David Bailey, CEO of BTC Inc., the proprietor of Bitcoin Journal, is planning to launch a publicly traded bitcoin (BTC) investing firm, The Info reported, citing folks acquainted with the matter.
Bailey, who suggested Donald Trump on crypto coverage throughout his 2024 presidential marketing campaign, is reportedly searching for $200 million by a non-public share sale and an extra $100 million in convertible debt to fund a small publicly traded agency to purchase bitcoin.
The corporate—whose identify isn’t recognized but—will merge with BTC Inc. and be named “Nakamoto” after bitcoin creator Satoshi Nakamoto, in line with the folks. The deal could possibly be introduced as quickly as subsequent week.
His plans observe these of a number of different firms, constructing on the success of Technique government chairman Michael Saylor, who was in a position to push the corporate’s inventory worth by over 3,000% since holding bitcoin as its primary treasury reserve asset and rebranding it as a bitcoin technique firm.
Final month, powerhouses SoftBank, Tether and Cantor Fitzgerald introduced a $3.6 billion bitcoin funding automobile with the intention to purchase bitcoin. Earlier at this time, Attempt Asset Administration stated it was merging with Asset Entities to change into a publicly traded bitcoin asset administration firm.
