A new Bitcoin-focused company led by David Bailey is getting ready to go public.
Bailey, the CEO of crypto media firm BTC Inc. and an adviser to US President Donald Trump on digital assets, has helped raise $300 million for the project, according to a report from CNBC.
The company, called Nakamoto, is named after Bitcoin’s creator, Satoshi Nakamoto. It plans to operate as a public company that mainly holds Bitcoin
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Sources told CNBC that funding efforts started in January, gathering $200 million through equity investments and another $100 million through convertible debt.
Although Nakamoto has not made any official announcements, the company is expected to merge with an existing Nasdaq-listed firm soon. If all goes as planned, the new combined company could start trading this summer.
Nakamoto’s approach is said to be based on the model used by companies like Strategy. Under Michael Saylor, Strategy shifted its focus toward holding Bitcoin as a major part of its business.
Similarly, Nakamoto plans to buy businesses around the world, including in Brazil, Thailand, and South Africa, while using Bitcoin as part of its financial strategy.
Recently, Anthony Pompliano filed with the US Securities and Exchange Commission to raise $200 million through an initial public offering (IPO) to launch ProCap Acquisition Corp. What would the company’s goal be? Read the full story.
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