BTC Inc. CEO and adviser to U.S. president Donald Trump, David Bailey has reportedly raised a total of $300 million for a bitcoin investment company, as reported by CNBC. The company will be named Nakamoto, a reference to the pseudonymous creator of Bitcoin. The company’s main purpose will be to buy and hold bitcoin.
According to CNBC, a deal has been in the works since January. The allocations for money raised will be $200 million in equity and $100 million in convertible debt. Nakamoto is also expected to merge with a publicly traded NASDAQ company next week.
Hodling bitcoin is not the only strategy for Nakamoto, with plans to buy companies in South Africa, Brazil, and Thailand. Bitcoin will remain a primary part of its capital structure, used to fund acquisitions in different countries.
Strategy remains the largest corporate holder of bitcoin in this space. Initially, a business intelligence firm. The Michael Saylor-led firm regularly buys bitcoin and holds on to it for investment purposes. Strategy is credited for being one of the first firms to adopt large-scale buying of bitcoin as a growth plan.
Source: coinmarketcap.com
At the time of reporting, Bitcoin’s price was $99.46k with a growth of 59.29% over a 1-year period.