendary treasure hoarder, an apex predator, an invasive species, and willing to eat anything that grows our Bitcoin per share." The firm secured $51.5 million in fresh capital through a private placement in a public equity deal in June, as per a statement from merger partner KindlyMD. Meanwhile, corporate holdings of Bitcoin continue to rise, with at least 17 organizations adding Bitcoin to their treasuries over the past month. Data from BitcoinTreasuries.NET indicates that the total number of public and private companies holding Bitcoin now stands at 221, collectively possessing over 1.24 million BTC.
