Bailey's Crypto Business in Ruins After 99% Stock Price Collapse

David Bailey, the crypto entrepreneur who helped win Donald Trump over to Bitcoin, is trying to rebuild his business after shares in Nakamoto Inc. plummeted about 99% from their peak.

The collapse of Nakamoto's stock price was part of a broader rout in digital-asset treasury companies that wiped out the premium investors once paid to own Bitcoin through publicly traded vehicles.

Since the May 2025 announcement of the merger that created the public-market vehicle for Bailey's company, shares have lost nearly all their value, from around $760 million raised to almost nothing.