Bailey's Bitcoin Venture Collapses, Leaving $760 Million in Ruins

David Bailey, the crypto entrepreneur who helped win Donald Trump over to Bitcoin, has seen his fortunes plummet. A year ago, he raised about $760 million for a public company built to stockpile Bitcoin. His hedge fund had returned 640% backing similar bets.

Since the May 2025 announcement of the merger that created the public-market vehicle for Bailey's Nakamoto Inc., shares have plummeted about 99% from their peak. This is part of a broader rout in digital-asset treasury companies that has wiped out the premium investors once paid to own Bitcoin through publicly traded vehicles.

Bailey, who says he remains periodically in touch with the White House, is now trying to prove there is a viable business underneath the collapse.