David Bailey, an advocate for Bitcoin who has previously advised President Donald Trump on cryptocurrency policy, announced on Tuesday his intention to purchase up to $762 million in Bitcoin.
“Ever since I got involved with Bitcoin, I’ve dreamed of making a single bid for $1 billion in Bitcoin,” he mentioned on Monday. “That dream will become a reality tomorrow.”
This investment would allow him to acquire around 6,400 Bitcoin based on current market prices.
Bailey explained that he plans to employ a volume weighted average price (VWAP) strategy for this transaction. This method will help minimize slippage and avoid disruption in the market by breaking up larger orders into fewer trades.
As the CEO of Nakamoto Inc., a Bitcoin-native holdings company and the parent organization of Bitcoin Magazine, Bailey elaborated, “We have a unique strategy for Nakamoto. When our approach works, we understand how we’ve managed to become one of the top Bitcoin holders globally.” He further noted, “We’re building a Bitcoin juggernaut.”
Increasing Bitcoin Awareness in the U.S.
Bailey is viewed as a key player in the upcoming presidential election and serves as a director for the president’s Bitcoin initiative. Earlier this month, he shared his goal of raising $200 million to promote Bitcoin’s potential benefits for the U.S.
“I’ve gained significant insights into the political landscape and how to engage in this year’s game. I’m considering raising between $100 million and $200 million for a PAC linked to Nakamoto,” he stated.
Nakamoto’s New Mascot
Nakamoto recently updated its mascot, introducing a strong bull character, which Bailey described as symbolizing “a legendary treasure trove of accumulation, an apex predator, and willing to consume whatever grows Bitcoin per share.”
In June, the company reportedly raised $51.5 million via private equity placements, according to a statement from its merger partner, KindlyMD.
Corporate Holdings Continue to Increase
In the last month, at least 17 organizations have added Bitcoin to their financial portfolios. Data from bitcointreasuries.net indicates that a total of 221 public and private companies now hold substantial Bitcoin assets, amounting to over 124 million BTC.
